03 April 2023
Year Ended 31 December 2022
To view a full version of the results in
MyHealthChecked PLC (AIM: MHC), the consumer home-testing healthcare company, announces its preliminary results for the year ended 31 December 2022, a successful year with strong revenue growth and profitability achieved for the second consecutive year, driven by significant demand from the top high street pharmacy retailers for COVID Lateral Flow Tests (“LFTs”).
MyHealthChecked remains focused on delivering high-quality wellness testing solutions and guidance to meet the evolving needs of our customers and help them navigate this new and exciting space.
- Revenue up 36% to £22.3m (2021: £16.4m)
- Gross Profit of £4.6m (2021: £5.1m)
- Adjusted EBITDA of £2.3m (2021: £2.7m) - reflecting the change in product mix away from higher margin PCR testing to the distribution of LFTs
- Net cash generated from operating activities of £1.6m (2021: £3.0m)
- Cash balance at year end of £7.6m (2021: £6.4m) - whilst continuing to invest across the business for future growth
- Strong cash position to ensure next growth phases remain self-funded
Commercial and operational highlights
- Actively developing B2B2C customer relationships in preparation to launch an expanded portfolio of at-home wellness tests nationwide in 2023
- Soft launch of initial DNA at-home wellness portfolio in July 2022
- Reinvestment of earnings into developing new products for pipeline of at-home wellness tests and building scalable, digital healthcare-centric technology
- Capabilities strengthened by establishing key relationships with high-quality laboratory and kit-build partners
- Working towards ISO 27001 and migration of digital Quality Management System (‘QMS’) to support key compliance activity including transition to the requirements of the In Vitro Diagnostics Regulation (“IVDR”)
The full Group Annual Report and Financial Statements will be posted to shareholders today, together with the notice of the AGM, and will also be available shortly at www.investors.myhealthcheckedplc.com.
Penny McCormick, Chief Executive Officer of MyHealthChecked PLC, said: “MHC has not only established itself as a player in the wellness industry but has also achieved excellent financial results in the last two years. Our commitment to innovation, customer satisfaction, and financial stability and management has set us on a path to delivering our goal of sustained liquidity. As we enter an investment phase, we are confident in our ability to execute our plans and scale our operations to meet the demand of our growing customer base. With a robust balance sheet and a team of highly skilled professionals, we are well-positioned to deliver a solid business in 2023 and beyond. The upcoming launch of new tests and further development of our digital platform presents a strong opportunity to create value for our shareholders and solidify our position as a leading wellness company.”
Penny McCormick, Chief Executive Officer and Nicholas Edwards, Chief Financial Officer, will provide a live presentation relating to the preliminary results via the Investor Meet Company platform today (Monday 3 April 2023) at 4:30pm BST. The presentation is open to all existing and potential shareholders.
Investors can sign up to Investor Meet Company for free and register for the presentation via the link below:
|Penny McCormick, Chief Executive Officer||via Walbrook PR|
|Nicholas Edwards, Chief Financial Officer|
|SPARK Advisory Partners Limited (NOMAD)||Tel: +44 (0)20 3368 3550|
|Dowgate Capital Limited (Broker)||Tel: +44 (0)20 3903 7715|
|David Poutney / Nicholas Chambers|
|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 rapid tests, as well as DNA, RNA and blood sample collection kits which have been created to support customers on their journeys to wellness. The tests are lateral-flow self-tests, and the sample collection kits enable the collection of blood, urine, nasal or mouth swab samples that are analysed in partner laboratories for a range of biomarkers. The tests will also be made available online and will 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.