TIDMBELL
RNS Number : 6000M
Belluscura PLC
13 January 2023
13 January 2023
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Belluscura PLC
("Belluscura" , the "Company" or the "Group")
Year-end trading update
LONDON, U.K. AND PLANO, TX, U.S. (13 January 2023). Belluscura
plc (AIM: BELL), a leading medical device developer focused on
lightweight and portable oxygen concentrator ("POC") technology,
provides a trading update for the year ended 31 December 2022.
The Group is pleased to announce that it has made considerable
progress this year. Since the launch of the 1(st) generation X-PLOR
in September 2021, the Group is now distributing throughout the US
through multiple sales channels: Distributors and Durable Medical
Equipment Providers both Online and Bricks and Mortar, Medical
Supply Warehouses, Medical Device Intermediaries, Hospitals and
Direct to Consumer.
In addition, the collaboration agreement with the VGM Group has
already resulted in 17 new distribution agreements in the last 3
months, including the agreement with a leading durable medical
equipment provider and distributor in the US, announced in
September 2022, which serves nearly 2 million patients both online
and through over 1,000 locations.
In December 2022 we also signed our first international
distribution agreement, with MedHealth Supplies of South Africa,
which sells to one of the world's leading respiratory device
suppliers. We have already received orders for over 1,000 units,
with their first shipment sold out within 48 hours.
In December we produced a record 536 units in our in-house
facility and with Innomax coming on-line in Q1 this will more than
double production of X-PLOR. Of important note, even with the rapid
increase in volume, the production quality of our in-house facility
has been outstanding, with no units returned due to defects.
By 31 December 2022 the Company had shipped or received orders
for 2,850 X-PLOR units with 1,226 units being shipped in 2022
(2021: 377). As at the year end, the Adjusted EBITDA(1) loss is
anticipated to be in line with market expectations and retained
cash balances of $1.8 million, which together with inventory and
inventory deposits, amounted to $11.9 million.
The next generation X-PLOR, launched in September 2022, has been
well received by the market based upon its performance and
reliability. It provides more oxygen by weight than any portable
oxygen concentrator in its class and is the first POC with a mobile
app that connects to phones, tablets, pulse oximeters and wearables
(the NOMAD Biometric App).
The first DISCOV-R(TM) POCs expect to be launched for pre-market
evaluation in Q1 2023, with full commercialisation anticipated in
Q2. DISCOV-R is the first ambulatory pulse-dose and two-litre
continuous flow POC in the world. Weighing c.40% less than any
comparable dual flow oxygen concentrator on the market, the
DISCOV-R produces nearly 3 times the oxygen by weight than its
competition. Distributors are very excited about DISCOV-R and it is
already receiving pre-orders. The DISCOV-R will also include the
transformational NOMAD Biometric App.
In March 2022, we signed a manufacturing Master Supply Agreement
("MSA") with InnoMax Medical Technology, Ltd ("InnoMax") to
manufacture the X-PLOR portable POC in China, more than doubling
our manufacturing capacity in 2023 and enabling us to accelerate
our international expansion by opening up markets in Asia and
beyond. Innomax are anticipated to directly source most of their
own components from the second half of 2023, which will also result
in a significant margin improvement and reduction in the Company's
inventory levels.
Given the strong demand, the Group took the decision to transfer
its US manufacturing in-house, to increase production output at
high quality standards, and achieve a significant reduction in
production costs. This was successfully completed at the end of
July 2022, enabling the achievement of ISO:13485 accreditation. The
manufacturing facility is already demonstrating the required
product quality to build a significant customer base and repeat
orders, underpinning the building of a strong brand reputation for
our best-in-class technology.
Following this transition and having achieved ISO13485
accreditation, we are confident in having both the quality of
manufacturing facilities and the inventory levels to increase
production commensurate with market demand, as we expand our sales
channels and are able to apply to distribute products
internationally.
Robert Rauker, CEO of Belluscura plc, commented:
" During the year we have made considerable progress. We have
enhanced our production, quality accreditation and supply chain,
positioning us well to deliver on the demand we are seeing for our
devices, as we expand our distribution partners and geographical
reach. Market reception for the next generation X-PLOR and Nomad
App has been extremely positive, with an encouraging level of
forward orders.
"We are very excited about the upcoming launch of the DISCOV-R,
which we believe will be a transformational product, and we look to
the future with confidence."
(1) Adjusted EBITDA is earnings before interest, tax,
depreciation, amortisation, share-based payment expense, foreign
exchange movements and non-recurring items
For further information please contact:
Belluscura plc www.belluscura.com
Robert Rauker, Chief Executive Officer via MHP
Anthony Dyer, Chief Financial Officer
SPARK Advisory Partners Limited (NOMAD) Tel: +44 (0)20 3368 3550
Neil Baldwin
Dowgate Capital Limited (Broker) Tel: +44 (0)20 3903 7715
James Serjeant / Nicholas Chambers
MHP (Financial PR and Investor Relations) Tel: +44 (0)20 3128 8100
Katie Hunt / Pete Lambie / Matthew Taylor Email: belluscura@mhpgroup.com
About Belluscura plc ( www.belluscura.com )
Belluscura is a UK medical device company focused on developing
oxygen enrichment technology spanning broad industries and
therapies. Our innovative oxygen technologies are designed with a
global purpose: to create improved health and economic outcomes for
the patients, healthcare providers and insurance organisations.
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