Medtech company HealthBeacon sees sales increase

Irish medtech HealthBeacon saw sales surge in the first half as the company reported “significant momentum” despite ongoing supply chain challenges.

Founded nine years ago, the company “ealthBeacon” develops intelligent tools that help patients to manage their medication at home.

Its smart sharps containers track medications and remind patients when to take their injections.

The company announced that sales increased by 57 percent to EUR 867,000 in the six months to the end of June.

The number of units deployed – leased or sold to third parties – rose to 10,206, a 143 percent increase over the same period last year.

The company now expects to have around 15,000 units in service by the end of this year.

The gross profit in the first half of the year was €87,000.

Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) amounted to a loss of 4.5 million euros – more than double the loss of 2 million euros in the first half of 2021.

The customer base rose to 25 in the first half of the year, up from six companies since the end of last year.

HealthBeacon’s IPO last year raised €25 million, most of which was aimed at expansion in the US.

“We took the company public last year with the idea of ​​getting the resources to scale to 100,000 patients by the end of the first quarter of 2024,” Chief Executive Jim Joyce said Irish Independent.

The company said it has a fully secured supply chain to deliver those 100,000 units over the next 18 months, with the chip component delay in the first half of the year now resolved.

“We’ve managed to secure all the long lead parts we need to actually build our devices,” he added.

HealthBeacon now works with three of the top five specialty pharmacy organizations in the United States.

The company also earlier this year signed a deal with Evernorth, one of the largest independent pharmacy benefits administrators in the United States.

“Our technology is now integrated into their broad US healthcare system, making it more accessible to patients,” said Joyce.

The company now employs over 70 people.

“A lot of our hiring is happening in the US right now,” said Mr. Joyce, adding that 70 percent of his employees are still based in Dublin.

“Much like our company’s growth path, the fastest growing hiring area for us is in the US.”

This includes care coordination and call center teams, as well as light processing and fabrication workers at the Orlando facility.

HealthBeacon also opened a Green Labs facility in the US this month, a center “that will allow us to process medical waste as soon as it returns to our site.”

A similar facility opened in Dublin earlier this year.

The focus of the medtech company is currently also on expanding its range of technologies.

That growth will include tools like a connected smart scale that integrates with the company’s existing compliance tracking technology to assess patient progress.

Mr. Joyce also plans to launch the company’s complex pill management solution in the second half of next year.

https://www.independent.ie/business/irish/medtech-firm-healthbeacon-records-rise-in-revenues-42028606.html Medtech company HealthBeacon sees sales increase

Fry Electronics Team

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