20 July 2022
Stronger than expected H1 revenues reinvested to drive future growth
At-home wellness tests to be launched on Amazon
MyHealthChecked Plc (AIM: MHC), the consumer home-testing healthcare company, provides an update on trading for the six months ended 30 June 2022, which has been stronger than expected and ahead of management budgets. The financial information is based on unaudited management accounts.
Further to the AGM Statement announced on 30 June 2022, MyHealthChecked can confirm that trading in the first half of the year has been stronger than expected and ahead of budget. The robust performance has been driven by the significant growth in consumer demand for the higher volume, but lower margin, COVID-19 lateral flow test kits for at-home use via the UK’s top two high street pharmacy retailers.
As a result, revenues for the six months ended 30 June 2022 are expected to be approximately £9.8m (H1 2021: £3.3m; FY 2021: £16.4m) and the Company is expected to record a positive EBITDA position for H1 (H1 2021: £0.2m loss; FY 2021: £2.7m). Cash balances as at 30 June 2022 have also increased to approximately £7m (H1 2021: £2.2m; FY 2021: £6.4m) whilst the Company has continued to invest across the business for future growth.
Investing for future growth
During 2022 the Company has continued to invest in its digital platform and wider portfolio of wellness testing products, and further new products are expected to be launched in the first half of 2023.
MyHealthChecked will also increase investment in digital marketing activities in the second half, raising awareness and reinforcing the message that the Company is now a well-recognised and trusted brand, whilst also ensuring marketing campaigns are distinctive and recognisable.
As a consumer business, user experience and data protection are key to success, and funds continue to be invested in further improving MyHealthChecked’s digital platform, compliance, and delivery. At the same time, to ensure familiarity and understanding of its customer base and changing consumer behaviours and priorities, the Company is investing in consumer insight data to ensure commercial decisions are made on the most current, relevant market information available. In H2 the Company will also expand its team of Medical and Scientific Advisors to provide the right level of expertise to guide its wider portfolio of wellness tests, and to ensure it continues to provide customers with highly accurate guidance and meaningful information.
DNA wellness testing portfolio
During June 2022 MyHealthChecked launched five new at-home cheek swab tests for Intolerances & Sensitivities, Weight Management, Heart Profile, Vitamins & Minerals and Glucose Management. They are priced at £54 each and are available on the Company’s website: https://myhealthchecked.com. The Company also expects to be able to announce the availability of the new DNA testing range on Amazon later this month. Discussions continue with key retail partners as they evaluate consumer interest in a new potential growth market, a sector that has evolved as a result of widespread consumer familiarity with easy-to-use home-testing during the pandemic.
Full year outlook
Although the recent increase in COVID-19 infection rates has led to a significant increase in demand for COVID-19 lateral flow test kits in recent weeks, this is an unpredictable and volatile market which makes it difficult to predict with any degree of certainty how long this increased demand will last. However, given the level of sales achieved to date and our current order book, your Board is confident that revenues for the full year will exceed those achieved during the year ended 31 December 2021.
Unaudited half-year results will be published in September and a Notice of Results will be notified when a date is confirmed.
Penny McCormick, Chief Executive Officer of MyHealthChecked Plc, said: “We are extremely pleased with the continued COVID-related revenues that have been achieved in H1 alongside the launch of our suite of at-home wellness tests. The global economy is seeing recovery from COVID, however trends indicate that priorities remain with COVID testing. Whilst we will continue to monitor this and provide our services directly and through the UK’s top high street pharmacy retailers, our focus now shifts to our wellness tests that we will be launching with Amazon shortly.
“The MyHealthChecked team has proved to be flexible and adaptable to our changing circumstances and the COVID testing business has provided great insight into consumer home testing trends that we believe are here to stay. As our focus shifts to the wellness testing market, I am very pleased with the feedback around our recently launched tests and look forward to providing investors with an update on our new products later in the year.”
For further information contact:
|Penny McCormick, Chief Executive Officer||via Walbrook PR|
|SPARK Advisory Partners Limited (NOMAD)||Tel: +44 (0)20 3368 3550|
|Oberon Capital Ltd (Broker)||Tel: +44 (0)203 179 5344|
|Mike Seabrook||[email protected]|
|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 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.