(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
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Myhlth Chck (MHC)