HealthBeacon share price jumps by 111 per cent in the past month

MEDTECH company HealthBeacon has seen it’s share price jump by 111per cent in the past month.

The Inchicore company, which listed on Euronext Dublin in 2021, develops smart tools to assist patients to manage their medications from their homes.

HealthBeacon’s IPO raised €25m, with the company reporting a market capitalisation of €98.4m on the day of its public listing.

This figure now stands at around €32m on Euronext Dublin, while shares have slid around 58 per cent in the past year.

Jim Joyce, the company’s founder and chief executive attributes this to a surge in activity in the US, with a few key areas giving “all that optimism that we’ve got the right product fit”.

“We’ve done a number of deals with specialty pharmacy organisations in the US,” he said to the Independent.

“Organisations like Accredo, where they integrated the technology into their fundamental offering.

“That means if you’re on a high-value injectable medication and you’re working with certain large pharmacy systems, you’re going to be offered the HealthBeacon device as part of going on that medication.

“That’s a really exciting thing that we have been working on for years. That’s taken us a long time to get it there.”

HealthBeacon’s offerings are reimbursed by insurers in the US.

More US partnerships are coming down the line with speciality pharmacy organisations, pharma companies, as well as clinical practices, Mr Joyce says.

HealthBeacon has over 20 employees in the US market, with offices in Boston and Orlando. Overall, the company’s headcount stood at around 67 at the end of last year.

The company’s client base grew to 30 last year from 23 in 2021. Sales rose slightly to €2.25m from €2.2m the prior year, while its losses pre tax grew to €13m.

This was attributed to a global chip shortage and energy crisis, which also weighed on gross margins.

However, Joyce is upbeat about what the future holds as the business predicts annualised revenue of €25m by the end of March next year.

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