(Alliance News) - HealthBeacon PLC on Friday reiterated its revenue guidance and noted improved 2022 operations including rising contracted client numbers and technology deployments.

The Dublin-based devices and software developer for managing critical and chronic medications said it maintained its revenue guidance of EUR25 million in annual recurring revenue run rate by the end of the first quarter of 2024, while it adjusted guidance on 100,000 units to the end of the second quarter of 2024 from the first quarter.

It plans to begin unit deployment in its client Evernorth in the second quarter of 2023 and ramp up significantly through the remainder of 2023.

A second and subsequent speciality pharmacy organisations will launch early in the third quarter and into the fourth quarter with unit deployment increasing through the fourth quarter.

HealthBeacon said it hopes these measures, alongside others, will help the company realise early-to-mid-teens ARR by the end of 2023.

"The medium term opportunity remains significant and the company is very well positioned to grow meaningfully over the coming quarters and years," it said.

In terms of 2022 operations, HealthBeacon said it continued to "build out sales infrastructure with additional customers, drugs and geographies added across the specialty pharma and pharma client base".

It said it now has 28 contracted clients, up from 23 in 2021, including Evernorth, NHS, Accord Healthcare and Clonmel Healthcare.

Technology deployments increased to 14,576 in 2022, including 13,224 units and 1,532 patients on the Patient Safety Platform, from 10,187 units only in 2021.

The Patient Safety Platform was deployed to 1,532 patients after launching in the UK and Ireland markets, while it plans to launch in Australia and New Zealand in 2023.

"The supply chain disruption experienced in the first half of 2022 was overcome through extensive liaison with key supply chain partners and the onboarding of new strategic suppliers to overcome component availability issues," HealthBeacon said.

"Early indications in 2023 are that the availability and cost pressures experienced in the first half of 2022 continue to subside."

HealthBeacon will release its 2022 results on March 31.

Shares in HealthBeacon were flat at EUR1.16 each in Dublin on Friday midday.

By Greg Rosenvinge, Alliance News reporter

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