'Several challenges' see HealthBeacon losses double in 2022 

The medtech firm reported loss from operating activities of €13.2m, up from a previous loss of €7.3m in 2021.

The medtech firm increased its client base to 30, up from 23 in 2022, with its employee headcount also increasing by 20, up to 67.

Dublin-based medical technology firm, HealthBeacon "confronted several challenges" last year, with losses doubling in 2022.

According to its final year results released on Friday, the company's gross profit margin halved last year, with HealthBeacon reporting a loss from operating activities of €13.2m, up from a previous loss of €7.3m in 2021.

Despite this, last year saw HealthBeacon's revenue grow by 2% from €2.25m to €2.21m, comprising €1.29m from patient support programmes and €960,000 from direct-to-consumer. Launched in 2022, the firm's Patient Safety Hub delivered revenues of €350,000.

The medtech firm increased its client base to 30, up from 23 in 2022, with its employee headcount also increasing by 20, up to 67. Most of the increased headcount was in the US with the build-out and scaling of the company operations in Orlando across two locations.

HealthBeacon's net cash position halved at the end of 2022, falling to €12.2m from €26.6m in 2021.

The firm's notable cash reduction was attributed to Opex as part of establishing the Orlando base, investment in new product development, and the commencement of delivery of the 35,000 orders in October.

Having raised €25m in an IPO last year, the firm said it has "sufficient funding in place to deliver on the significant growth opportunity ahead."

In its outlook for 2023, HealthBeacon noted that supply chain cost increases experienced in 2022 had subsided, with its gross margin expected to improve through 2023.

“We have confronted several challenges in building out our delivery infrastructure in the US," said HealthBeacon chief executive, Jim Joyce. 

"However, I’m pleased to report that we will soon be in a position to deploy our highly effective medical adherence tool at scale to exploit the Speciality Pharmacy opportunity we have worked so hard to engineer."

Despite a "challenging 2022," Mr Joyce said the company "looked forward with confidence," to the next 12 months.