Belluscura expects annual loss to be in line with expectations

(Alliance News) - Belluscura PLC on Friday hailed "considerable progress" in 2022, but still expects to report loss.

The London-based medical-device developer launched its X-Plor portable oxygen concentrator product in September 2021. The product is now in distribution throughout the US through multiple sales channels.

"In addition, the collaboration agreement with the VGM Group has already resulted in 17 new distribution agreements in the last 3 months, including the agreement with a leading durable medical equipment provider and distributor in the US, announced in September 2022, which serves nearly 2 million patients both online and through over 1,000 locations," Belluscura added.

It continued: "In December 2022 we also signed our first international distribution agreement, with MedHealth Supplies of South Africa, which sells to one of the world's leading respiratory device suppliers. We have already received orders for over 1,000 units, with their first shipment sold out within 48 hours."

Chief Executive Officer Robert Rauker said: "We have enhanced our production, quality accreditation and supply chain, positioning us well to deliver on the demand we are seeing for our devices, as we expand our distribution partners and geographical reach. Market reception for the next generation X-Plor and Nomad App has been extremely positive, with an encouraging level of forward orders."

Looking ahead, Belluscura expects its annual adjusted loss before interest, tax, depreciation and amortisation to be in line with market expectations. Adjusted loss from operations in 2021 was USD4.2 million.

Shares were down 9.3% at 39.90 pence each on Friday around midday in London.

By Xindi Wei, Alliance News reporter

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