GCIBelluscura reports 264% revenue surge in H1 amid strong demand for X-PLOR and DISCOV-R
The best things in life are worth waiting for, especially when so much effort has been expended to hit stretching goals in challenging conditions.
Similarly, after an immense amount of hard work and a few setbacks, () now appears to be firmly on track to deliver on its potential.
Indeed, this cutting-edge medical equipment firm - that has developed best-in-class portable oxygen concentrators used to treat respiratory conditions like COPD - posted some stunning sales growth figures today, albeit from a small base (see chart below).
Here H1'24 revenues leapt 264% YoY to $1.5m - which have since jumped 20% sequentially to $1.6m in Q3'TD and are anticipated to hit $4m in Q4.
This is due to buoyant demand for 's FDA approved X-PLOR device and the impending commercial launch of its next-generation DISCOV-R POC.
In fact, demand for the DISCOV-R is literally off the charts. It's only recently been trialled in the US, but has already sold out thanks to its lightweight (2.75kg) portable nature, patient benefits, and ability to produce more oxygen by weight than any other device on the market.
The only caveat is that the $4m Q4 sales target is dependent on both a top-up injection of working capital (debt and/or invoice discounting) and the timely receipt of medical codes to enable distributors to claim Medicare reimbursement for the DISCOV-R. As at the end of June, had $0.9m of spare cash, excluding $9.6m of convertible loan notes.
CEO Bob Rauker commenting: "The Board is confident the full commercial launch of the award winning DISCOV-R product in Q4'24 will be transformational. Demand is expected to be very strong because a major competitor has left the market, the two others have larger, more bulky products, and the small size of our device is very appealing to the customer base. We look forward to the remainder of 2024 and into 2025 with a real sense of confidence."
Finally, in terms of the numbers, house broker Dowgate Capital has a 35p/share target price vs 12p currently (mrkcap £20.2m), based on turnover climbing from $7.0m in 2024 to $25.0m next year and generating FY25 EBITDA of $3.0m.
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