Tekcapital portfolio company Belluscura is now producing significant revenues with an attractive growth rate. Investors are evidently thrilled at the news, and shares in oxygen-concentrator producer Belluscura rose over 30% on Tuesday.
In addition to record revenues of $708k in July, Belluscura is on track to become EBITDA positive for Q1 FY2.
“Belluscura achieved record sales for the month of July with revenues of $708,000. This follows the previous monthly high set in June of $521,000. The Company expects strong sales to continue with the broader market acceptance of the X-PLOR® and the upcoming full release of its new patented DISCOV-R™ device,” the Belluscura Chairman said in its AGM statement.
The group said the early stages of its soft launch in the United States have been a big success, with every unit manufactured being sold. Belluscura said in a statement that they plan to push forward with the full US launch in mid-Q4.
Belluscura’s management team is evidently confident of the company’s growth prospects as they set revenue targets of $8 to $10 million for 2024 – major milestone for the company. In 2023, just $825,409 in revenue was generated.
In addition to remarkably strong revenue guidance for 2024, the company believes it will be at an annualised revenue run rate of $14 million to $16 million by the end of the year.
Belluscura announced game-changing approvals, contracts and orders last year. The revenue from these contracts is starting to be recognised in revenues and profits, and judging by the market reaction, some investors are convinced this will lead to shareholder value creation.
Belluscura was founded and listed on AIM by technology incubator and venture capitalist Tekcapital, which retains a stake in Belluscura. Should Belluscura meet its revenue forecasts, it will be a major validation of Tekapital’s ability to select technologies with a substantial market and commercial opportunity, and the potential to improve the lives of many people.
Tekcapital is the team was also behind one of AIM’s most successful IPOs of 2024, low-sodium food technology company MicroSalt. MicroSalt shares tripled in value after listing in London, before easing back.