Belluscura expectations for oxygen concentrator demand exceeded
Company says it's likely to beat sales and revenue forecasts for next year as well
Oxygen enrichment medical device company Belluscura updated the market on its manufacturing and trading for the year-to-date on Thursday, reporting that demand for its ‘X-PLO2R’ portable oxygen concentrator had “significantly exceeded” its initial expectations.
The AIM-traded firm said that, following the signing of five distribution agreements in as many months within North America, and initial product sales in September, it had now exceeded its anticipated sales volume for the financial year ending 31 December.
Its board did concede that they were “relatively modest” targets.
However, conversations with distributors and the reception to date from customers led to the board reporting confidence that the expected run rate for unit sales and revenue for the 2022 financial year would be “materially ahead” of current market forecasts.
Based on current growth prospects and opportunities, the company said it had entered into an updated partnership agreement with its United States-based manufacturing partner to increase production capacity to meet anticipated demand for 2022 and beyond.
“Market reception for the X-PLO2R has been positive and initial demand has been very strong,” said chief executive officer Robert Rauker.
“The recent addition of a fifth distributor in North America gives us confidence to substantially expand our manufacturing capacity to meet demand in the coming years.
“With the company now poised to exceed the manufacturing and sales targets set at IPO, we can look to the future with confidence.”
Belluscura said it would update shareholders on its full-year outcome in early January.
At 1204 GMT, shares in Belluscura were up 2.01% at 100.48p.