REG - MyHealthChecked PLC - Trading Update

MyhealthcheckedAnnouncement

24/01/2022 07:05

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RNS Number : 2997Z  MyHealthChecked PLC  24 January 2022

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

MyHealthChecked plc

("MyHealthChecked" or "the Company")

 

Trading update

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
(https://www.londonstockexchange.com/news-article/MHC/trading-update/15247093)
, 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
(https://urldefense.proofpoint.com/v2/url?u=https-3A__gbr01.safelinks.protection.outlook.com_-3Furl-3Dhttps-253A-252F-252Fprotect-2Deu.mimecast.com-252Fs-252FvWa3CkwkQur8PS2or0a-253Fdomain-253Dsealadvisors.com-26data-3D04-257C01-257C-257C5d228ac9325241b6751708d9bcb169b2-257C59f05fa3b0344b7b9127c7bde0e8472e-257C0-257C0-257C637748293335984040-257CUnknown-257CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0-253D-257C3000-26sdata-3DeebWJTFJ3C5eoQtfno-252B4tJ8c4HH6zEwJvScBh1E3qSc-253D-26reserved-3D0&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=fSst1AtlXyuqcs3cHJXcCRilbI1Qm1WfjNYkVgQfiLE&m=bZH0KuVywkyYGAurOXL3f6fu00EtR09iI1HSQp9Wq-c&s=0Wq-N5tiSG4WZOPIsEg7poJFXFdqay4UuLsgFthUQKA&e=)

 

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:

 

 MyHealthChecked plc                                                www.myhealthchecked.com (http://www.myhealthchecked.com)
 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
 Neil Baldwin

 Oberon Capital Ltd (Broker)                                        Tel: +44 (0)203 179 5344
 Mike Seabrook                                                      mikeseabrook@oberoninvestments.com (mailto:mikeseabrook@oberoninvestments.com)

 Walbrook PR Ltd (Media & IR)      Tel: +44 (0)20 7933 8780 or myhealthcheckedplc@walbrookpr.com
                                   (mailto:myhealthcheckedplc@walbrookpr.com)
 Paul McManus / Alice Woodings                                      Mob: +44(0)7980 541 893 / +44 (0)7407 804 654

 

 

About MyHealthChecked PLC (www.myhealthcheckedplc.com
(http://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.

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