XAIR (Beyond Air) Predictability Rank

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What is Beyond Air Predictability Rank?

Not Rated

Warren Buffett said many times that the companies he likes are:

1. Simple businesses that he understands
2. that have predictable and proven earnings and
3. with economic moat
4. those can be bought at a reasonable price.

It is hard to quantify "simple businesses that he (Buffett) understands", so we will focus on the other three characteristics instead. In GuruFocus Research: What worked in the market from 1998-2008? Part I: Introduction of Predictability Rank, we will show that the businesses that have predictable and proven earnings are usually also simple businesses that an average person could understand.

GuruFocus conducted a back test study of Warren Buffett's strategy of "buying good companies at fair prices" for the years from 1998-2008.

Beyond Air Predictability Rank Calculation

In our database there are 2403 stocks that have been traded from Jan. 2, 1998 to Aug. 31, 2008. We have the complete 10-year financial data and trading prices of these companies for this period. We rank the predictability of these companies based on the consistency of their revenue per share and EBITDA (earning before interest, tax, depreciation and amortization) per share over the past ten fiscal years, and study the correlation between the stock performances and the predictability of the business.

Our study may be subject to these biases and assumptions:

Dividend yields are not counted for investment returns
Effects of price changes due to spin-offs may not be fully adjusted
Study is subjected to survivorship bias due to de-listing, bankruptcy, LBO, M&A, etc.

The correlation between business predictability and investment returns of a company is showed below.

Correlation Between Business Predictability and Investment Returns

	Predictables	Non-Predictable	All stocks
Total Number of stocks	570	1833	2403
Total Lost Money	61	830	891
Total Lost More Than 50%	18	412	430
Total Lost More Than 90%	4	86	90
Average Gain	260.6%	100.0%	138.1%
Median Gain	150.0%	13.0%	39.0%
Maximum Gain	2852.0%	11483.0%	11483.0%
Maximum Loss	-100.0%	-100.0%	-100.0%
Annualized Average Gain	12.7%	6.7%	8.4%
Annualized Median Gain	8.9%	1.1%	3.1%

For the 570 predictable companies, we have seen strong correlation between the predictability of businesses and the stock performances over the past 10 years, regardless of the valuation of business at 1998. Accordingly, we have ranked the business predictability from 5-star to 1-star, as shown in this table.

Predictability Rank	5-Star	4.5-Star	4-Star	3.5-Star	3-Star	2.5-Star	2-Star	1-Star (non-predictable)	Average among all
% Out of All 2403 Stocks	3.3%	2.9%	3.7%	3.3%	3.3%	3.7%	3.3%	76.3%	100%
% that are in Loss (10y)	3%	10%	8%	9%	11%	18%	16%	45%	37%
Average Gain (10y)	364.6%	330.9%	278.0%	235.1%	243.5%	227.8%	154.8%	100.0%	138.1%
Median Gain (10y)	238.5%	193.5%	171.0%	159.0%	132.5%	113.5%	87.0%	13.0%	39.0%
Maximum Gainer	2228.0%	2547.0%	2452.0%	2852.0%	2432.0%	1892.0%	1807.0%	11483.0%	11483.0%
Maximum Loser	-82.0%	-53.0%	-67.0%	-100.0%	-83.0%	-100.0%	-78.0%	-100.0%	-100.0%
Annualized Average Gain	15.4%	14.6%	13.2%	12.0%	12.2%	11.7%	9.1%	6.7%	8.4%
Annualized Median Gain	12.1%	10.6%	9.8%	9.3%	8.2%	7.3%	6.0%	1.1%	3.1%

For detailed information about each predictability rank, please go to GuruFocus Research: What worked in the market from 1998-2008? Part I: Introduction of Predictability Rank

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Beyond Air Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Beyond Air Inc (NAS:XAIR) » Definitions » Predictability Rank

Comparable Companies

Traded in Other Exchanges

48L:Germany

Address

900 Stewart Avenue, Suite 301, Garden City, New York, NY, USA, 11530

Website

https://www.beyondair.net

Beyond Air Inc is a commercial-stage medical device and biopharmaceutical company that develops a Nitric Oxide (NO) Generator and Delivery System that uses NO generated from ambient air and delivers precise amounts of NO to the lungs for the potential treatment of respiratory and other diseases. The firm is applying its therapeutic expertise to develop treatments for pulmonary hypertension, in addition to treatments for lower respiratory tract infections.

Executives

Robert Carey	director	HORIZON PHARMA, INC., 520 LAKE COOK ROAD, SUITE 520, DEERFIELD IL 60062
Steven A. Lisi	director	2 ILAN RAMON, SCIENCE PARK, NESS ZIONA L3 7403635
Erick Lucera	director	138 THISTLE ROAD, NORTH ANDOVER MA 08145
Amir Avniel	director, officer: President & CEO	2 ILAN RAMON, SCIENCE PARK, NESS ZIONA L3 7403635
Jeff Lynn Myers	officer: Chief Medical Officer	C/O BEYOND AIR, INC., 900 STEWART AVENUE, SUITE 301, GARDEN CITY NY 11530
Michael A. Gaul	officer: Chief Operating Officer	425 MARTINGALE ROAD, SUITE 1000, SCHAUMBURG IL 60173-2213
William P Forbes	director	C/O SALIX PHARMACEUTICALS, LTD., 8510 COLONNADE CENTER DRIVE, RALEIGH NC 27615
Yoori Lee	director	C/O AIT THERAPEUTICS, INC., 500 MAMARONECK AVENUE, HARRISON NY 10528
Ron Bentsur	director	750 LEXINGTON AVE, 20TH FL, NEW YORK NY 10022
Douglas Quinton Larson	officer: Chief Financial Officer	BEYOND AIR, INC., 900 STEWART AVENUE, SUITE 301, GARDEN CITY NY 11530
Douglas Beck	officer: Chief Financial Officer	C/O IBIO, INC., 9 INNOVATION WAY, SUITE 100, NEWARK DE 19711
Ari Raved	director	2 ILAN RAMON, SCIENCE PARK, NESS ZIONA L3 7403635
Jerome B Zeldis	director	8767 E. VIA DE VENTURA, SUITE 190, SCOTTSDALE AZ 85258
David Grossman	director	2 ILAN RAMON, SCIENCE PARK, NESS ZIONA L3 7403635
Haim Aviv	officer: Chief Financial Officer	2 ILAN RAMON, SCIENCE PARK, NESS ZIONA L3 7403635