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(Alliance News) - MyHealthChecked PLC on Friday said it has "growing confidence" in its outlook after a successful year of trading, despite posting a widening loss in 2020.
The home-testing healthcare company said its pretax losses widen to GBP3.8 million last year, from GBP2.5 million in 2019, after new product launches led to soaring costs.
More positively, Cardiff-based MyHealthChecked generated contract revenue of GBP49,480, up 55% from GBP31,970 the previous year, boosted by new contracts with Boots UK Ltd. Revenue for December was up fivefold on the same period in 2019. During the year operational overheads were reduced by GBP124,000 per month on average.
"It has been a transformational year for MyHealthChecked as we commenced the delivery of a growth plan, and redefined our future, allowing us to begin 2021 with a clear runway ahead to revenue achievement," said Chief Executive Paul McCormick.
"With a strong pipeline outside of Covid-19 building, life after Covid is exciting, and we enter this phase with growing confidence in the road to delivery gained through the experiences and successes of 2020 and 2021 to date."
Since December, MyHealthChecked said it has strengthened its finances with a GBP3.4 million fundraise to support new product launches and the development of DNA testing products.
During the year MyHealthChecked signed contracts with pharmaceutical retailer Boots for its at-home Covid-19 nasal swab kit, extending its offering to include tests for international arrivals to the UK. The resumption of international travel throughout the year is expected to have a "material impact" on the company's performance in 2021, it said.
MyHealthChecked also announced the appointment of Gareth Davies as chief financial & operations officer from Friday. Davies was previously chief finance & operations officer of Welcony Inc and will succeed Maddy Kennedy, who had joined MyHealthChecked in October 2019.
As with the prior year, no dividend would be paid, which MyHealthChecked said was due to the early development stage of the group.
Shares were 5.9% to 3.95 pence in London in Friday morning trading. However, so far in 2021, the stock is up 98%.
MyHealthChecked's annual general meeting will be held on June 29.
By Will Paige; willpaige@alliancenews.com
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