Belluscura says it is ‘well positioned’ to deliver growth in 2022
The medical device developer (BELL ) has described the year to 31 December 2021 as “transformational” for the business following the successful launch of its portable oxygen concentrator named the X-PLO2R into the US growing supplemental oxygen market.
In FY21, the group reported revenue of $0.42m, compared to $nil in the prior year. Adjusted loss from operations came to $4.2m while net cash as at 31 December 2021 was $15.6m.
Belluscura, a UK company that licences and develops proprietary healthcare technologies, received 510(k) Clearance from the Food and Drug Administration (“FDA”) in March 2021.
Following the approval, Belluscura subsequently secured multiple distribution agreements to distribute the FDA cleared portable oxygen concentrator, X-PLO₂R™ in the United States.
In September 2021, Belluscura said initial demand for X-PLO₂R™ had been “strong” since the first units were distributed to customers. At the time, Chairman of Bellusccura Adam Reynolds, told investors that the initial response from the market had been “hugely positive”.
Belluscura’s X-PLO₂R weighs less than 1.5kg (3.25lbs) and the Directors believe it is the world’s first modular portable oxygen concentrator and that it will generate more oxygen by weight than any other US Food & Drug Administration (“FDA”) cleared POC in its class.
The X-PLO₂R can deliver up to 95% pure oxygen to patients 24 hours a day, 7 days a week to help improve the quality of life for millions of people who suffer from chronic lung diseases, such as Chronic Obstructive Pulmonary Disease and COVID-19 related respiratory distress.
A research report from the Research and Markets on the Portable Oxygen Concentrator Market forecasts a compound annual growth rate (“CAGR”) of 14.0% from 2019 to 2026.
Belluscura, which floated on London’s junior AIM market back in May 2021, has raised £17.5m ($24.5m) in equity fundraising from new and existing investors over the period.
During the period, the company sold 377 units following its launch of X-PLO₂R in September 2021, 25% above current consensus forecasts and 150% above initial forecasts for 2021.
During the first six weeks of 2022, trading has continued to accelerate with Belluscura having increased the number of distributors to more than 10, the group told investors this morning.
Belluscura explained that the production of X-PLO₂R™ will be increased commensurate with market demand as well as manufacturing capabilities which are expected to grow significantly.
The Group said it continues to progress regulatory clearances in territories outside the US. Meanwhile, it added that follow-on products, the X-PLOR CX and X-PLOR DX, continue to progress well with the expected launch of these products in 2Q22 and 3Q22, respectively.
Robert Rauker, CEO of Belluscura said: “We are delighted with the progress we made in 2021, having successfully launched our first X-PLOR product into the growing supplemental oxygen market. Alongside this, we have continued to develop our follow-on products which will be launched in 2022. The Company has a strong balance sheet and is well positioned to deliver substantial growth in 2022. We look forward to the future with confidence.”
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