HealthBeacon PLC (EURONEXT:HBCN, OTCQX:HBCNF) interim chief executive Rebecca Shanahan has told investors “we are confident an appropriately funded HealthBeacon has significant growth prospects, having made substantial progress in the speciality pharmacy sector”.
Shanahan took the reins in late September, taking over from co-founder and former chief executive Jim Joyce, who stepped down.
She was previously the company’s independent non-executive director, and via her investment firm Shanahan Capital Ventures she specialises in developing, scaling and re-structuring healthcare businesses.
“The HealthBeacon board and management team is committed to taking the necessary actions to secure the future of the business through short term cash management and longer-term strategic funding options,” Shanahan said in the company’s financial results for the six months ended 30 June.
“Notwithstanding near-term challenges, we are confident that an appropriately funded HealthBeacon has significant growth prospects, having made substantial progress in the specialty pharmacy sector."
HealthBeacon ended June with a net cash position of €1.9 million, down from €12.2 million at the start of the year.
Revenue of €0.9 million was described as flat, though the company highlighted a significant change in product mix which it said drives improved gross margin (for 2023 it is seen at 67% versus 38% a year ago).
Significantly, for the company’s growth prospects, it launched of its Injection Care Management System (ICMS) with its US speciality pharmacy partner in July 2023, and this business has already shipped over 1,240 units and it receives over 1,700 patient referrals monthly.
Elsewhere, during the period, the company expanded its patient safety hub into Australia and New Zealand, generating H1 revenues of €0.35 million.
HealthBeacon, as recently reported, revised its exit annual recurring revenue guidance for December 2023 - to approximately €3.2 million, from previous mid-teen estimates.
The company recently initiated several strategies which aim to accelerate its path to profitability, including cutting operating expenses by 30% and seeking improved commercial terms in new contracts.