24 January 2022
Full year results set to exceed already upgraded expectations
Pipeline of at home wellness tests set to launch in H1 2022
MyHealthChecked Plc (AIM: MHC), the consumer home-testing healthcare company, provides an update on trading for the year ended 31 December 2021 and outlook for H1 2022. The financial information is based on unaudited management accounts.
Further to the announcement on 13 December 2021, MyHealthChecked can confirm that it continued to experience strong trading throughout Q4 due to the increased demand for reinstated Day-2 PCR test kits as well as the launch of its rapid antigen test and verification service for inbound and outbound travellers. Further to this, the Board is now confident that the full year trading performance will be higher than previous guidance with revenues expected of around £16.3m (FY 2020: £49.5k), with an adjusted EBITDA profit of at least £2.5m (FY 2020: £2.7m loss). The business will be cash generative for the year and the Board expects cash balances to be at least £6.3m at the end of the year (31 Dec 2020: £0.47m), reflecting good working capital management and stronger than expected cash conversion in the final quarter.
The previous market expectations, available to the market ahead of the 13 December 2021 update, can be viewed here: http://www.sealadvisors.com/MHC_Oberon_SEAL_12102021_final.pdf
The Company has worked hard in 2021 to address the opportunities that COVID has presented and has had to be extremely responsive in an unpredictable testing market, which has required an adaptable approach from the team across a number of commercial channels.
MyHealthChecked continues to build its relationships with major UK pharmacy retail names having quickly established a strong reputation for reliability as a commercial partner. Shortly, AAH Pharmaceuticals Limited ("Lloyds Pharmacy") is launching MyHealthChecked's rapid antigen test and verification service, accompanying the portfolio of PCR kits that the pharmacy began selling online in August.
The introduction of the verification service provided with MyHealthChecked's rapid antigen testing service has created an increased demand on the Company's operational resources but also provided opportunity for expansion. To support this, MyHealthChecked is actively recruiting for key operational, technical and digital roles as well and growing the Company's commercial team as it commercialises its at-home wellness testing products in 2022.
MyHealthChecked is firmly focused on re-investing earnings generated in 2021 into its new product pipeline of at-home wellness tests. The Company is working on a pipeline of products and is on track to launch five new at-home wellness tests in H1 2022, focussing on the areas of weight management, vitamin deficiency, food intolerances, heart health and blood glucose, whilst continuing to provide COVID testing services to its key partners.
Penny McCormick, Chief Executive Officer of MyHealthChecked Plc, said: "I am extremely proud of the hard work and adaptability of the MyHealthChecked team in 2021, which has enabled us to succeed in a highly competitive retail market and deliver to the pharmacy leaders. We believe that the strong commercial relationships that have been established in 2021 and include both of the UK's top pharmacy retailers will provide a solid foundation as we look to commercialise a wider range of tests in H1 2022.
"We have worked to harness the opportunity that the COVID testing market has provided for us and the earnings generated have created significant growth in the business which we will continue to build upon in 2022. While there is still market uncertainty about the future of COVID testing, we are set to reinvest our earnings into the delivery of our growing product pipeline in 2022, and I look forward to providing future updates to investors."
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.