
3 May 2022
Goodbody Health Inc.
("Goodbody Health", or the "Company")
Goodbody Health Inc publishes its 2021 audited Financial Statements
Goodbody Health Inc. is pleased to announce today a positive adjusted EBITDA of
The Company having met its ambition of diversifying within the Wellness sector through the rollout of additional testing clinics continues to expand both its clinic footprint and the range of tests offered. The Company is rapidly becoming an aggregator of innovative technology and innovative tests, including blood and genome, and is highly active in looking at novel products to enable consumers to take more control of their wellbeing.
The Company's CBD products have successfully met the requirements of the FSA novel food list while both its Polish subsidiary and Phytovista Laboratories have achieved accreditations and registrations to support the quality agenda on the CBD side of the group. CBD related revenue during 2021 underperformed, and thus supports the Boards decision to diversify revenue opportunities.
Management have therefore taken a cautious approach to goodwill and intangibles from the StillCanna reverse takeover in 2020, posting impairments to strengthen the balance sheet going forward.
2021 Highlights:
· Revenue 755% higher than 2020.
· Gross profit 695% higher than 2020.
· Adjusted EBITDA (Adjusted for non-cash items). £0.48m[1] (2020: -
· ISO22000 accreditation in
· Phytovista Laboratories Granted ISO Accreditation, the Group
· Two tranches of the Company's non-brokered private placement were issued at a price of
· German Distribution. A contract with Lexalife in
· Online GP Service. The Introduction of an online GP service
· Superdrug. The Clinic network partnered with Superdrug to extend the offering for phlebotomy blood services.
· Clinic network. Over 140 clinics and 32 product tests by year end
The net comprehensive position improved to show a loss of
Highlights Subsequent to end 2021:
· Change of name to Goodbody Health. The Company changed its name to represent a clearer view of the new broader health and wellness strategy.
· Move up to OTCQB. The company moved from OTC pinks listing to OTCQB.
· Novel Food acceptance. Goodbody CBD products were listed by the FSA on the novel food list.
· Phytovista Laboratories Granted Home Office License, the Group
· The clinic network has grown to over 200 with over 100 being supplied with Abbott machines to test for diabetes and cholesterol, giving results in less than ten minutes as well as the broader range of tests offered totalling 45.
Geremy Thomas, Executive Chairman, says; "The decision to incorporate revenue sources outside CBD has proven to be the right strategy. I am absolutely delighted by the fantastic revenues driven by strong growth and a clear strategy in the Health & Wellness Sector. We offer our customers choice and the ability to know more to live better. The NHS plan to place more emphasis on people taking more responsibility of their health will continue to focus the market on prevention rather than symptomatic diagnosis. We are very much consistent with this approach with our strategy."
The Financial Statements and Management Discussion and Analysis and further information regarding the Company can be found under the Company's profile on www.sedar.com.
The directors of the Company accept responsibility for the contents of this announcement.
GOODBDOY HEALTH INC. (FORMALLY SATIVA WELLNESS GROUP INC.) Consolidated Statements of Financial Position (Expressed in GBP)
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GOODBODY HEALTH INC.
Consolidated Statements of Loss and Comprehensive Loss
(Expressed in GBP)
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For the year ended December 31 |
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2021 |
2020 |
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£ |
£ |
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Revenue |
17,058,060 |
1,994,224 |
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Cost of sales |
(8,127,278) |
(870,531) |
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Gross profit |
8,930,782 |
1,123,693 |
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Operating Expenses |
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General and administrative expenses |
(8,693,753) |
(4,535,218) |
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Share-based payment charges |
(276,618) |
(1,105,837) |
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Depreciation and amortization |
(1,042,825) |
(471,387) |
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Asset Impairment/ (reversal) |
(275,952)
|
77,212 |
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Intangible asset impairment |
(475,478) |
- |
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Goodwill impairment |
(142,900)
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- |
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Interest income / (expense) |
(13,022) |
36,514 |
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Fair value (loss) / gain on investments |
3,379 |
(29,572) |
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Grant income |
25,852 |
171,257 |
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Joint Venture Settlement |
201,024 |
- |
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Foreign currency translation on |
(487,235) |
(53,593) |
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intercompany loans |
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_________ |
_________ |
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Loss before income taxes |
(2,246.746) |
(4,786,931) |
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Income tax |
(67,634) |
128,871 |
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Net loss |
(2,314,380) |
(4,658,760) |
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Items that may be reclassified to profit or loss |
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Currency translation adjustment |
178,628 |
153,693 |
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_________ |
_________ |
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Comprehensive loss for the year |
(2,135,752) |
(4,505,067) |
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Loss per share |
Pence |
Pence |
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Basic and diluted |
(0.62) |
(2.77) |
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Weighted number of shares outstanding |
346,184,976 |
162,451,094
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On behalf of the Board of Directors,
For further information:
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Marc Howells Chief Executive Officer Goodbody Health Inc. +44 (0) 20 7971 1255 enquiries@goodbodyhealth.com |
Anne Tew Chief Financial Officer Goodbody Health Inc. +44 (0) 20 7971 1255 enquiries@goodbodyhealth.com
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AQSE Corporate Adviser Arden Partners plc Antonio Bossi / George Morgan + 44 (0) 20 7614 5900 |
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[1] EBITDA has been adjusted for the following non-cash items: share based payment charges, asset impairment and unrealised currency losses
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