07 July 2021
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.
- H1 Revenues dramatically increased to £3.27m (H1 2020: £12,700) driven by COVID-19 testing services
- Cash balances of £2.21m despite investment in staffing and inventory (H1 2020: £1.35m)
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 £3.27m (H1 2020: £12,700), with just over £3m 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 £2.21m, 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: £1.35m).
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:
Penny McCormick, Chief Executive Officer
via Walbrook PR
Gareth Davies, Chief Financial and Operations Officer
SPARK Advisory Partners Limited (NOMAD)
Tel: +44 (0)20 3368 3550
Oberon Capital Ltd (Broker)
Tel: +44 (0)203 179 5344
Walbrook PR Ltd (Media & IR)
Tel: +44 (0)20 7933 8780 or [email protected]
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.