FOR IMMEDIATE RELEASE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
06 July 2022
HealthBeacon Trading Update
HealthBeacon plc ("HealthBeacon" or the "Company"), the leading digital therapeutics company for managing injectable medications for patients in the home today issues a trading update.
The Company is experiencing unanticipated delays in the near-term supply of components for its Smart Sharps Bin, emanating from supply constraints of key chip components ordered earlier this year. This temporary delay in production will reduce HealthBeacon's 2022 deployment forecast to c.15,000 units. However, the Company anticipates the supply chain challenges will be resolved in the 4th quarter of 2022 and that it will achieve 100,000-unit deployment by the end of Q1 2024.
HealthBeacon has invested significantly in its supply chain by adding to its executive team members, technical planning, and sourcing capabilities, while expanding its facilities and overall production capacity to scale up to meet its 2023 demand.
The Company's DTC channel launch has been slower than anticipated year to date and is now expected to account for c.10% of the total unit deployment sales mix going forward.
However, 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.
HealthBeacon CEO and Co-founder, Jim Joyce, 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."
Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the "Market Abuse Regulation") requires disclosure of inside information relating to the HealthBeacon. This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation and is disclosed in accordance with Article 17 of the Market Abuse Regulation.
| Enquiries: |
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| HealthBeacon: Laurence Flavin
|
Investor.Relations@HealthBeacon.com |
| Goodbody (Euronext Listing Sponsor and Broker): David Kearney |
+353 (1) 667 0420 |
| Stephen Kane |
|
|
Drury (Public Relations): |
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| Billy Murphy |
+353 (0) 87 231 3085 |
| Cathal Barry |
+353 (0) 87 227 9281 |
About HealthBeacon
Headquartered in Dublin, HealthBeacon is an Irish digital therapeutics company that develops products for managing injectable 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. 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. 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's mission is to become the world's leading digital therapeutics platform for injectable medications.
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