Using best is class healthcare technology can literally mean the difference between life and death for many patients.

A case in point is the rapidly expanding, $1.4bn portable oxygen concentrator (POC) market, devices which also offer considerable quality of care, treatment, out-of-hospital and mobility benefits.

Here industry disruptor Belluscura  (BELL Follow | BELL ) is setting the pace. Since launching only 9 months ago, its next generation POCs - which help patients with severe respiratory conditions such as COPD, pneumonia, long Covid – have enjoyed considerable interest. In fact, demand has been so strong that house broker Dowgate has already upgraded its forecasts on several occasions.

Additionally, Belluscura announced today that it’s flagship X-PLOR machine has been further improved, with the latest version the first in the industry to add mobile app functionality that adds Bluetooth to connect with smartphones, tablets, pulse oximeters and wearables.

This means that patients can now track their own oxygen usage, breathing rates, blood oxygen saturation levels, heart rate, sleep and other important biometric and environmental data. Patients will also have the option to share the information with their healthcare providers & doctors, to further personalise treatment regimes in order to meet their specific needs.

Ultimately, by aggregating the data across potentially 10ks of patients across the world, there will be significant analytics and artifical intelligence (AI) opportunities too, which will help X-PLOR stays further ahead of the pack as it builds scale. 

CEO Bob Rauker commented: “I am very excited about the launch of the next generation X-PLOR with the Nomad Health App. Our goal is to not only provide cutting edge medical devices, but to also improve patient outcomes with every new product we launch. We believe putting more health & environmental information in the hands of our patients will result in greatly improved long-term patient outcomes.”

In terms of the numbers, house broker Dowgate is forecasting tha Belluscura will be profit neutral in H223, cashflow positive by 2024 and deliver normalised EPS of 28.5c on revenues of $140.6m in 2025.

I would value the company on a 2025 12x-15x EV/EBIT multiple, which - discounting back at 12% and adjusting for $9.3m of estimated Dec'22 net cash - would give a theoretical valuation of 200p-240p per fully diluted share. In comparison Dowgate have a 200p target price.

And with many of Belluscura's's larger rivals either selling inferior products or still struggling with supply chain issues, there’s an immediate near-term opportunity to win even greater market share. Follow | BELL

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