Irish medtech firm HealthBeacon recorded a rise in revenues for the first half of the year as the company reported “significant momentum” despite ongoing supply chain challenges.
HealthBeacon, which was founded nine years ago, develops smart tools to assist patients to manage their medications at home.
Its smart sharp bins track medications and remind patients when to take their injections.
Revenue was up 57pc to €867,000 in the six months to the end of June, the firm said.
The number of deployed units – units on lease or sold to third parties - rose to 10,206, a 143pc rise from the same period last year.
The company now expects to have around 15,000 units deployed by the end of this year.
Gross profit was €87,000 in the first half of the year.
Adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) came in at a loss of €4.5m – more than double the €2m loss in the first half of 2021.
The client base rose to 25 in the first half of the year, a rise of six companies since the end of last year.
HealthBeacon’s IPO last year raised €25m, which was largely targeted towards its US expansion.
"We took the company public last year with the idea to get ourselves the resources for us to be able to scale to 100,000 patients by the end of Q1 2024,” chief executive Jim Joyce told the Irish Independent.
The company said it had a fully secured supply chain to deliver these 100,000 units over the next 18 months, with the chip components delay in the first half of the year now resolved.
"We have managed to secure all of the long lead time parts we need to actually build our devices,” he added.
HealthBeacon now works with three of the top five speciality pharmacy organisations in the US.
The company also signed a deal with Evernorth, one of the largest independent pharmacy benefits managers in the US, earlier this year.
"Our technology is now integrated into their broad US health system so that makes it more accessible to patients,” Mr Joyce said.
The company now employs over 70 people.
"A lot of our hiring right now is happening in the US,” Mr Joyce said, adding that 70pc of its employees are still based in Dublin.
"Similar to the growth path of our business, the fastest growing hiring area for us is in the US.”
These include care coordination and call centre teams, as well as staff in its Orlando facility for light processing and manufacturing work.
HealthBeacon also opened a Green Labs facility this month in the US, a centre “which allows us to process medical waste as it comes back into our site”.
A similar facility opened earlier this year in Dublin.
At the moment, the medtech firm’s focus is also on the expansion of its technology offering.
This growth will include tools, such as a connected smart scale which integrates with the company’s existing adherence tracking technology in order to assess patient progress.
Mr Joyce also plans to launch the company’s complex pill management solution in the second half of next year.