Hamilton Beach Brands, the US home appliances group that sells everything from coffee makers to air fryers, has seen its shares slump almost 17 per cent over the last six months as Trump tariffs on products made in countries such as China and Mexico weighed on demand from consumers in its home market.
Revenues in the second quarter of the year fell by 18 per cent alone, according to its recently-reported interim results.
But there has been one unlikely bright spot – HealthBeacon, the Irish medical technology company it acquired from examinership early last year for €6.9 million. HealthBeacon’s flagship product is a smart sharps bin – about the size of a standard toaster – and an app that helps patients stick to injection schedules at home.
HealthBeacon, the last business to float on the Irish stock market (in late 2021), may have had a regrettable time as a public-limited company, as it suffered from a series of missed targets, including device sales, revenues and earnings.
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While HealthBeacon had been making progress as a plc with the roll-out of its technology across key distribution channels, including through US speciality pharmacy groups, it was running out of investor patience – and cash – by late 2023, resulting in the examinership.
Hamilton Beach pitched the highest rescue offer among three shortlisted bidders for the business. It already had a fledgling partnership with the Irish company, stemming from 2021, to sell the smart sharps bins directly to consumers.
HealthBeacon recorded sales of less than €900,000 in the first half of both 2022 and 2023, when it was a listed company. It posted operating losses throughout that period.
However, the result figures from Hamilton Beach show that the Irish unit’s revenues more than doubled in the first half of this year to $3.2 million (€2.74 million), as it expanded its customer base among speciality pharma companies. Its operating loss narrowed to $1.4 million from $2.6 million for the same period last year.
The US company said HealthBeacon is on track to increase its patient subscription base by 50 per cent in 2025 – and finally reaching profitability for the first time by the end of the year. Some turnaround.
