Former CEO is said to be among parties to signal interest in investing in embattled company, which is running out of cash just as it cracks US market
, the professional social network, of how he was inspired 10 years ago with the idea of turning sharps disposal bins for needles and syringes into a smart device that reminds patients to stick to injection schedules at home.
Three weeks later, HealthBeacon is fighting for its very survival. With only enough cash to keep going for days, the board, which Joyce left last Friday after stepping down as a non-executive director, is desperately trying to secure fresh investment or a sale of the business as its advisers also work on a backup – or parallel – option of filing for examinership.
For many followers of the company, HealthBeacon’s main problem was listing on the stock market too early. At that point its flagship product, which was approved by theThe product, a little bigger than a standard toaster, is connected to a patient’s smartphone and used for the disposal of injector pens and syringes as well as being a device to track adherence to medication regimes and to prompt people to stay on track if necessary.
“The brainwave to try to turn sharps bins into modern-age devices to help with adherence led to a device being successfully created. And Jim was certainly able to convince people of the value of the proposition, with his natural American confidence,” said a Dublin-based angel investor familiar with HealthBeacon from when it was a private company. “But the story of HealthBeacon to date has been one of overpromising and underdelivering.
The shock sales warning last month saw HealthBeacon pull its previous targets that annual recurring revenues would be around the “mid-teens” million-euro level by the end of this year and rise to €25 million by the middle of 2024. Instead, it said the ARR run-rate would only be €3.2 million by the end of this year and €17 million by the end of next year.
It said last month that it is also in final launch planning with its next large speciality pharmacy and in contracting and negotiations with three others. The sell-off was compounded by the business – which had been burning through €1 million of cash month in the first half of the year – saying on October 5th that it was down to its last €500,000 of net cash, enough to continue trading until the mid- to late November. It followed up last Friday to warn that its “short-term working capital” had subsequently deteriorated and that it only had enough funds to keep its doors open “until the last week of October”.
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