Transformational year and positive outlook as the global demand for medical oxygen is forecast to grow from $3.14bn in 2021 to $5.64bn by 2027 representing a CAGR of 10.17%
LONDON, U.K. AND PLANO, TX, U.S. (22 February 2022). Belluscura plc (AIM:BELL), a leading medical device developer focused on lightweight and portable oxygen enrichment technology, announces its unaudited Preliminary Results for the year ended 31 December 2021, maiden full year results since Admission to AIM in May 2021.
Group revenue of $0.4 million (2020: $nil)
Adjusted loss from operations of $4.2 million (2020: $1.3 million)
Basic loss per share of $0.06 (2020: $0.04)
Net Cash as at 31 December 2021 of $15.6 million
X-PLOR® received 510(k) Clearance from the Food and Drug Administration (“FDA”) on 2 March 2021.
Admission to AIM on 28 May 2021.
Oversubscribed equity fundraising of £17.5 million ($24.5 million) from new and existing investors.
Sales of 377 units in the period to 31 December 2021 following the launch of X-PLOR in September 2021, 25% above current consensus forecasts and 150% above initial forecasts for 2021.
Trading in the first six weeks of 2022 has continued to accelerate and the Group has:
increased the number of distributors to more than 10
combined sales and orders for more X-PLOR units than were sold in the prior year
Production to be increased commensurate with market demand and manufacturing capabilities, which are expected to grow significantly.
The Group continues to satisfactorily progress regulatory clearances in territories outside the United States. Development of the next generation follow-on products, the X-PLOR CX and X-PLOR DX, continues to progress well with the expected launch of these products in Q2 2022 and Q3 2022 respectively. Robert Rauker, Chief Executive Officer, Belluscura plc, commented:
“We are delighted with the progress we made in 2021, having successfully launched our first X-PLOR product into the growing supplemental oxygen market. Alongside this, we have continued to develop our follow-on products, which will be launched in 2022. The Company has a strong balance sheet and is well-positioned to deliver substantial growth in 2022. We look forward to the future with confidence.”
For further information, please contact:
Belluscura plc www.belluscura.com
Robert Rauker, Chief Executive Officer via Walbrook PR
Tony Dyer, Chief Financial Officer
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 email@example.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 organizations.