Belluscura group revenues continue to grow YTD

28th Oct 2024 10:42

(Sharecast News) - Medical device developer Belluscura said on Monday that group revenue had continued to in the nine months ended 26 September.

Belluscura said year-to-date revenue was better than expected at $3.3m and stated Q4 prospects had been "enhanced" by the forthcoming release of its new DISCOV-R device, with sales of $4.0m expected in the period.

The AIM-listed also highlighted that there was now a need for "further funding facilities" to meet the anticipated increased working capital requirement due to the strong DISCOV-R sales demand.

"As stated previously, the company has received several debt funding proposals. Although the process has also taken longer than the board anticipated at the time of the interims, negotiation of the terms of new funding facilities with a prospective lender are at an advanced stage," said Belluscura.

"The facilities are expected to be a combination of debt and invoice discounting together with credit insurance. The company continues to evaluate whether additional funding, including debt and/or equity, may be required alongside the proposed new funding facility."

However, Belluscura said that excluding funding challenges, it continues to have "a real sense of confidence" that it will build on the "strong revenue growth" achieved so far in FY24 during FY25.

As of 1040 GMT, Belluscura shares were up 4.35% at 12.00p.

Reporting by Iain Gilbert at Sharecast.com