Digital therapeutics company HealthBeacon is running into supply chain difficulties with the supply of components for its Smart Sharps Bin, with the result that forecast sales will be lower than expected. .
The company said delays result from supply constraints to do with key chip components ordered earlier this year. The delay in production will reduce HealthBeacon's 2022 deployment forecast to c.15,000 units.
Last December, the company had its shares listed on Euronext Growth Dublin and raised €25m via an IPO.
Market capitalisation was €98m on listing and a total of 16.8m shares were sold by existing shareholders while 4.3m new shares were placed.
HealthBeacon develops products for managing injectable medications for patients in the home.
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Its injection care management system tracks adherence to and persistence with medication schedules by providing reminders, safe and sustainable ‘sharps’ disposal devices, educational tools and AI-based data analytics, the company says.
It operates in 17 markets in Europe, North America and the UK and employs 50 people.
The company says it has invested significantly in its supply chain by adding to its executive team, technical planning, and sourcing capabilities, while expanding its facilities and production capacity to scale up to meet demand next year.
The trading update stated: “HealthBeacon’s Speciality Pharma and Dtx channels are showing very encouraging signs of market adoption and the company now anticipates working with three of the top five US specialty pharmacy organisations by the end of the year, as well as achieving Medicare reimbursement for Remote Therapeutic Monitoring.
“These two business segments, in addition to the company's pharmaceutical clients, will support HealthBeacon's delivery of 100,000 deployed units on its Injection Care Management System by the end of Q1 2024.”
Chief executive Jim Joyce (pictured) said: "Our product is transforming the management of patients on critical injectable medications and our ambition to be a global leader in adherence devices is being realised. Despite these near-term challenges, the company is well positioned for growth in 2023 and beyond."
HealthBeacon shares, which have a thin trade, were marked down in early trading on Euronext today.
