
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
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.
· Gross profit 268% higher than 2021.
· Net comprehensive profit.
· Adjusted EBITDA (Adjusted for non-cash items). £0.23m[1] (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.
· 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
· Additional products by Goodbody being added to the novel food list
· Asset funding facility for
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)
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GOODBODY HEALTH INC.
Consolidated Statements of Loss and Comprehensive Loss
(Expressed in GBP)
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For the quarter ended March 31 |
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2022 |
2021 |
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£ |
£ |
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Revenue |
5,168,662 |
1,376,427 |
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Cost of sales |
(2,565,145) |
(669,784) |
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Gross profit |
2,603,517 |
706,643 |
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Operating Expenses |
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General and administrative expenses |
(2,372,139) |
(1,244,131) |
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Share-based payment charges |
(12,939) |
(68,909) |
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Depreciation and amortization |
(128,389) |
(244,282) |
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Interest income / (expense) |
(2,281) |
(3,691) |
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Fair value (loss) / gain on investments |
1,004 |
31 |
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Grant income |
- |
2,092 |
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Other income |
- |
199,876 |
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Foreign currency translation on |
(273,961) |
(411,706) |
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intercompany loans |
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_________ |
_________ |
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Loss before income taxes |
(185,188) |
(1,064,077) |
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Income tax |
(80,846) |
- |
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Net loss |
(266,034) |
(1,064,077) |
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Items that may be reclassified to profit or loss |
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Currency translation adjustment |
367,695 |
143,725 |
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_________ |
_________ |
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Comprehensive profit/(loss) for the year |
101,661 |
(920,352) |
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Loss per share |
Pence |
Pence |
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Basic and diluted |
0.03 |
(0.30) |
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Weighted number of shares outstanding |
364,962,152 |
302,592,941
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On behalf of the Board of Directors,
For further information: |
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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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