REG - Belluscura PLC - AGM Trading Statement

BelluscuraAnnouncement

27/08/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240827:nRSa6873Ba&default-theme=true

RNS Number : 6873B  Belluscura PLC  27 August 2024

27 August 2024

 

BELLUSCURA PLC

("Belluscura" or the "Company" or "Group")

 

AGM Trading Statement

Strong Sales Momentum & Updated Trading Outlook

Belluscura plc (AIM: BELL), a leading medical device developer focused on
lightweight and portable oxygen enrichment technology, will hold the Company's
Annual General Meeting at midday today.  At that meeting the Chairman will
make the following statement to Shareholders.

"Belluscura achieved record sales for the month of July with revenues of
$708,000. This follows the previous monthly high set in June of $521,000. The
Company expects strong sales to continue with the broader market acceptance of
the X-PLOR® and the upcoming full release of its new patented DISCOV-R™
device.

DISCOV-R

Demand for the new DISCOV-R™ portable oxygen concentrator, which was
introduced to the US market via a soft launch in June 2024, has been strong,
with every unit manufactured in June and July being sold.

The DISCOV-R™ weighs a little over 6 pounds (2.75kg), provides fifty percent
(50%) more oxygen than the leading oxygen concentrator and produces more
oxygen by weight than any portable oxygen concentrator on the market.

The full commercial launch of the DISCOV-R™ remains planned for the middle
of Q4.

Updated Trading Outlook

As the Group approaches the full commercial launch of the DISCOV-R™ in two
months' time, the Board has re-assessed the trading outlook for the final
months of 2024.

The Board anticipates that revenue for FY24 will be approximately $8 to $10
million (2023: $825,409) depending on timing of the full commercial launch of
the DISCOV-R. and that the Company will be EBITDA positive for Q1 FY25.

The Company expects annualised run rate revenue of $14 million to $16 million
by the end of year.

 

Liquidity

As reported in the 2023 Annual Report to support expansion plans for future
development the Group regularly reviews its financing arrangements and cash
flows to ensure there is sufficient funding in place for working capital.

Summary

Whilst the increased sales of X-PLOR® units has resulted in a decrease in raw
materials inventory, in order to sustain revenue growth of the DISCOV-R™,
the Company is currently evaluating debt and credit facilities and other
options to meet the preliminary high customer demand for the DISCOV-R™.

We are delighted with the growth in sales and distribution over the past six
months for both the X-PLOR® and DISCOV-R™ portable oxygen concentrators.

Whilst it has taken time to bring both products to market, and we are grateful
for the patience of our shareholders, we now have two leading lightweight
portable oxygen enrichment concentrators that meet the stringent requirements
of the FDA and we look forward to the full commercial launch of DISCOV-R™
later in the year.

The Board looks forward to the remainder of 2024 and into 2025 with a real
sense of confidence"

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

For further information please contact:

 

 Belluscura plc                          Tel: +44 (0)20 3128 8100
 Adam Reynolds, Chairman

 Robert Rauker, CEO

 Simon Neicheril, CFO

 SPARK Advisory Partners Limited         Tel: +44 (0)20 3368 3550

 Nominated Adviser
 Neil Baldwin / Jade Bayat

 Dowgate Capital Limited                 Tel: +44 (0)20 3903 7715

 Broker
 Russell Cook / Nicholas Chambers

 MHP                                     Tel: +44 (0)20 3128 8100

 Financial PR & Investor Relations       email: Belluscura@mhpgroup.com (about:blank)
 Katie Hunt/Matthew Taylor

 

About Belluscura plc (https://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.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTQQLFLZVLEBBB