Belluscura delivered a promising helf year report on Wednesday which set the scene for strong future growth.
Belluscura has been in its development phase with the launch of new products and the most interesting part of their results is the post-period orders for their portable oxygen units.
The company has inked a ‘transformational’ deal with InnoMax who will have an exclusive license for Belluscura’s technology in China, Hong Kong, Macau and Singapore. The deal is valued at $55m in minimum royalties over the term of the license.
Belluscura has also received orders for over 6,500 DISCOV-R worth around $15m.
“I am very pleased with the substantial progress the Group has made this period,” said Bob Rauker, Chief Executive Officer Belluscura.
“The signing of new distribution agreements, the strong reception and orders for DISCOV-R, the continuing progression of X-PLOR and the signing of the significant licensing agreement with Innomax sets a strong foundation for great progress next year and beyond.
“The Portable Oxygen Concentrator Market is predicted1 to grow at a compound annual growth rate (“CAGR”) of 14.0% from $1.63 billion in 2022 to $2.76 billion by 2026, making this is a very exciting time for Belluscura’s category leading products.”
There was slight disappointed with revenue falling to $0.4m for the six months ended 30 June 2023, from $0.6m in the same period.
However, this was before the company inked the landmark agreement with their Chinese partners and won 6,500 DISCOV-R orders.
“We believe the signing of the groundbreaking Exclusive License and Royalty Generating Agreement with InnoMax, an affiliate of the world’s leading electronics manufacturing company, will be transformational for the Group,” said Adam Reynolds, Chairman of Belluscura.