Digital therapeutics company HealthBeacon has reported revenue growth of 84% for the year to the end of December as it said its client base rose to 23 now from 14 in 2020.
The Dublin headquartered firm develops products for managing injectable medications for people in the home.
HealthBeacon said its revenues rose to €2.21m from €1.21m in 2020, while it recorded a loss from operating activities of €7.3m compared to a loss of €3.42m the previous year.
It said that costs relating to its IPO during the year and increase in wages and salaries were contributors to the increase in the operating loss for 2021.
During the year, the company's average headcount increased to 47 employees from 34 as it scales up its operations to meet its expected growth and increased demand.
HealthBeacon said it grew its deployed units by 122% to 10,187 during the year, which it said demonstrated demand across its existing customer base and its ability to acquire new customers.
It also noted that despite operating in a "challenging inflationary environment" with significant pressures on supply chains, it delivered on its supply requirements to met the fulfilment demands from its customers as the company ramped up unit production in 2021.
Jim Joyce, HealthBeacon's chief executive, said the the company's vision is to become the world's leading digital therapeutics platform for injectable medications.
"In 2021 and early 2022 we have generated significant momentum, doubling our business, adding important new clients, and expanding our routes to market and capabilities," Mr Joyce said.
"The build order we placed for 35,000 units of our smart sharps bin also demonstrates strong momentum towards what we anticipate will be a ten-fold increase in the number of patients using our technology by the end of next year," he said.
"The progress we have made to date alongside the listing of the business late last year has set the foundation for us to become leaders in our key markets," he said.
"Recently published peer reviewed evidence demonstrating a 26% improvement in medication adherence further validates our injection care management system as major pharmaceutical companies and health systems continue to adopt our leading technology," the CEO added.
