REG - MyHealthChecked PLC - Trading Update

MyhealthcheckedAnnouncement

31/01/2023 07:01

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RNS Number : 2993O  MyHealthChecked PLC  31 January 2023

 

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

 

MyHealthChecked PLC (AIM: MHC), the consumer home-testing healthcare company,
provides an update on trading for the year ended 31 December 2022. The
financial information is based on unaudited management accounts.

 

It has been another strong year for MyHealthChecked and, for the second year
in a row, the Company has exceeded management expectations financially and
continues to demonstrate a track record of reliability and delivery for
customers and partners.

 

MyHealthChecked will record revenues for the year of approximately £22m, up
34% on FY21 (£16.4m), despite the unpredictability of the COVID testing
market throughout 2022. This better-than-expected performance was driven by
the demand for COVID Lateral Flow tests ("LFTs") into the Company's pharmacy
retail partners, supported by exemplary supply chain management and excellent
service delivery. As a result, MyHealthChecked shipped over 17 million tests
to customers in 2022. The Company expects to announce a cash balance at year
end of £7.6m (31 December 2021: £6.4m), providing substantial working
capital to drive the business forward in 2023, and expects EBITDA for 2022 to
be in excess of £2.0m (FY21: £2.7m). As previously reported, gross margins
have reduced reflecting the change in product mix from higher margin COVID PCR
testing to LFTs during the year under review.

 

COVID testing remains the largest revenue stream for MyHealthChecked, and
demand is expected to continue during 2023 as consumers continue to prioritise
their health, and COVID remains active in our environments. MyHealthChecked
has continued to generate material revenues from COVID testing having extended
the range beyond PCR kits and testing, and earlier this year the Company
received a 99.9% supplier rating from a leading retailer which reinforces
MyHealthChecked's capabilities as a strong service provider in the COVID
testing market.

 

The Company has continued to develop its growing portfolio of at-home wellness
tests and digital platform whilst growing the MyHealthChecked team, which has
been supported by its strong cash position and excellent team performance. The
new product development timeline for an extended portfolio of wellness tests
is on track and the Company is in the process of finalising launch plans in
collaboration with partners for its extended at-home wellness test portfolio,
which will be announced shortly.

 

Penny McCormick, Chief Executive Officer of MyHealthChecked Plc, said: "We
have continued to exceed expectations and our excellent supply chain
management and customer service delivery has contributed to our strong
performance throughout 2022. I am very pleased with the progress being made
and look forward to further successes in 2023 as we enter the year in a stable
and well-funded position.

 

"COVID has been the catalyst for consumers taking their own health into their
hands and acted as a pilot for testing outside of a medical setting. We are in
advanced planning stages to launch our extended portfolio of at-home wellness
tests nationally, and, crucially, our cash position allows us to achieve all
current plans for the business without the need for additional working
capital."

 

 

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

 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 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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