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Pin to quick picksMyhlth Chck Share News (MHC)

Share Price Information for Myhlth Chck (MHC)

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Share Price: 10.00
Bid: 9.50
Ask: 10.50
Change: 0.00 (0.00%)
Spread: 1.00 (10.526%)
Open: 10.00
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Low: 10.00
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MyHealthChecked shares drop as revenue falls; Covid test demand down

Tue, 08th Aug 2023 09:49

(Alliance News) - MyHealthChecked PLC on Tuesday said it expects revenue to drop in its half year, as the demand for Covid-19 tests falls.

Shares in the Cardiff, Wales-based consumer home-testing healthcare company, dropped 26% to 11.49 pence in London on Tuesday morning.

MyHealthChecked said that it expects revenue to fall in by 74% in the six months ended June 30 to GBP2.5 million, from GBP9.8 million.

This fall in revenue was caused by the lessening of demand for Covid-19 tests, and the company expects a reduction in overall demand for these tests in 2023 compared to the year before.

Cash balance on June 30 was down 34% to GBP5.0 million, from GBP7.6 million, which MyHealthChecked said reflected its "continued investment across the business for future growth".

Chief Executive Officer Penny McCormick said: "Despite the inevitable and anticipated fall in demand for Covid-19 testing, MyHealthChecked remains well-positioned to deliver its plan in 2023 given the distribution relationship we have established with Boots and their nationwide launch of our expanded portfolio of at-home wellness tests."

"It is always challenging to pioneer a massive new category products in the wellness testing market, however our long-term outlook remains positive as we continue to support our retail partner in their commercial strategy to meet customers' needs for at-home testing."

By Will Neill, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved

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