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Belluscura (LSE:BELL), known for its development of lightweight and portable oxygen enrichment technology, reported significant sales growth and an optimistic trading outlook on Tuesday as it geared up for the full commercial launch of its new DISCOV-R portable oxygen concentrator.
At its annual general meeting, the AIM-listed company highlighted a notable surge in sales and a positive forecast for the remainder of 2024. July saw record sales of $0.71 million, surpassing the previous peak of $0.52 million achieved in June.
The company anticipates that the robust sales trend will persist, driven by increasing market acceptance of its X-PLOR device and the anticipated success of the DISCOV-R. This device, introduced to the US market through a soft launch in June, has been well-received.
The DISCOV-R, weighing just over six pounds, offers 50% more oxygen output compared to the leading competitor and delivers more oxygen per weight than any other portable device available. The high demand for the DISCOV-R is evident, with all units produced in June and July already sold.
The full commercial launch of the DISCOV-R is scheduled for mid-fourth quarter, which has led Belluscura to update its trading outlook for the final months of 2024. The company now projects full-year revenue for 2024 to be between $8 million and $10 million, a significant increase from the $0.83 million reported in 2023.
Additionally, Belluscura anticipates achieving positive EBITDA in the first quarter of the 2025 financial year, with an annualized revenue run rate of $14 million to $16 million by year-end.
To support its ongoing expansion and meet the high demand for the DISCOV-R, Belluscura is exploring various financing options, including debt and credit facilities. The increased sales of X-PLOR units have reduced raw materials inventory, highlighting the need for additional funding to sustain the growth of the DISCOV-R.
As of 1216 BST, shares in Belluscura rose by 43.86% to 15.82p.
