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  • Mark Watson-Mitchell

Belluscura- We are well placed to capture our opportunity in the Portable Oxygen Concentrator Market

Did you know that there are over 250m across the globe suffering from COPD?


Some 90% of those chronic pulmonary obstructive disease sufferers are believed to have been smokers and have developed this condition from having been exposed to lung irritants over a period of time.


The condition is not curable but, depending upon the seriousness, various treatments can slow it down.


World’s first


Bellascura (LON:BELL) has developed a medical device, that is both light in weight and highly adaptable as the condition progresses.


Believed to be the world’s first modular portable oxygen concentrator, it can deliver up to 95% pure oxygen to patients 24 hours a day, 7 days a week to help improve the quality of life for people who suffer from chronic lung diseases.


Massive sales potential


It is now down to the number of these X-PLOR units that can be manufactured and sold across the world.


The company is still at a very early stage in its growth but when the numbers start rising, its profits will be exponential.


Analyst’s opinion


Analyst Paul Richards and Brendan D’Souza at Dowgate Capital, the £86m capitalised group’s broker, are very bullish about the company’s prospects.


They see 2,000 units being sold this year (377) then 18,000 next year, and 38,000 in 2024, leading up to 70,000 units in 2025 – the market is absolutely massive and is clearly needing such a device.


In revenue terms the analysts expect revenues of $2.7m this year ($0.4m), then $27.8m next year, $71.2m in 2024 and $140.0m in 2025.


By 2024 the small operating losses are destined to have been turned into meaningful profits of $13.6m, then up to the $42.5m the brokers forecast for 2025.


The latest interim report to end June, out this morning, showed that the company has made significant progress with its best-in-class product launches.


It has also secured the manufacturing capacity and supply chain to cope with potential sales while also reducing its production costs, together with expanding the product’s markets.


At the half-year end in June the company had net cash of $11.3m.


The company’s shares are trading at around the 71p level, while its brokers have a Target Price out on them of 200p each, making them an appealing purchase.


These figures and the potential of the company is also very good news for Tekcapital (LON:TEK), which owns about 14% of its equity and whose shares are looking very cheap at just 24p, against a recent 66p per share valuation.

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