Corporate News

Full year results to meet or exceed higher end of expectation range

MyHealthChecked Plc (AIM: MHC), the consumer home-testing healthcare company, provides an update on trading for the year ending 31 December 2021, which is expected to exceed the higher end range of current market expectations for EBITDA, and meet the higher end range of current market expectations for turnover.

As announced on 29 September 2021, MyHealthChecked experienced strong trading in Q3 delivering further revenue growth, a move into a positive EBITDA position and quarterly cash generation for the first time.

Despite an anticipated quieter fourth quarter, given that travel volumes are traditionally lower over that period, high levels of demand for the recently reinstated PCR Day-2 test kits and associated laboratory services have resulted in further strong trading in Q4. The Board is now confident that the full year revenues will be around £16m (FY 2020: £49.5k) and deliver an adjusted EBITDA profit of at least £2.1m (FY 2020: £2.7m loss). The business will be cash generative for the year and the Board expects cash balances to be at least £4.6m at the end of the year (31 Dec 2020: £0.47m).

The current expectations, available to the market ahead of this trading update, can be viewed here:

http://www.sealadvisors.com/MHC_Oberon_SEAL_12102021_final.pdf

This new guidance from the Company assumes that there will be no material changes to COVID restrictions imposed by the UK Government over the next two weeks, which might significantly impact the ability for passengers to travel in or out of the UK. The Company will provide a further update on year end trading in mid-January 2022.

Penny McCormick, Chief Executive Officer of MyHealthChecked Plc, said: “The commercial progress that we‘ve made during the last year has been extraordinary and a real credit to the hard work of our growing team. As well as having a significant positive impact on our financial performance in 2021, this has provided us with a strong base from which to develop our extended product pipeline ready for commercialisation next year.

“We have established strong commercial partnerships with both of the UK’s top pharmacy retailers and executed on a business development strategy across direct to consumer, retail and B2B channels. Next year we look forward to launching an initial portfolio of home wellness tests alongside our enhanced digital platform, providing indications around weight management, vitamin deficiency, food intolerances, heart health and blood glucose and expect these tests and accompanying digital outputs to be the first in a new portfolio of long-term growth drivers for our business.”

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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.