In a trading update, the medical device developer Belluscura (BELL ) reported that demand for, and delivery of, the X-PLO2R® portable oxygen concentrator has exceeded expectations.
Belluscura, which develops medical devices focused on lightweight and portable oxygen enrichment technology, said it has sold 377 units since launching the X-PLO2R in September 2021, 25% above current consensus forecasts and 150% above initial forecasts for 2021.
Due to current global supply chain challenges, the company has significantly increased inventory levels of key components and other raw materials in an attempt to pre-empt any potential disruption on production levels and maintain these levels in FY22 and beyond.
The Group said it has scaled up its manufacturing capability ‘significantly’ to ensure that the Company can continue to meet the increased demand from US distributors, as Belluscura continues to broaden its sales network with both online and brick and mortar distributors.
Belluscura informed investors that its efforts remain ongoing to launch its product outside the United States and that to date, it has received enquiries from distributors around the world.
On 31 December 2021, Belluscura retained cash balances of $15.6m and remained debt free.
Addressing shareholders this morning, the company said the development of its 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 2Q22 and 3Q22, respectively.
Looking ahead, the Board said it maintains confidence in the company’s efforts as a result of the continued rapid growth in the continued global demand for portable oxygen concentrators.
Robert Rauker, CEO of Belluscura, said: “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.”
Belluscura expects to release its results for the year to 31 December 2021 in mid-February.
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