11 January 2024
Strong cash position of £7.75m
Traded profitably in H2 driven by COVID volume sales
MyHealthChecked PLC (AIM: MHC), the consumer home-testing healthcare company, provides an update on trading for the year ended 31 December 2023. The financial information is based on unaudited management accounts.
The Board is pleased to announce that MyHealthChecked has traded profitably during the second half of the year, whilst continuing to invest in the development of the new product range. The Board is expecting EBITDA for the full year to be around breakeven after adjusting for exceptional, non-recurring costs of c£0.1m (H1: £0.3m loss; FY 2022: £2.3m profit). Revenue for the full year amounted to approximately £11m (H1: £2.5m, 2022 FY: £22.3m) due to the increased seasonal demand for COVID lateral flow tests ("LFTs") during H2 which continue to account for the majority of revenue. As the working capital requirement has been carefully managed cash at the year-end has also increased to £7.75m (H1: £5.0m, FY 2022: £7.61m).
In May 2023 the Company announced the launch of its line of at-home wellness tests via boots.com and across Boots stores in Great Britain and Northern Ireland. There has been traction with the portfolio of tests which is encouraging at this early stage, and MyHealthChecked continues to improve its recommendation engine and digital platform, which is used to communicate with its at-home wellness test customers. The Company's strong cash position will enable it to deliver further developments and improvements from its own cash funds.
Penny McCormick, Chief Executive Officer of MyHealthChecked PLC, said: "The MyHealthChecked team worked incredibly hard to deliver our at-home wellness test portfolio in May last year. We invested significantly in digital resource during the year to ensure the critical launch timelines were met in launching this new category and enter 2024 with a streamlined development runway which will be delivered in accordance with the standards of ISO 27001, the international standard for information security.
Our performance in delivering COVID tests in 2023 has been strong. Whilst revenue has, as expected, reduced compared to the prior year, the seasonality of respiratory infections drove an uplift in demand during the second half, and we expect that COVID testing will remain an ongoing annual requirement for customers. Our aim for 2024 is to deliver positively on the investments that have been made so far, while we continue to develop and improve our digital platform. I am incredibly pleased with the progress that has been made to date."
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]
Mob: +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, 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 have been made available online and 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.