Next Gen XPLOR and D2C

Belluscura has announced the launch of the next generation X-PLOR portable oxygen concentrator and expanded distribution through a D2C offering and partnership distribution plan for smaller DMEs.

Dowgate on Belluscura - Master Supply Agreement Fundraising. Forecasts and TP upgrade

Belluscura announced in March that it had signed a Master Supply Agreement with InnoMax to manufacture the X-PLO2R portable oxygen concentrator family of products in China which provides a platform to expand distribution into Asian markets while also significantly increasing manufacturing capacity and reducing per unit manufacturing costs.

Asian Master Supply Agreement

Belluscura has announced a transformational manufacturing agreement with a leading Asian electronics manufacturer which materially increases its capacity,

FY21 results update

Belluscura has released FY21 results that confirm the very strong operational progress detailed in the January trading update. The group's X-PLO2R portable oxygen concentrator received FDA approval in March 2021 and an equity fundraising in May has provided funding for the commercial launch. Last year, Belluscura sold 377 units, which was 150% above our initial forecasts. At the January update we raised our forecast for 2022 by +33% to 4,000 units, which we view as very conservative, particularl

Trading update

Belluscura has released another very encouraging trading update and we again raise our production and revenue forecasts. The group sold 377 XPLO2R units in 2021, which was 25% higher than our forecast and well over double our initial estimate. Demand is strong and we raise our unit sales estimate for 2022 to 4,000 (was 3,000) and roll this through to 2023 and 2024. Belluscura has recognised the global supply chain challenges and has increased inventory levels of key components to pre-empt any di

Belluscura - Promising portable oxygen supplement device

Belluscura is focused on developing oxygen enrichment technologies. Its lead product, X-PLO₂R, is pitched as the world’s first modular portable oxygen concentrator (POC). It received FDA 510(k) clearance in March 2021 and came to the market in September 2021. Early uptake is encouraging, with the company signing five distribution agreements and exceeding its sales volume projections for the year. We expect recent reimbursement approval from the US Centers for Medicare & Medicaid Services (CMS) a

Manufacturing & Trading update

Belluscura has released a very encouraging trading update that indicates it has 'significantly' exceeded sales volumes for FY21 and is confident that FY22 will be 'substantially' ahead of initial forecasts. This follows recent announcements that the group has secured a fifth distribution agreement with a leading online distributor and won the Producers' Choice Gold award at Medtrade East, the largest medical equipment show and conference in the US. We double our sales volume forecast to 300 (was

Interim results update

Belluscura has reported interim results for the 6m to June that state that the first units of the XPLOR have been distributed and that the group expects to exceed unit sales forecasts for the current year. Following the receival of 510K clearance in March, the group completed a £17.5m/$24.5m IPO in May that provides funds for the group to launch the XPLOR and develop the CX and DX follow on products. Since IPO, the group has started to manufacture the XPLOR in the US and following 'hugely positi

Update on Distribution & Production

Belluscura is a medical device company focused on developing lightweight and portable oxygen enrichment technology. The group has announced that it has signed its fourth distribution agreement and started manufacturing the X-PLO2R, putting it firmly on track to meet its target commercial launch in Q3. The fourth distribution agreement is with a US Service disabled veteran-owned small business that deals exclusively with the US federal government in areas of veterans affairs. This follows on from

Progress on Management & Distribution

Belluscura is a medical device company focused on developing lightweight and portable oxygen enrichment technology. The group completed its IPO in June, raising £17.5m at a price of 45p. Following IPO, the group has appointed a VP of Operations and this morning has confirmed its first US distribution deal. On 15th June, the group announced the appointment of Keith Cook as Vice President of Operations, based in Plano, Texas. Keith was previously Director of Operations at Inogen, the market leader

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

LIBERUM: Futura Medical* - Strategy on track, FM71 data in Sept

Shield Therapeutics - FY results: focus on funding and growing the US

Full-year results were in line with the preliminary guidance issued in early 2022. Feraccru revenues in Europe increased with a 60% increase in volumes and the US commercialisation of Accrufer continues, with broader insurance coverage (100m lives covered). As with many small cap companies, access to growth capital is currently difficult; however, the group has raised a $10m loan from a major shareholder providing a cash runway till end-2022. Our assumption is that further funding comes from deb

SHORE CAPITAL - Warpaint London+ (W7L) - House Stock at 113p

Record H1 as distribution widens and offer resonates

Trading continues to track ahead of expectations, which have been upgraded twice so far YTD. There is clear evidence the growth strategy is bearing fruit. Distribution gains are increasing brand reach both in the UK and overseas. This appears to be an ideal time for its on-trend value-for-money proposition to gain traction, potentially with counter-cyclical characteristics as consumers start trading down. After the recent pull-back, valuation is undemanding for a 3-yr EPS CAGR of 13% with risk p

Cenkos: OptiBiotix Health Plc -- Final results

OptiBiotix has reported final results for the year to December 2021, with revenues growing 45% to £2.2m and the EBITDA loss increasing to £1.0m, reflecting the increased investment in the business. Post-period end, OptiBiotix has continued to return value to shareholders through the successful spin-out and listing of its ProBiotix Health division. Future growth of the company is supported by commercial agreements with large partners and a substantial pipeline of opportunities through its 2nd gen

Morning Note – 30 June 2022

SHORE CAPITAL - Oxford BioDynamics+ (OBD) - House Stock at 16p

Hybridan Small Cap Feast 20/06/2022

Joiners: No Joiners Today. Leavers: Tungsten Corp and Sensyne Health have both left AIM. Hibernia REIT has left the Main Market. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fi

Hybridan Small Cap Feast 30/06/2022

Dish of the day Joiners: Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan

Positive AGM statement

The strong momentum from Q4-21 has continued into H1-22, with revenues expected to be up by more than 22% YoY. The outlook remains positive supported by strong industry demand and market share gains in the UK, where the group’s sustainability and affordability credentials are increasingly resonating. Whilst some macro pressures remain, these look to be manageable. We therefore make no change to our forecasts at this stage, but are highly encouraged by current trends and remain optimistic for the

LIBERUM: SourceBio International* - Scaling growth and trading well

Morning Note – 27 June 2022

Cenkos: ValiRx Plc -- Progressing the Preclinical Pipeline

ValiRx has conditionally raised £1.5m (gross) via an equity placing to progress its existing preclinical projects, reinforce its balance sheet as it looks to build out its translational contract research organisation (tCRO) and service the working capital needs of the underlying business. The transaction also includes a broker option which could raise up to a further £1.0m. ValiRx is now well placed to advance its pipeline assets towards formal preclinical development and secure its position as

Small Cap Feast

Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this spring. Target valuation £20m raising c. £8m “to finalise the development and launch