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MHC Myhealthchecked News Story

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REG - MyHealthChecked PLC - Trading update

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RNS Number : 0304T  MyHealthChecked PLC  20 July 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

Stronger than expected H1 revenues reinvested to drive future growth

At-home wellness tests to be launched on Amazon

 

MyHealthChecked Plc (AIM: MHC), the consumer home-testing healthcare company,
provides an update on trading for the six months ended 30 June 2022, which has
been stronger than expected and ahead of management budgets. The financial
information is based on unaudited management accounts.

 

H1 Trading

Further to the AGM Statement announced on 30 June 2022
(https://investors.myhealthchecked.com/corporate-news/archive/2022/300622) ,
MyHealthChecked can confirm that trading in the first half of the year has
been stronger than expected and ahead of budget. The robust performance has
been driven by the significant growth in consumer demand for the higher
volume, but lower margin, COVID-19 lateral flow test kits for at-home use via
the UK's top two high street pharmacy retailers.

 

As a result, revenues for the six months ended 30 June 2022 are expected to be
approximately £9.8m (H1 2021: £3.3m; FY 2021: £16.4m) and the Company is
expected to record a positive EBITDA position for H1 (H1 2021: £0.2m loss; FY
2021: £2.7m). Cash balances as at 30 June 2022 have also increased to
approximately £7m (H1 2021: £2.2m; FY 2021: £6.4m) whilst the Company has
continued to invest across the business for future growth.

 

Investing for future growth

During 2022 the Company has continued to invest in its digital platform and
wider portfolio of wellness testing products, and further new products are
expected to be launched in the first half of 2023.

 

MyHealthChecked will also increase investment in digital marketing activities
in the second half, raising awareness and reinforcing the message that the
Company is now a well-recognised and trusted brand, whilst also ensuring
marketing campaigns are distinctive and recognisable.

 

As a consumer business, user experience and data protection are key to
success, and funds continue to be invested in further improving
MyHealthChecked's digital platform, compliance, and delivery. At the same
time, to ensure familiarity and understanding of its customer base and
changing consumer behaviours and priorities, the Company is investing in
consumer insight data to ensure commercial decisions are made on the most
current, relevant market information available. In H2 the Company will also
expand its team of Medical and Scientific Advisors to provide the right level
of expertise to guide its wider portfolio of wellness tests, and to ensure it
continues to provide customers with highly accurate guidance and meaningful
information.

 

DNA wellness testing portfolio

During June 2022 MyHealthChecked launched five new at-home cheek swab tests
for Intolerances & Sensitivities, Weight Management, Heart Profile,
Vitamins & Minerals and Glucose Management. They are priced at £54 each
and are available on the Company's website: https://myhealthchecked.com
(https://myhealthchecked.com/) . The Company also expects to be able to
announce the availability of the new DNA testing range on Amazon later this
month. Discussions continue with key retail partners as they evaluate consumer
interest in a new potential growth market, a sector that has evolved as a
result of widespread consumer familiarity with easy-to-use home-testing during
the pandemic.

 

Full year outlook

Although the recent increase in COVID-19 infection rates has led to a
significant increase in demand for COVID-19 lateral flow test kits in recent
weeks, this is an unpredictable and volatile market which makes it difficult
to predict with any degree of certainty how long this increased demand will
last. However, given the level of sales achieved to date and our current
order book, your Board is confident that revenues for the full year will
exceed those achieved during the year ended 31 December 2021.

 

Unaudited half-year results will be published in September and a Notice of
Results will be notified when a date is confirmed.

 

Penny McCormick, Chief Executive Officer of MyHealthChecked Plc, said: "We
are extremely pleased with the continued COVID-related revenues that have been
achieved in H1 alongside the launch of our suite of at-home wellness tests.
The global economy is seeing recovery from COVID, however trends indicate that
priorities remain with COVID testing. Whilst we will continue to monitor this
and provide our services directly and through the UK's top high street
pharmacy retailers, our focus now shifts to our wellness tests that we will be
launching with Amazon shortly.

 

"The MyHealthChecked team has proved to be flexible and adaptable to our
changing circumstances and the COVID testing business has provided great
insight into consumer home testing trends that we believe are here to stay. As
our focus shifts to the wellness testing market, I am very pleased with the
feedback around our recently launched tests and look forward to providing
investors with an update on our new products later in the year."

 

For further information contact:

 

 MyHealthChecked plc                                                www.myhealthchecked.com (http://www.myhealthchecked.com)
 Penny McCormick, Chief Executive Officer                           via Walbrook PR

 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
that have been developed following the acquisition of The Genome Store in
November 2020. The tests are available online, and in some cases, 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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