Joyce is optimistic that HealthBeacon will see increased momentum and move towards profitability, particularly in the US market. HealthBeacon, a medtech firm listed on Euronext Dublin, develops smart tools to help patients manage their medications at home, including smart sharp bins that remind patients when to take injections.
Joyce founded HealthBeacon after gaining experience in the pharmaceutical industry and seeing the need for improved medication adherence among patients with chronic medical conditions. The company’s recent IPO raised €25m and resulted in a market capitalization of €98.4m on the day of listing. However, the current market capitalization is around €32m, with shares decreasing by 58% in the past year. Despite this, there has been a significant increase in share price of 111% in the past month, which Joyce attributes to increased activity in the US market.
One area of growth is the specialty pharmacy industry, where HealthBeacon has made deals with organizations like Accredo to integrate their technology into the medication offering for patients on high-value injectable medications. This represents a significant milestone for HealthBeacon. Additionally, HealthBeacon’s offerings are now eligible for reimbursement by insurers in the US, thanks to a new category developed with Medicare.
Joyce’s focus is on building teams, engaging with customers, and establishing partnerships in the market. HealthBeacon recently extended its partnership with Hamilton Beach Brands Inc, which will handle manufacturing, supply chain management, and product shipping, freeing up working capital for HealthBeacon. The partnership is expected to reduce costs and improve cash flow for the company.
HealthBeacon plans to form more partnerships with specialty pharmacy organizations, pharmaceutical companies, and clinical practices in the US market. The company currently has offices in Boston and Orlando, with over 20 employees in the US and a total headcount of 67.
Although HealthBeacon faced challenges due to global chip shortages and an energy crisis, which impacted gross margins and resulted in increased losses, Joyce remains optimistic. The company aims to achieve annualized revenue of €25m by the end of March next year. Joyce acknowledges that building a successful company takes time and perseverance.
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