(Reuters) – Medical device maker Belluscura on Wednesday said that its products sold in the United States could face levies of up to 20% and that the company was evaluating options to cut down on tariff and production costs in the long term.
Belluscura, which focuses on developing portable oxygen technology and is headquartered in the U.S., also announced that its finance chief, Simon Neicheril, had resigned, with Chairman Paul Tuson set to take on responsibility for finance.
An uncertain economic outlook, made worse by turmoil due to proposed U.S. tariffs, has muted growth prospects for companies globally as they adapt to changing policies and sentiment.
The company last week had withdrawn its outlook for 2025, after warning that a “significant proportion” of the raw materials and parts used in portable oxygen concentrators and other devices are currently made in China, which has been singled out by the U.S. in its trade war.
However, London-listed Belluscura on Wednesday said that its prospects for the second quarter were “encouraging” and that it was considering steps such as manufacturing and sourcing components from other regions to mitigate costs.
The company’s shares have fallen nearly 50% since the warning on April 8, taking the stock’s losses for the year to over 90%.
(Reporting by Pushkala Aripaka in Bengaluru; Editing by Savio D’Souza and Mrigank Dhaniwala)
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