Myhealthchecked (MHC) Shares Surged 7% on H1 2022 Results

Key points:
Myhealthchecked (MHC) shares surged 7% after releasing H1 2022 results.
The company’s revenues surged almost three times to £9.8 million.
The home-testing company is on track for new records in the second half.

The Myhealthchecked PLC (LON: MHC) share price surged 7% after releasing its half-year unaudited results for the six months ended 30 June 2022. The results were better than expected as they exceeded the forecasts issued by the company’s management team.

Investors cheered the results as Myhealthchecked’s revenues surged almost three times to £9.8 million versus the £3.3 million recorded in a similar period last year. The consumer home-testing healthcare company noted that it generated record-breaking revenues of £6.8 million in July after the six-month period ended.

Also read: The Best Healthcare Stocks To Buy Right Now.

X testing X

WELCOME BONUS - Free Share Bundle When You Invest £50! Get up to £500 cashback for investing with IG.

Invest in 15,000+ shares and ETFs. Open an account now, invest at least £50, and you’ll get a free share bundle worth between £40 and £200. T&Cs apply.

5.0

Open Account Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Myhealthchecked’s gross profits rose to £1.5 million versus last year’s £1.1 million figure, while its pretax earnings improved to £0.37 million from the £0.20 million registered in H1 2021. The company noted that it was still investing in its business and that the cash generated could fund the subsequent phases of its growth strategy.

MHC revealed that it delivered over 6.4 million COVID-19 lateral flow tests during the first half and had already delivered another 5 million tests after the period ended. The company also launched a new at-home DNA tests range exclusives sold by Amazon.com.

Myhealthchecked plans to launch a new blood testing kit in Q4 2022 and is currently building the technology to support it.

Penny McCormick, MyHealthChecked PLC’s CEO, said: “We have exceeded our expectations for revenue performance in the first half of the year and have further demonstrated our position of strength, which has been earned through strong delivery and consistent customer service, despite even greater COVID unpredictability than experienced in 2021.”

Adding:

“Cash generation has been a top KPI for us to ensure that we can self-fund our next growth phases and invest in building great technology and services for a successful and sustainable future.”

So, should you buy MHC shares? The short answer is no. The shares are trading in the middle of a broad trading range. I would buy near the bottom or after a break above the upper resistance zone.

*This is not investment advice.

Myhealthchecked share price.

The Myhealthchecked share price surged 7.04% higher to trade at 1.900p, rising from Tuesday’s closing price of 1.776p.