Goodbody Health H1 revenue 52% higher than 2021

Goodbody Health Inc (AQSE:GDBY) has announced its half year 2022 unaudited Interim Financial Statements for the six months to 30 June 2022. The revenue at £7.40m was £2.55m higher than the comparative period in 2021.

As anticipated, the quarter was lower than Q1 due to the expected decline in COVID testing. Non-Covid testing continues to be rolled out to improve revenue by the end of 2022.

The Company continues to deliver PCR testing and lateral flow tests based on travel requirements.  Alternative testing is a lifestyle choice which is growing but will obviously lag regulated testing.

As at today, we have 235 clinics, with over 70% offering blood and other diagnostic testing services. The Company continues to roll out its strategy of becoming the leading aggregator of innovative technology and innovative tests, including blood and genome, while identifying additional products to enable consumers to take more control of their health and wellbeing.

H1 2022 Highlights compared to H1 2021:

·    H1 Revenue 52% higher than 2021.  £7.40m (2021: £4.85m), £2.55m more than the previous year, driven by the testing clinics and both ongoing COVID testing and other testing rolled out.

·    Gross profit 38% higher than 2021.  £3.62m (2021: £2.62m), £1.0m more than the previous year, with a reduced margin from 54% to 49% to reflect the competitive environment.

·    Net comprehensive loss. £0.77m (2021: £0.87m), £0.10m better than the previous year.

·    Move up to OTCQB. Commencement of trading on the OTCQB Venture Market in the United States under ticker GDBYF.

·    Novel Food acceptance. Goodbody CBD products were listed by the FSA on the novel food list.

·    Phytovista Laboratories Granted Home Office License, the Group UK Laboratory, Phytovista Laboratories was granted a Home Office license to handle controlled substances. PhytoVista is now one of a small number of laboratories accredited by the UK National Accreditation Service (UKAS) with extended provisions to carry out these specialist activities to handle up to Schedule 1 Controlled Drugs.

·    MOT test. Launch of a Health diagnostic test.

·    CQC Registration. Confirmation of receiving Quality Care Commission registration.

·    Genetic Risk Tests. Launch of the Genetic risk tests for cancer and heart disease.

Highlights Subsequent to end Q2 2022:

·    AGSM including Redomicile. Announcement of Annual General and Special meeting held on the 9th August to include a resolution for the redomicile of the company from Canada to Guernsey to reduce costs and focus on the main market.

Geremy Thomas, Executive Chairman, says“The strategic direction of the group remains focussed on both the expansion of the clinic network and the range of available tests. Growth in alternative testing has continued steadily although slower than as originally envisaged due to the current economic environment but we are still positive that due to the synergy of services with the NHS long term plan the final result will still be as per the original plan”.

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