The AIM-traded firm, which was holding its annual general meeting, highlighted a significant increase in sales and a positive forecast for the rest of 2024.

It said that it achieved record sales in July, generating $0.71m in revenue, surpassing the previous high of $0.52m set in June.

The company expected the strong sales trajectory to continue, driven by growing market acceptance of its X-PLOR device and the anticipated success of the DISCOV-R, which was introduced to the US market via a soft launch in June.

It said the DISCOV-R portable oxygen concentrator, which weighs just over six pounds, offered 50% more oxygen output than the leading competitor and produced more oxygen by weight than any other portable device on the market.

The strong demand for the DISCOV-R was reportedly evident, with all units produced in June and July already sold.

Belluscura said a full commercial launch of the device was scheduled for the middle of the fourth quarter.

Given the promising market response and the upcoming launch of the DISCOV-R, Belluscura updated its trading outlook for the final months of 2024.

The company said it now anticipated full-year revenue for 2024 to be between $8m and $10m - a substantial increase from $0.83m in 2023.

Furthermore, the company expected to achieve positive EBITDA in the first quarter of the 2025 financial year, with an annualised revenue run rate of $14m to $16m by the end of the year.

To support the ongoing expansion and meet the high customer demand for the DISCOV-R, Belluscura said it was evaluating various financing options, including debt and credit facilities.

The company noted that, while increased sales of the X-PLOR units had reduced raw materials inventory, securing additional funding would be crucial to sustaining the growth of the DISCOV-R.

At 1216 BST, shares in Belluscura were up 43.86% at 15.82p.

Reporting by Josh White for Sharecast.com.