REG - MyHealthChecked PLC - Trading Update

MyhealthcheckedAnnouncement

11/01/2024 07:00

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RNS Number : 3215Z  MyHealthChecked PLC  11 January 2024

 

MyHealthChecked PLC

("MyHealthChecked" or the "Company")

 

Trading Update

 

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 (https://www.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:

 

 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 / 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 myhealthcheckedplc@walbrookpr.com
                                   (mailto:myhealthcheckedplc@walbrookpr.com)
 Alice Woodings                                           Mob: +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 (http://www.myhealthchecked.com) 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.

 

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