Myhealthchecked PLC (LON: MHC) shares rallied 7.62% after releasing a positive full-year trading update for 2021, where it generated revenues worth £16.3 million compared to the £49.5K generated in 2020.
The company expects to book an adjusted minimum pretax profit of £2.5 million compared to last year’s £2.7 million, with the business turning cash generative for the entire year.
The firm expects to have a minimum cash balance of £6.3 million at the end of the year versus the £0.47 million cash balance at 2020.
Myhealthchecked also revealed that it had experienced surging demand for its rapid antigen test after introducing a verification service despite the erratic nature of the COVID-19 testing market driven by changing government requirements.
The firm also revealed that it is pursuing strategic relationships with leading UK pharmacy chains after announcing a partnership with Lloyds Pharmacy earlier this month to stock its COVID-19 tests at its nationwide outlets.
The company is actively recruiting for different roles as it grows its commercial and operations teams to support the rapid commercialisation of its at-home wellness testing kits this year.
Myhealthchecked also confirmed that it is reinvesting some of its profits into developing new products to expand its portfolio of at-home wellness products. Later this year, the company plans to launch five new at-home tests focusing on vitamin deficiencies, weight management, food intolerance, blood glucose, and heart health.
The firm hopes to leverage the massive success of its COVID-19 test kits to expand into other market segments within the at-home wellness market.
Penny McCormick, Chief Executive Officer of MyHealthChecked Plc, said: “I am extremely proud of the hard work and adaptability of the MyHealthChecked team in 2021, which has enabled us to succeed in a highly competitive retail market and deliver to the pharmacy leaders. We believe that the strong commercial relationships that have been established in 2021 and include both of the UK's top pharmacy retailers will provide a solid foundation as we look to commercialise a wider range of tests in H1 2022.”
“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, and I look forward to providing future updates to investors.”
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Myhealthchecked share price.
Myhealthchecked share price rallied 7.62% to trade at 2.26p, rising from Friday’s closing price of 2.10p.
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