HealthBeacon PLC HealthBeacon - HBCN - Trading Update

Healthbeacon

06/07/2022 07:00

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RNS Number : 4395R  HealthBeacon PLC  06 July 2022

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:
 HealthBeacon:                                    Investor.Relations@HealthBeacon.com

 Laurence Flavin

 Goodbody (Euronext Listing Sponsor and Broker):  +353 (1) 667 0420

 David Kearney
 Stephen Kane

 Drury (Public Relations):
 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.

Ends

 

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