MyHealthChecked PLC Trading Update (2993O)
31 Enero 2023 - 1:00AM
UK Regulatory
TIDMMHC
RNS Number : 2993O
MyHealthChecked PLC
31 January 2023
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MyHealthChecked PLC
( " MyHealthChecked " or the "Company " )
Trading Update
MyHealthChecked PLC (AIM: MHC), the consumer home-testing
healthcare company, provides an update on trading for the year
ended 31 December 2022. The financial information is based on
unaudited management accounts.
It has been another strong year for MyHealthChecked and, for the
second year in a row, the Company has exceeded management
expectations financially and continues to demonstrate a track
record of reliability and delivery for customers and partners.
MyHealthChecked will record revenues for the year of
approximately GBP22m, up 34% on FY21 (GBP16.4m), despite the
unpredictability of the COVID testing market throughout 2022. This
better-than-expected performance was driven by the demand for COVID
Lateral Flow tests ("LFTs") into the Company's pharmacy retail
partners, supported by exemplary supply chain management and
excellent service delivery. As a result, MyHealthChecked shipped
over 17 million tests to customers in 2022. The Company expects to
announce a cash balance at year end of GBP7.6m (31 December 2021:
GBP6.4m), providing substantial working capital to drive the
business forward in 2023, and expects EBITDA for 2022 to be in
excess of GBP2.0m (FY21: GBP2.7m). As previously reported, gross
margins have reduced reflecting the change in product mix from
higher margin COVID PCR testing to LFTs during the year under
review.
COVID testing remains the largest revenue stream for
MyHealthChecked, and demand is expected to continue during 2023 as
consumers continue to prioritise their health, and COVID remains
active in our environments. MyHealthChecked has continued to
generate material revenues from COVID testing having extended the
range beyond PCR kits and testing, and earlier this year the
Company received a 99.9% supplier rating from a leading retailer
which reinforces MyHealthChecked's capabilities as a strong service
provider in the COVID testing market.
The Company has continued to develop its growing portfolio of
at-home wellness tests and digital platform whilst growing the
MyHealthChecked team, which has been supported by its strong cash
position and excellent team performance. The new product
development timeline for an extended portfolio of wellness tests is
on track and the Company is in the process of finalising launch
plans in collaboration with partners for its extended at-home
wellness test portfolio, which will be announced shortly.
Penny McCormick, Chief Executive Officer of MyHealthChecked Plc,
said: "We have continued to exceed expectations and our excellent
supply chain management and customer service delivery has
contributed to our strong performance throughout 2022. I am very
pleased with the progress being made and look forward to further
successes in 2023 as we enter the year in a stable and well-funded
position.
"COVID has been the catalyst for consumers taking their own
health into their hands and acted as a pilot for testing outside of
a medical setting. We are in advanced planning stages to launch our
extended portfolio of at-home wellness tests nationally, and,
crucially, our cash position allows us to achieve all current plans
for the business without the need for additional working
capital."
For further information contact:
MyHealthChecked PLC www.myhealthchecked.com
Penny McCormick, Chief Executive via Walbrook PR
Officer
SPARK Advisory Partners Limited Tel: +44 (0)20 3368 3550
(NOMAD)
Neil Baldwin
Dowgate Capital Limited (Broker) Tel: +44 (0)20 3903 7715
David Poutney / Nicholas Chambers
Walbrook PR Ltd (Media Tel: +44 (0)20 7933 8780 or myhealthcheckedplc@walbrookpr.com
& IR)
Paul McManus / Alice Woodings Mob: +44 (0)7980 541 893 / +44
(0)7407 804 654
About MyHealthChecked PLC ( www.myhealthcheckedplc.com )
MyHealthChecked PLC, based in Cardiff, is an AIM-quoted
pioneering UK healthcare company focused on a range of at-home
healthcare and wellness tests.
MyHealthChecked is the umbrella brand of a range of at-home DNA
and RNA tests that have been developed following the acquisition of
The Genome Store in November 2020. The tests are available online,
and in some cases, for over-the-counter purchase.
The MyHealthChecked portfolio has been identified as part of a
change in mindset as customers become more familiar with the
concept of accessible healthcare in the growing at home testing kit
market with a focus on accessibility at the right price, led by
UK-based experts.
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