Corporate News

MyHealthChecked PLC, the consumer home-testing healthcare company, announces its unaudited half-year report for the six months ended 30 June 2024.

Financial highlights

• Revenue of £0.9m (H1 2023: £2.5m; FY 2023: £11.0m)
• Adjusted EBITDA loss £1,199,000 (H1 2023: £296,000; FY 2023: £15,000 profit)
• Cash balances of £6.05m (H1 2023: £5.02m; FY 2023: £7.75m) available to self-fund next growth phase
• Contingent VAT reclaim gain (net of associated costs) of c. £1.67m

Commercial and operational highlights

• Over 55,000 Wellness test sold to consumers YTD
• Confirmed orders received to date for the delivery of over 3m COVID tests during H2
• Wellness launch in online retailer Pharmacy2U
• Agreement to distribute PocDoc Healthy Heart Check to key retail customer 
• ISO 13485 and ISO 27001 certifications achieved
• Investment in IT infrastructure to support customer journey of extensive range of blood and urine tests
• Cyber Essentials Plus renewed for digital security

Penny McCormick, Chief Executive Officer of MyHealthChecked PLC, said: “We have been pleased with the performance of Wellness sales in H1 and are working closely with Boots, our primary retailer, to build out awareness-building promotional activities.

“COVID business continues to be seasonal, and the significant summer demand made good use of any surplus stock procured from MHC in 2023, and we enter the winter 2024 period with a confirmed order book delivering solid revenue in H2.

“Whilst we’ve focused on driving sales in the new Wellness category and securing ongoing COVID revenue, we’ve been committed in 2024 to self-funding compliance and IT infrastructure investments which will underpin our growth plan. We have in place exceptionally robust product development processes in line with ISO 13485, and an IT infrastructure that enables us to explore next-level strategic developments with retail.

“Post-period, we have expanded our range with PocDoc, a new heart check panel that connects with the NHS and is complementary to our existing portfolio. As this dynamic new category continues to evolve we will evaluate our portfolio on an ongoing basis and add in new technology where we can improve healthcare outcomes for customers at retail.

“We have also appointed Proactive Consultancy Group (“Proactive”), an award-winning medical industry VAT specialist, to review our VAT returns in relation to our B2C COVID testing. Proactive has been successful in recovering VAT for several COVID testing providers by demonstrating to HMRC that certain sales should have been VAT-exempt.”

Investor presentation

A video presentation on the interim results and business outlook, delivered by the CEO, will be available to view on the Company’s website later today: https://investors.myhealthchecked.com/investors/presentations

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 are made available through MHC online and through retail partners in-store and online.

The MyHealthChecked portfolio has been identified as part of a change in mindset as customers become more familiar with the concept of accessible healthcare and proactive wellness in the growing at home testing kit market, with a focus on accessibility at the right price, led by UK-based experts.