Goodbody Health Inc. - Goodbody publishes highest quarterly profit in Q1
RNS Number : 6793M
Goodbody Health Inc.
25 May 2022
 

25 May 2022

Goodbody Health Inc.
("Goodbody Health", or the "Company")

 

Goodbody Health Inc publishes highest quarterly profit to date in Q1 2022

Goodbody Health Inc. is pleased to announce its highest comprehensive profit of £0.10m and adjusted EBITDA of £0.23m in its unaudited Interim Financial Statements for the three months to 31 March 2022. The revenue at £5.17m was also the second-best quarter to date after Q4 2021.

The Company has filed the Financial Statements and Management's Discussion and Analysis for the quarter ending March 31, 2022, with strong results due to its growth in testing services. All amounts unless stated otherwise are presented in British Pounds (GBP).

The Company, having set the goal to roll out non-covid testing in Q1 experienced a strong continuation of PCR bookings during the period.  Covid testing has now tailed off but as a result, our transition to wellness testing has been pushed back to Q2 & Q3 because of the success of Q1 and so will not be as strong in those quarters as originally envisaged.  However, as at today, we have over 200 clinics and over 100 Abbott devices ready to activate as the PCR testing reduces. The Company is excited and fully focussed on 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.

Q1 2022 Highlights compared to Q1 2021 and Q4 2021:

·    Q1 Revenue 276% higher than 2021.  £5.17m (2021: £1.38m), £3.79m more than the previous year, driven by the testing clinics and their continued growth to over 180 by the end of Q1 2022.

·    Gross profit 268% higher than 2021.  £2.60m (2021: £0.71m), £1.90m more than the previous year maintaining the same margin of 50%, reflected in the increased revenue growth.

·    Net comprehensive profit. £0.10m (2021: loss of £0.92m), £1.02m better than the previous year.

·    Adjusted EBITDA (Adjusted for non-cash items). £0.23m[1] (2021: -£0.34m), £0.57m better than the previous year. 

·    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.

·    At the end of Q1, the clinic network had grown to over 180 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.

Highlights Subsequent to end Q1 2022:

·    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.

·    Additional products by Goodbody being added to the novel food list

·    Asset funding facility for £1M agreed for the purchase of diagnostic equipment for the Pharmacies

 

Geremy Thomas, Executive Chairman, says; "The strategic direction of the group remains clear. We will continue to grow both our diagnostic and wellness services as well as the network of partners with which we operate. The ongoing COVID testing revenue in Q1 was positive but also delayed our diversification and growth plans, however they are still very much on track.

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.)

Condensed Unaudited Interim Consolidated Statements of Financial Position

(Expressed in GBP)


March 31, 2022

March 31, 2021

 


£

£

Assets



Cash and cash equivalents

5,937,933

6,068,172

Trade receivables

304,887

277,810

Refundable sales taxes receivable

41,499

144,597

Inventories

587,723

588,717

Assets held for sale

46,269

46,345

Prepaid expenses and deposits

434,261

146,145

Other current assets

25,052

24,372

Total Current Assets

7,377,624

7,296,158


 


Plant and equipment

2,589,515

2,602,306

Right of use assets

295,072

341,792

Intangible assets

30,133

30,941

Goodwill

572,072

572,072

Total Assets

10,864,416

       10,843,269

 

Liabilities

 


Accounts payable and accrued liabilities

2,514,081

2,319,768

Current portion of lease obligation

139,158

152,111

Corporation tax provision

348,222

267,376

Other current liabilities

527,403

850,715

 

3,528,864

3,589,970


 


Long-term portion of lease obligation

152,495

184,842


 


Total Liabilities

3,681,359

3,774,812

Shareholders' Equity



Share capital

15,124,402

15,124,402

Share based payment reserve

3,597,901  

3,584,962

Accumulated other comprehensive Income

700,016

332,321

Deficit

(12,239,262)

(11,973,228)

Shareholders' Equity

7,183,057

7,068,457

Total Liabilities and Shareholders' Equity

10,864,416

10,843,269

 



 

GOODBODY HEALTH INC.

Consolidated Statements of Loss and Comprehensive Loss

 (Expressed in GBP)

 

For the quarter ended March 31

 

 

2022

2021

 

 

£

£

 

Revenue

5,168,662

1,376,427

 

Cost of sales

(2,565,145)

(669,784)

 

Gross profit

2,603,517

706,643

 

Operating Expenses



 

General and administrative expenses

(2,372,139)

(1,244,131)

 

Share-based payment charges

(12,939)

(68,909)

 

Depreciation and amortization

(128,389)

(244,282)

 

Interest income / (expense)

(2,281)

(3,691)

 

Fair value (loss) / gain on investments

1,004

31

 

Grant income

-

2,092

 

Other income

-

199,876

 

Foreign currency translation on

(273,961)

(411,706)

 

intercompany loans



 


 

_________

_________

 

Loss before income taxes

(185,188)

(1,064,077)

 

Income tax

(80,846)

-

 

Net loss

(266,034)

(1,064,077)

 

 



 

Items that may be reclassified to profit or loss



 

Currency translation adjustment

367,695

143,725

 


_________

_________

 

Comprehensive profit/(loss) for the year

101,661

(920,352)

 

 



 

Loss per share

Pence

Pence

 

Basic and diluted

0.03

(0.30)

 




 

Weighted number of shares outstanding

364,962,152

302,592,941

 

 




 



 

 

On behalf of the Board of Directors,

For further information:







 



[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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