Last checked at 31 Jan 2023 07:00
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MyHealthChecked PLC
("MyHealthChecked" or the "Company")
Trading Update
MyHealthChecked PLC (AIM: MHC), the consumer home-testing healthcare company, provides an update on trading for the year ended 31 December 2022. The financial information is based on unaudited management accounts.
It has been another strong year for MyHealthChecked and, for the second year in a row, the Company has exceeded management expectations financially and continues to demonstrate a track record of reliability and delivery for customers and partners.
MyHealthChecked will record revenues for the year of approximately £22m, up 34% on FY21 (£16.4m), despite the unpredictability of the COVID testing market throughout 2022. This better-than-expected performance was driven by the demand for COVID Lateral Flow tests ("LFTs") into the Company's pharmacy retail partners, supported by exemplary supply chain management and excellent service delivery. As a result, MyHealthChecked shipped over 17 million tests to customers in 2022. The Company expects to announce a cash balance at year end of £7.6m (31 December 2021: £6.4m), providing substantial working capital to drive the business forward in 2023, and expects EBITDA for 2022 to be in excess of £2.0m (FY21: £2.7m). As previously reported, gross margins have reduced reflecting the change in product mix from higher margin COVID PCR testing to LFTs during the year under review.
COVID testing remains the largest revenue stream for MyHealthChecked, and demand is expected to continue during 2023 as consumers continue to prioritise their health, and COVID remains active in our environments. MyHealthChecked has continued to generate material revenues from COVID testing having extended the range beyond PCR kits and testing, and earlier this year the Company received a 99.9% supplier rating from a leading retailer which reinforces MyHealthChecked's capabilities as a strong service provider in the COVID testing market.
The Company has continued to develop its growing portfolio of at-home wellness tests and digital platform whilst growing the MyHealthChecked team, which has been supported by its strong cash position and excellent team performance. The new product development timeline for an extended portfolio of wellness tests is on track and the Company is in the process of finalising launch plans in collaboration with partners for its extended at-home wellness test portfolio, which will be announced shortly.
Penny McCormick, Chief Executive Officer of MyHealthChecked Plc, said: "We have continued to exceed expectations and our excellent supply chain management and customer service delivery has contributed to our strong performance throughout 2022. I am very pleased with the progress being made and look forward to further successes in 2023 as we enter the year in a stable and well-funded position.
"COVID has been the catalyst for consumers taking their own health into their hands and acted as a pilot for testing outside of a medical setting. We are in advanced planning stages to launch our extended portfolio of at-home wellness tests nationally, and, crucially, our cash position allows us to achieve all current plans for the business without the need for additional working capital."
For further information contact:
MyHealthChecked PLC | www.myhealthchecked.com | |
Penny McCormick, Chief Executive Officer | via Walbrook PR | |
SPARK Advisory Partners Limited (NOMAD) | Tel: +44 (0)20 3368 3550 | |
Neil Baldwin | ||
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 | |
Paul McManus / Alice Woodings | Mob: +44 (0)7980 541 893 / +44 (0)7407 804 654 | |
About MyHealthChecked PLC (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 is the umbrella brand of a range of at-home DNA and RNA tests that have been developed following the acquisition of The Genome Store in November 2020. The tests are available online, and in some cases, 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.