Last checked at 24 Jan 2022 07:00
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Belluscura PLC
("Belluscura" or the "Company" or "Group")
Trading Update and Notice of Preliminary Results
Demand for, and delivery of, X-PLO2R™ portable oxygen concentrator exceeds expectations
LONDON, U.K. AND PLANO, TX, U.S. (24 January 2022). Belluscura plc (AIM: BELL), a leading medical device developer focused on lightweight and portable oxygen enrichment technology, announces a trading update for the 12-month period ended 31 December 2021.
The Board is pleased to report that demand for, and delivery of, the X-PLO2R® portable oxygen concentrator has exceeded our most recent update of 4 November 2021. Since the launch of X-PLO2R in September 2021, the Group has sold 377 units, 25% above current consensus forecasts and 150% above initial forecasts for 2021.
Recognising the current global supply chain challenges, the Company has significantly increased inventory levels of key components and other raw materials to pre-empt any potential disruption on production levels allowing them to be maintained in the current financial year and beyond.
The Group's manufacturing capability has been scaled up significantly to ensure that the Company can continue to meet the increased demand from US distributors, with the company continuing to broaden its sales network with both online and brick & mortar distributors. The company also continues to move forward toward launching the product outside the US, having received enquiries from distributors globally.
At 31 December 2021 the Company retained cash balances of $15.6 million (unaudited) and remained debt free.
Development of the follow-on products, the X-PLO2R CX and X-PLO2R DX, continues to progress well with the expected launch of these next generation products to be in Q2 2022 and Q3 2022 respectively.
The Board is delighted with the progress that has been made to date and looks forward with confidence as a result of the continued rapid growth in the global demand for portable oxygen concentrators.
Notice of Preliminary Results
The Group expects to release its preliminary results for the year to 31 December 2021 in mid-February.
Robert Rauker, CEO of Belluscura plc, commented: "Market reception for the X-PLO2R® has been positive and initial demand has been very strong. We are very excited about the upcoming launch of the X-PLO2R CX and X-PLO2R DX and look to the future with confidence."
For further information please contact:
Belluscura plc | www.belluscura.com |
Robert Rauker, Chief Executive Officer | via Walbrook PR |
Anthony Dyer, Chief Financial Officer | |
SPARK Advisory Partners Limited (NOMAD) | Tel: +44 (0)20 3368 3550 |
Neil Baldwin | |
Dowgate Capital Limited (Broker) | Tel: +44 (0)20 3903 7715 |
James Serjeant / Nicholas Chambers | |
Walbrook PR Ltd (Media & Investor Relations) | Tel: +44 (0)20 7933 8780 or belluscura@walbrookpr.com |
Paul McManus / Sam Allen | Mob: +44 (0)7980 541 893 / +44 (0)7502 558 258 |
About Belluscura plc (www.belluscura.com)
Belluscura is a UK medical device company focused on developing oxygen enrichment technology spanning broad industries and therapies. Our innovative oxygen technologies are designed with a global purpose: to create improved health and economic outcomes for the patients, healthcare providers and insurance organisations.