Goodbody Health Inc. - Half year financial results Q2 2022
RNS Number : 5094W
Goodbody Health Inc.
19 August 2022
 

19 August 2022

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

 

Goodbody Health Inc publishes half year financial results Q2 2022

Goodbody Health Inc. is pleased to announce 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".

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.

 

For further information:

Marc Howells

Chief Executive Officer

Goodbody Health Inc.

+44 (0) 20 7971 1255

enquiries@goodbodyhealth.com

  www.goodbodyhealth.com

Anne Tew

Chief Financial Officer

Goodbody Health Inc.

+44 (0) 20 7971 1255

enquiries@goodbodyhealth.com

  www.goodbodyhealth.com

 


 

AQSE Corporate Adviser

Peterhouse Capital Limited

Guy Miller/Mark Anwyl

+44 (0) 20 7469 0930



 

GOODBODY HEALTH INC. (FORMALLY SATIVA WELLNESS GROUP INC.)

Condensed Unaudited Interim Consolidated Statements of Financial Position

(Expressed in GBP)


June 30, 2022

December 31, 2021

 


£

£



3,736,979

6,068,172

286,384

277,810

9,803

144,597

556,975

588,717

43,098

46,345

248,839

146,145

Other current assets

47,328

24,372

Total Current Assets

4,929,406

7,296,158


 


Plant and equipment

2,585,850

2,602,306

Right of use assets

250,013

341,792

Intangible assets

103,540

30,941

Goodwill

572,072

572,072

Total Assets

8,440,881

       10,843,269

 

Liabilities

 


Accounts payable and accrued liabilities

1,228,020

2,319,768

Current portion of lease obligation

124,435

152,111

Corporation tax provision

267,376

267,376

Other current liabilities

338,240

850,715

 

1,958,071

3,589,970


 


Long-term portion of lease obligation

125,382

184,842

Total Liabilities

2,083,453

3,774,812

Shareholders' Equity



15,124,402

15,124,402

Share based payment reserve

3,601,175  

3,584,962  

973,545

332,321

(13,341,694)

(11,973,228)

6,367,428

7,068,457

Total Liabilities and Shareholders' Equity

8,440,881

10,843,269


 


 



 

GOODBODY HEALTH INC.

Condensed Unaudited Interim Consolidated Statements of Loss and Comprehensive Loss

(Expressed in GBP)

 

 

For the three months ended

June 30

For the six months ended

June 30

 

 

2022

2021

2022

2021

 

 

£

£

£

£

 

Revenue

2,234,618

3,481,239

7,403,280

4,857,666

 

Cost of sales

(1,219,850)

(1,565,814)

(3,784,995)

(2,235,598)

 

Gross profit

1,014,768

1,915,425

3,618,285

2,622,068

 

Operating Expenses





 

General and administrative expenses

(1,892,864)

(2,003,734)

(4,265,003)

(3,247,865)

 

Share-based payment charges

(3,274)

13,264

(16,213)

(55,645)

 

Depreciation and amortization

(136,764)

(285,099)

(265,153)

(529,381)

 

Interest income / (expense)

(1,829)

(3,278)

(4,110)

(6,969)

 

Fair value (loss) / gain on investments

29

859

1,033

890

 

Grant income

-

4,643

-

6,735

 

Other Income

-

-

-

202,078

 

Foreign currency translation on intercompany loans

(206,632)

152,139

(480,593)

(261,769)

 

 

_________

_________

_________

_________

 

Loss before income taxes

(1,226,566)

(205,781)

(1,411,754)

(1,269,858)

 

Income tax

80,846

-

-

-

 

 

_________

_________

_________

_________

 

Net loss

(1,145,720)

(205,781)

(1,411,754)

(1,269,858)

 






 

Items that may be reclassified to profit or loss





 

Currency translation adjustment

273,528

251,999

641,224

395,724

 

 

_________

_________

_________

_________

 

Comprehensive profit/(loss) for the year

(872,192)

46,218

(770,530)

(874,134)

 






 

Profit/(loss) per share

Pence

Pence

Pence

Pence

 

Basic and diluted

(0.24)

0.01

(0.21)

(0.27)

 






 

Weighted number of shares outstanding

364,962,152

352,568,899

364,962,152

327,580,920






 

 

On behalf of the Board of Directors,



Marc Howells

Chief Executive Officer

Goodbody Health Inc.

+44 (0) 20 7971 1255

enquiries@goodbodyhealth.com

 www.goodbodyhealth.com

Anne Tew

Chief Financial Officer

Goodbody Health Inc.

+44 (0) 20 7971 1255

enquiries@goodbodyhealth.com

 www.goodbodyhealth.com

 


 

AQSE Corporate Adviser

Peterhouse Capital Limited

Guy Miller/Mark Anwyl

+44 (0) 20 7469 0930







For further information:















 

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