(Alliance News) - MyHealthChecked PLC announced on Monday that it has experienced strong trading throughout the fourth quarter due to the increased demand for its Covid-19 PCR test kits as well as the launch of its rapid antigen test and verification service for travellers.
Shares in MyHealthChecked were up 7.1% at 2.25 pence on Monday morning in London.
The Cardiff-based healthcare company focused on a range of at-home healthcare and wellness tests said it now expects full-year trading performance will be higher than previous guidance.
The company now expects revenue of GBP16.3 million, up significantly from revenue of GBP49,500 in 2020, and an adjusted earnings before interest, tax, depreciation and amortisation profit of at least GBP2.5 million, swinging from a loss of GBP2.7 million in 2020.
MyHealthChecked said it will be cash generative for the year and expects cash balances to be at least GBP6.3 million at the end of the year, up from GBP470,000 at the same time the year before.
Looking forward, the company said it is focused on re-investing its 2021 earnings into a new product pipeline of at-home wellness tests, five of which are on track to launch in the first half of 2022.
Chief Executive Penny McCormick said: "We have worked to harness the opportunity that the Covid testing market has provided for us and the earnings generated have created significant growth in the business which we will continue to build upon in 2022. While there is still market uncertainty about the future of Covid testing, we are set to reinvest our earnings into the delivery of our growing product pipeline in 2022."
By Heather Rydings; heatherrydings@alliancenews.com
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Myhlth Chck (MHC)