HealthBeacon widens first half loss due to business launch expenses

(Alliance News) - HealthBeacon PLC on Thursday said its pretax loss widened on increased costs as revenue declined in the first half.

The Dublin-based devices and software developer for managing critical and chronic medications reported that revenue fell marginally to EUR861,000 in the first half of 2023, from EUR867,000 the year prior.

It said its patient support programmes revenue fell by 10% to EUR510,000, but that its patient safety hub saw revenue of EUR350,000, having launched in September last year.

The firm said its pretax loss widened to EUR7.1 million, from EUR6.2 million a year ago, as a result of increased costs due to infrastructure deployed in the launch of its Speciality Pharmacy sector.

Looking ahead, the firm said it is making progress with the roll-out of its technology, but noted that the implementations, contracting and planning of the launches is "running up to 9 months longer than expected".

Due to this, it expects that annual recurring revenue guidance for December 2023 will be around EUR3.2 million, down from previous expectations in the mid-teens. It revised its annual recurring revenue guidance by the end of 2024 to EUR17 million.

Interim Chief Executive Rebecca Shanahan said: "The HealthBeacon board and management team is committed to taking the necessary actions to secure the future of the business through short-term cash management and longer-term strategic funding options.

"Notwithstanding near-term challenges, we are confident that an appropriately funded HealthBeacon has significant growth prospects, having made substantial progress in the speciality pharmacy sector."

HealthBeacon shares were flat at 0.186 pence per share on Thursday morning in London.

By Harvey Dorset, Alliance News reporter

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