'Significant momentum' behind HealthBeacon as revenues surge

• Published date: 30 September 2022

The Dublin-based company saw its revenue climb 57 per cent to €867,000 in the six months to the end of June from the same period last year

However, gross profits at the company, which listed on the Euronext Growth Dublin last December, tumbled 72 per cent, from €313,000 in the six months to the end of June 2021 to €87,000 in the first year while the group's gross profit margin narrowed from 57 per cent to 10 per cent in the first half.

Operating in 17 countries across Europe, North America and the United Kingdom, the Irish headquartered company develops products for managing injectable medications for patients in the home. It deployed 10,206 units of its products in the first half of the year, an increase of 144 per cent from 4,182 in the six months to June 2021, and is targeting 100,000 units deployed by the end of 2023.

HealthBeacon said that its margins decreased "due to an increase in data and connectivity costs. It reported an operating loss of €6.2 million in the six moths of 2022, partially due to rising wage and salary costs, including a non-cash share compensation expense of €1 million as the group increased its headcount from 53 in the first half of 2021 to 73 by the end of June this year.

The company also said that, having inked a multimillion euro deal last year with North American home appliances distributor Hamilton Beach, the roll-out of its direct to consumer partnership with the company had been "slower than anticipated". It meant that HealthBeacon "generated revenue on the initial unit sale to Hamilton Beach and did not generate revenue from the sell through to the end user".

However, the Jim Joyce-helmed company said its still expects to grow 10-fold by the end of 2024 and...