HealthBeacon’s Losses Skyrocket in 2022 Due to Multiple Hurdles

HealthBeacon faces challenges as losses double in 2022
HealthBeacon's Losses Skyrocket in 2022 Due to Multiple Hurdles

HealthBeacon, a medical technology firm based in Dublin, faced a number of challenges in 2022 resulting in a doubling of losses. The company’s final year results, released on Friday, revealed that its gross profit margin had halved in the same period. HealthBeacon reported a loss from operating activities of €13.2m, up from €7.3m in 2021. Despite this, the company’s revenue grew by 2% from €2.25m to €2.21m in 2022. This revenue was comprised of €1.29m from patient support programmes and €960,000 from direct-to-consumer sales. The firm’s Patient Safety Hub, launched in 2022, delivered revenues of €350,000.

HealthBeacon increased its client base to 30 in 2022, up from 23 in the previous year, and its employee headcount also increased by 20 to 67. Most of the increased headcount was in the US, where the company operations were scaled up and built out across two locations in Orlando. However, the firm’s net cash position halved at the end of 2022, falling to €12.2m from €26.6m in 2021. The notable cash reduction was attributed to operating expenses incurred while establishing the Orlando base, investment in new product development, and the commencement of delivery of 35,000 orders in October.

HealthBeacon raised €25m in an IPO last year and stated that it has “sufficient funding in place to deliver on the significant growth opportunity ahead.” In its outlook for 2023, the company noted that supply chain cost increases experienced in 2022 had subsided, with its gross margin expected to improve through 2023. HealthBeacon Chief Executive, Jim Joyce, said, “We have confronted several challenges in building out our delivery infrastructure in the US. However, I’m pleased to report that we will soon be in a position to deploy our highly effective medical adherence tool at scale to exploit the Specialty Pharmacy opportunity we have worked so hard to engineer.”

Despite experiencing a “challenging 2022,” Mr Joyce said the company “looked forward with confidence” to the next 12 months. HealthBeacon’s technology platform supports patients who require ongoing medical treatment at home. The platform monitors patients’ treatment adherence and provides them with personalised support. The company’s technology has been adopted by leading specialty pharmacies, healthcare providers and pharmaceutical companies in Europe and the US. HealthBeacon’s technology is designed to improve patient outcomes and reduce healthcare costs by improving treatment adherence.

HealthBeacon’s innovative approach to patient care has earned it numerous awards and accolades in recent years. In 2021, the company was named “Best Use of AI in Healthcare” at the AI Awards. It was also named “Best IoT Healthcare Platform” at the Global IoT Awards. HealthBeacon was founded in 2014 by Jim Joyce and Kieran Daly, both of whom have extensive experience in the healthcare and technology sectors. The company has offices in Dublin, Boston, and Montreal.

HealthBeacon’s innovative technology platform has the potential to revolutionise the way patients receive medical treatment. Despite facing challenges in 2022, the company’s outlook for 2023 is positive, with the firm expecting to improve its gross margin throughout the year. The company’s commitment to improving patient outcomes and reducing healthcare costs has earned it recognition from industry experts and healthcare providers alike. With sufficient funding in place and a growing client base, HealthBeacon is well-positioned to continue its growth trajectory in the coming years.