HealthBeacon PLC (EURONEXT:HBCN) released what it called a strong set of full-year results for 2021, with year-on-year revenue up sharply.
The Irish digital therapeutics company said the total number of injection care management units deployed more than doubled in 2021 to 10,187 from 4,585, driving an 84% increase in revenue to €2.21mln from €1.21mln the previous year.
The number of customers for its digital therapeutics platform currently stands at 23, up from 18 in 2021 and 14 in 2020 and the company revealed it is on track to deliver up to 15,000 units in 2022; the company wants to have 100,000 units or more deployed by the end of next year.
The gross profit margin, excluding the directly-to-consumer (DTC) sell-in revenue expanded to 65% from 55% the previous year.
Adjusted underlying losses (EBITDA) deepened to €5.23mln from €2.65mln.
The group ended the year with net cash of €26.61mln, up from €4.24mln a year earlier.
The company said the outlook is positive with continued growth in units, revenue and gross margin expected over the medium term.
HealthBeacon is forecasting run rate revenues of at least €25mln by the end of 2023.
"HealthBeacon's vision is to become the world's leading digital therapeutics platform for injectable medications. In 2021 and early 2022 we have generated significant momentum, doubling our business, adding important new clients, and expanding our routes to market and capabilities,” said Jim Joyce, the chief executive officer of HealthBeacon PLC (EURONEXT:HBCN)
“The build order we placed for 35,000 units of our smart sharps bin also demonstrates strong momentum towards what we anticipate will be a ten-fold increase in the number of patients using our technology by the end of next year. The progress we have made to date alongside the listing of the business late last year has set the foundation for us to become leaders in our key markets. Furthermore, recently published peer-reviewed evidence demonstrating a 26% improvement in medication adherence further validates our injection care management system as major pharmaceutical companies and health systems continue to adopt our leading technology," he added.