HealthBeacon expects to hit annual revenues of €25m next year

Dublin-based medical technology company HealthBeacon has said it expects to generate annual recurring revenue of €25 million by the end of the first quarter of 2024.

The company, which was founded in 2013 and is led by chief executive and co-founder Jim Joyce, issued a trading update on Friday for the year ended December 31st, 2022, in advance of full year results to be announced on March 31st.

The group, which floated on Euronext Dublin last December, said it continued to make progress across all parts of its business throughout 2022. The company expects to achieve “an early to mid-teens euro revenue run rate” 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,” it said.

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It said the supply chain disruption experienced in the first half of 2022 was overcome through extensive liaison with key supply chain partners and the onboarding of new strategic suppliers to overcome component availability issues.

Early indications in 2023 are that the availability and cost pressures experienced in the first half of 2022 “continue to subside”.

HealthBeacon recorded 14,756 technology deployments, up from 10,187 units the year before. It adjusted the guidance on 100,000 units from end of the first quarter of 2024 to the end of the second quarter of the same year.

It said it continued to build out sales infrastructure with additional customers, drugs and geographies added across the specialty pharma and pharma client base. It now has 28 contracted clients, up from 23

Its clients include Evernorth, the NHS, Accord Healthcare, and Clonmel Healthcare. Unit deployment with Evernorth will commence in the second quarter and ramp up significantly through the remainder of 2023.

It said “significant technology deployments” are on track to commence in the first half of this year including a “blockbuster drug”.

HealthBeacon has approved projects with three of the top five specialty pharmacy organisations in the US market, which distribute medications that are complex in clinical logistics and patient management, typically indicated for chronic illnesses such as arthritis.

A second and subsequent speciality pharmacy organisations will launch early in the third quarter and into the fourth quarter with unit deployment ramping up.