08 August 2023
MyHealthChecked PLC (AIM: MHC), the consumer home-testing healthcare company, provides an update on trading for the six months ended 30 June 2023.
Trading in the first half of the year reflected the expected overall reduction in demand for COVID tests, with (unaudited) revenues of £2.5m (H1 2022: £9.8m), driven as expected mainly by sales of COVID-19 lateral flow test kits for at-home use via high street pharmacy retailers in the UK. Whilst there has been a recent marked increase in COVID testing volumes during the second half of July 2023, and reports of the 'Eris' strain alongside discussion of COVID-19 cases potentially rising during Autumn and Winter, it remains the Company's expectation that there will be a reduction in overall demand for COVID tests during 2023 compared to the prior year.
Cash balances as at 30 June 2023 remain healthy at £5.0m (FY 2022: £7.6m) and reflect the Company's continued investment across the business for future growth.
Boots retail launch of extended at-home self-testing product portfolio
As announced in May 2023, the Company has partnered with Boots UK Limited ("Boots"), the health and beauty retailer and pharmacy group, to launch its extended range of at-home self-testing products, via boots.com and across Boots stores in Great Britain and Northern Ireland. This range comprises 14 MyHealthChecked test panels, comprising two blood and urine sample kits, seven blood prick sample kits and five DNA cheek swab kits, plus a further six MyHealthChecked lateral flow tests which are now also available.
The Directors believe that this agreement demonstrates that the Company has firmly established itself as a trusted partner in the wellness industry, with a strong record of reliability and delivery for customers and retail partners.
The launch of the range is still in its infancy and with any brand-new category line, it will take time and support to increase public awareness of the benefits of at-home testing and the ready availability of the products and service. This is a very dynamic market and MyHealthChecked is working closely with the Boots team to support promotional activities, working to align with their strategic goals. As well as supporting planned product promotions undertaken with Boots directly, MyHealthChecked has been targeting a number of marketing channels to assess the most effective means of increasing awareness. These efforts have included paid for social media advertising as well as positive editorial articles in a number of national and independent media publications.
Unaudited half-year results will be published on Tuesday, 19 September 2023.
Penny McCormick, Chief Executive Officer of MyHealthChecked PLC, said: "Despite the inevitable and anticipated fall in demand for COVID-19 testing, MyHealthChecked remains well-positioned to deliver its plan in 2023 given the distribution relationship we have established with Boots and their nationwide launch of our expanded portfolio of at-home wellness tests. It is always challenging to pioneer a major new category of products in the wellness testing market, however our long-term outlook remains positive as we continue to support our retail partner in their commercial strategy to meet customers' needs for at-home testing."
For further information contact:
Penny McCormick, Chief Executive Officer
via Walbrook PR
SPARK Advisory Partners Limited (NOMAD)
Tel: +44 (0)20 3368 3550
Neil Baldwin / Jade Bayat
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 (https://investors.myhealthchecked.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, whilst 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.
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