HealthBeacon PLC (EURONEXT:HBCN, OTCQX:HBCNF) reported continued progress across all parts of its business last year and said supply chain issues are continuing to subside.
The Dublin-based company, which provides devices and software to manage critical and chronic medications, revealed technology deployments rose 45% to 14,756 during 2022, with 13,224 units and 1,532 patients on the Patient Safety Platform, while in the previous year there were 10,187 deployments, of units only.
As sales infrastructure was further built out, HealthBeacon said contracted client numbers rose to 28 from 23 at the end of the prior year, including US-based Evernorth, the UK National Health Service (NHS), along with Accord Healthcare and Clonmel Healthcare in Ireland.
Revenue guidance was reiterated for €25mln on an annual recurring revenue (ARR) run-rate basis by the end of the first quarter (Q1) of 2024, though guidance on achievement of 100,000 units was pushed back from the end of Q1 to the end of Q2.
After being included on US-based Evernorth's Digital Health Formulary unit during the past year, deployment is expected to begin in Q2 of 2023 and “ramp up significantly” through the remainder of the year, with a second and subsequent speciality pharmacy organisations expected to launch early in Q3 and into Q4, the company said, with unit deployment ramping up through Q4.
“This, together with other deployments, will see the company achieve an early to mid-teens euro revenue run rate (ARR) by the end of 2023.
“The medium term opportunity remains significant and the company is very well positioned to grow meaningfully over the coming quarters and years.”
After supply chain disruption hit the first half of 2022, work with supply chain partners and the onboarding of new strategic suppliers helped overcome component availability issues, with the company saying early indications in 2023 are that availability issues and cost pressures are abating further.
After the Patient Safety Platform was launched in the latter part of the year, it is now deployed to 1,532 patients in the UK and Ireland, with Australia and New Zealand to launch in 2023, with 13 clients currently on this platform generating 2022 revenue of €0.35mln and ARR revenue of €0.8mln.
There are also approved projects with three of the top five US speciality pharmacy organisations, it said, which these clients distributing high value medications that are complex in clinical logistics and patient management, typically indicated for chronic illnesses such as arthritis.
With Novartis, HealthBeacon was used for successful delivery from across multiple medications in the Irish market.
Full results are scheduled for 31 March.