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RNS Number : 3729E
MyHealthChecked PLC
07 July 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
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 six
months to 30 June 2021 a period of transformation, investment for
growth and increasing commercial traction. The financial
information is based on unaudited management accounts.
Key highlights
-- H1 Revenues dramatically increased to GBP3.27m (H1 2020:
GBP12,700) driven by COVID-19 testing services
-- Cash balances of GBP2.21m despite investment in staffing and inventory (H1 2020: GBP1.35m)
One of the key features of the period was the successful
acquisition and integration of The Genome Store at the end of 2020.
The subsequent launch of the MyHealthChecked brand, and the launch
of the ecommerce website and service, delivers on the key strategic
aim of growing the Company's product portfolio into other areas of
personalised health and wellness. Whilst the Company's new genomic
testing service has been successfully deployed to offer a COVID-19
testing service, it provides the foundation to create a wider
portfolio of easy to use DNA tests over the longer-term.
The COVID-19 testing service has been the main commercial driver
of performance in the first half. MyHealthChecked's services have
been included as one of the suppliers on the Government list with
"Fit to Fly", "Test to Release" and "Days 2 and 8" testing, and the
Company has established a key commercial partnership with Boots UK
Limited ("Boots") . The MyHealthChecked COVID-19 at-home nasal swab
kit and PCR laboratory testing service launched in April via
www.boots.com and across over 500 Boots stores in Great Britain.
MyHealthChecked subsequently signed a second agreement with Boots
to provide COVID-19 test kits and laboratory testing services for
day two and day eight coronavirus testing for international
arrivals, which launched mid-May.
As a result, there has been a significant uplift in sales for
the period, particularly driven by higher COVID-19 testing revenues
during May and June. Revenues for the six months to 30 June 2021
were GBP3.27m (H1 2020: GBP12,700), with just over GBP3m of these
sales booked in the final two months of the period. Whilst customer
discussions are ongoing and there is still no certainty over
ongoing volumes of sales, it is likely that these increased revenue
levels will continue into the summer and will have a positive
impact on the results for the financial year ending 31 December
2021.
Cash balances at 30 June 2021 were GBP2.21m, reflecting
investment in personnel and marketing in readiness for commercial
growth, and higher than normal inventory costs during the period as
stock is built up in anticipation of continued strong sales in H2
when the company expects to be cash generative (H1 2020:
GBP1.35m).
The Company remains very optimistic about the business prospects
for the full year. Post period end MyHealthChecked acquired Nell
Health Ltd, a technology-led provider of genetic testing and
personalised nutrition consultancy services. Nell Health's
innovative technology platform offers personalised accessible and
actionable outcomes to improve health and wellness based on
information gathered from a Nell Health DNA test. Beyond this the
acquisition also gives MyHealthChecked a fully-owned technology
platform that will enable the Company to retain full ownership and
IP for all of their future digital technology
Penny McCormick, Chief Executive Officer of MyHealthChecked Plc,
said:
"The first half of 2021 has seen a transformation of our
business ready to capitalise on the commercial opportunities before
us. As I explained in our recent Full Year results, we are now a
business with a highly credible, compliant and successful pharmacy
customer, a high street presence, a proven service, and with an
operational and commercial set-up which is now delivering growth in
a regulated product, poised for the needs of the market as we enter
a new period of social freedoms in 2021.
"Whilst this is an exciting opportunity, we are mindful to
ensure a strong pipeline of genetic tests outside of COVID-19 to
secure the firm foundations of a business backed by robust science
and innovative technology that can deliver long-term sustainable
revenue growth."
The persons responsible for arranging the release of this
Announcement on behalf of the Company are Penny McCormick, CEO, and
Gareth Davies, Chief Financial and Operations Officer
respectively.
For further information contact:
MyHealthChecked plc www.myhealthchecked.com
P enny McCormick , Chief Executive via Walbrook PR
Officer
Gareth Davies, Chief Financial and
Operations Officer
SPARK Advisory Partners Limited (NOMAD) Tel: +44 (0)20 3368 3550
Neil Baldwin
Oberon Capital Ltd (Broker) Tel: +44 (0)203 179 5344
Mike Seabrook mikeseabrook@oberoninvestments.com
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, now in development following the acquisition of The
Genome Store in November 2020. The tests will be made available
online, and would be viable 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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END
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