HealthBeacon PLC (EURONEXT:HBCN, OTCQX:HBCNF) has reported a 30% increase in technology deployments as it released its preliminary results for the year ended 31 December 2022.
The Dublin-based health devices and software firm said it now had 14,756 units deployed, and a modest 2% revenue growth to €2.25mln.
It reported gross profit margin excluding direct-to-consumer sales stood at 41% due to increased supply chain costs in 2022 but is expected to reverse in 2023.
The company ended the year with €12.16mln of cash, providing sufficient capacity to fund growth plans for the coming quarters.
HealthBeacon told investors it anticipates significant revenue growth in the near term with the launch of speciality pharmacy distribution in Q2 2023, gaining momentum by quarter into Q1 2024.
During 2022, the company expanded its client base to 30 and increased its specialty pharmacy customer base with two contracted clients and three more at the contracting stage.
These five organisations represent more than 60% of the specialty pharmacy sector, which is seen as a US$191bn market, according to industry data, of which approximately US$40bn is injectables with a patient population of over 9mln.
In 2022, the company successfully developed new products, such as the Patient Safety Hub and the HB Wave Pill Management Solution. The Patient Safety Hub generated €0.35mln in 2022 and has an exit ARR of €0.8mln. The HB Wave is expected to launch in Q1 2024.
Despite challenges in building its delivery infrastructure in the US, HealthBeacon plans to deploy its medical adherence tool at scale to exploit the Specialty Pharmacy opportunity.
"We have signed two major Speciality Pharmacy clients, including Accredo, with a further three currently at contracting stage,” said chief executive Jim Joyce.
“We will be launching the ICMS system with our initial client in Q2 and will follow with subsequent client rollouts through to Q1 2024."
As HealthBeacon focuses on specialty pharmacy and RTM markets, the company is well placed to deliver its growth aspirations in 2023 and into 2024.
The company expects a 2023 exit ARR of mid-teens, a Q1 2024 ARR exit rate of €25mln, and 100,000 deployments by the end of Q2 2024.