HealthBeacon SHA

Earnings Release • Feb 17, 2023

National Storage Mechanism | Additional information

RNS Number : 2186Q

HealthBeacon PLC

17 February 2023

Trading Update for the Year Ended 31 December 2022

HealthBeacon grows deployments, builds out sales and operations infrastructure.

Dublin, 16 February 2023: HealthBeacon plc ("HealthBeacon" or "the Company"), a leader in devices and software to manage critical and chronic medications, today issues a trading update for the year ended 31 December 2022 in advance of full year results to be announced on 31 March 2023.

HealthBeacon continued to make progress across all parts of its business throughout 2022:   

·   14,756 technology deployments (13,224 units and 1,532 patients on the Patient Safety Platform) (2021: 10,187, units only).

·   The Company continued to build out sales infrastructure with additional customers, drugs and geographies added across the specialty pharma and pharma client base. It now has 28 contracted clients (2021: 23) including Evernorth, NHS, Accord Healthcare and Clonmel Healthcare.

·   Included on Evernorth's Digital Health Formulary, which connects employers, insurers, and patients with innovative, affordable, and evidence-based care that meet their broader health care needs. Significant technology deployments on track to commence H1 this year with a blockbuster drug with multiple indications.

·    Specialty Pharmacy organizations in the US market distribute high value medications that are complex in clinical logistics and patient management, typically indicated for chronic illnesses such as arthritis. HealthBeacon has approved projects with 3 of the top 5 Specialty Pharmacy Organisations.

·   Novartis - Successful delivery from HealthBeacon across multiple medications in the Irish market and sustainable management through Green Labs.

·   Developed Patient Safety Platform deployed to 1,532 patients launching in the UK and Ireland markets. Australia and New Zealand to launch in 2023. The Company now has 13 clients on this platform generating 2022 Revenue €0.35m (2021: Nil) and ARR Revenue of €0.8m.

·   The supply chain disruption experienced in the first half of 2022 was overcome through extensive liaison with key supply chain partners and the onboarding of new strategic suppliers to overcome component availability issues.  Early indications in 2023 are that the availability and cost pressures experienced in the first half of 2022 continue to subside.

·   In partnership with clients, HealthBeacon continues to innovate and extend the application of the technology platform enhancing patient outcomes.  The development of the HB Wave for oral medication management is a response to a significant need from clients and will integrate seamlessly with the Company's existing technology platform. HealthBeacon also launched the HB Smart Scale that syncs seamlessly with the Smart Sharps Bin technology device and platform.  These innovations will support growth in 2024 and beyond.

The Board reiterates its revenue guidance of €25m (ARR-Annual Recurring Revenue) revenue run rate by the end of Q1 2024 and adjusts the guidance on 100,000 units from end of Q1 2024 to end of Q2 2024.  Unit deployment with Evernorth will commence in Q2 and ramp up significantly through the remainder of 2023. A second and subsequent speciality pharmacy organisations will launch early Q3 and into Q4 with unit deployment ramping up through Q4.  This, together with other deployments, will see the Company achieve an early to mid-teens euro revenue run rate (ARR) by the end of 2023. The medium term opportunity remains significant and the Company is very well positioned to grow meaningfully over the coming quarters and years.

The Company will release its full year results for the year ended 31 December 2022 on Friday 31 March 2023.  

Enquiries:	Investor.Relations@HealthBeacon.com
HealthBeacon: Jim Joyce Lar Malone
Goodbody (Euronext Listing Sponsor and Broker): David Kearney	+353 (1) 667 0420
Stephen Kane
Drury (Public Relations):
Cathal Barry	+353 (0) 87 227 9281
Paul Clifford	+353 (0) 87 327 2161

About HealthBeacon

Headquartered in Dublin, HealthBeacon is an Irish digital therapeutics company that develops smart tools for managing medications for patients in the home. The HealthBeacon Injection Care Management System tracks adherence and persistence with medication schedules through the provision of medication management reminders, safe and sustainable sharps disposal devices, educational tools, and artificial intelligence (AI) driven data analytics. Peer reviewed evidence supports a 19% improvement in therapy persistence by patients and up to 26% improvement in adherence to therapy, which improves clinical outcomes and significantly improves efficiency in health systems. The Company has expanded its offering to growth management with the launch of its integrated Smart Scale and oral adherence with the launch of HB Wave which integrates with its existing technology. The Company operates across Europe, North America and the United Kingdom and employs more than 70 people and has obtained more than 30 design and utility patents. The Company's mission is to become the world's leading digital therapeutics platform for patients managing medications in the home.

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