Digital therapeutics company Healthbeacon said it saw sigificant revenue growth in 2021 as the company experienced a "pivotal year".
Revenue rose 84 per cent to €2.21 million in 2021, up from €1.21 million a year earlier. That revenue was split into €1.27 million from patient support programmes and direct to consumer of €950,000. The latter is expected to increase in the coming year; Healthbeacon’s direct-to-consumer partnership with Hamilton Beach Brands saw 7,350 units deployed in the fourth quarter of 2021 and early 2022.
The company recorded a loss from operating activities of €7.3 million, more than double the €3.42 million recorded in 2020. This was due to costs related to Healthbeacon’s initial public offering, which saw it list on the Euronext Growth Dublin in December, along with an increase in wages and salaries. The company’s staff increased to 47 employees last year, up from 34 the previous year as operations grew in line with expected growth and demand.
Its net cash position at December 31st was €26.61 million, compared to €4.24 million at the end of 2020, thanks to a €25 million capital raise in December 2021.
Healthbeacon said its outlook was positive, with continued growth in units, revenue and gross margin over the medium term.
The number of units deployed rose by 122 per cent to 10,187 last year. This came as the company continued to expand its client base to 18 in 2021, from 14 the prior year. It has continued to increase that base, currently counting 23 clients.
It is on track to deliver up to 15,000 units during 2022 through a contract signed in March 2022 with a major US specialty pharmacy and insurance group. It has also signed an NHSx programme to make its technology available in the UK.
Healthbeacon is targetting 100,000 units deployed by the end of 2023.
"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. 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," said chief executive Jim Joyce.
“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 per cent improvement in medication adherence further validates our injection care management system as major pharmaceutical companies and health systems continue to adopt our leading technology.”
The Irish headquartered company develops products for managing injectable medications for patients in the home. It operates in 17 countries across Europe, North America and the United Kingdom, and employs more than 60 people.
