Goodbody Health Ltd - Financial Results Q3 2022
RNS Number : 0588G
Goodbody Health Limited
11 November 2022
 

11 November 2022

Goodbody Health Limited
("Goodbody Health", or the "Company")

 

Goodbody Health Limited publishes financial results Q3 2022

Goodbody Health Limited is pleased to announce its Q3 2022 unaudited Interim Financial Statements for the nine months to 30 September 2022. The revenue at £9.29m was £0.59m lower than the comparative period in 2021. As anticipated, the Q3 quarter was lower than Q2 due to the expected decline in COVID testing due to the change in travel requirements and a reduction of countries requiring testing and the time required for piloting new services.

The expected outcome for the end of the year will be lower than anticipated due to a mix of the current economic climate, the squeeze of disposable incomes for discretionary products and the lead time of new product rollouts.  The strategic direction remains focussed on clear opportunities in Health & Wellness products and solutions in prevention and early diagnostics where steady growth is still clear. The management team have restructured the cost base and removed costs that are not essential to developing the business strategy.  These include the de-listing from the Canadian Securities Exchange ("CSE"), re-domiciliation from Canada, reduction in professional fees, duplicated market and compliance costs as well as travel. We have also reduced headcount in non-essential areas and are rationalising assets to focus on those driving revenue to extend the cash for investment in the development of products and services.

The main focus of the Company is now on preventative diagnostics including blood and genetic testing in synergy with other services such as ear wax removal.  This will enable people to make positive lifestyle choices and to have the necessary information to improve medical treatments and health outcomes. The opportunity is robust as it aligns with the NHS strategy and people's priorities post COVID to manage their health so we are well positioned to take advantage of this.

As at today, there are 258 clinics providing health services including blood testing, genome testing, and ear wax removal. 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.

Q3 2022 Highlights compared to Q3 2021:

·    YTD Revenue 6% lower than 2021.  £9.29m (2021: £9.88m), £0.59m less than the previous year, due to reducing but ongoing COVID testing delaying the roll out of other testing.

·    Gross profit 16% lower than 2021.  £4.46m (2021: £5.30m), £0.84m less than the previous year, with a reduced margin from 54% to 48% reflecting the competitive environment.

·    Net comprehensive loss. £1.67m (2021: £0.87m), £0.8m larger than the previous year.

·    Move to Guernsey. Voluntarily delisted the business from the CSE in Canada on August 17th and redomiciled the Company from Canada to Guernsey on August 19th, relisting on the AQSE Growth Market as the main exchange. The Company remains listed on the OTCQB in New York

·    Stock Consolidation. Following recommendations form advisors to improve trading the Company reduced outstanding shares to approx. 36 million through a 1 for 10 consolidation on August 18th.

Highlights Subsequent to end Q3 2022:

·    Tasso Distribution agreement. Tasso produces a signature line of virtually painless medical devices to draw a capillary blood sample with no needles and without the need for a phlebotomist, which can then be sent to an accredited laboratory for analysis using a compatible sample collection reservoir. This will allow more Goodbody Health clinics and wellness locations as well as other healthcare professionals to undertake tests requiring more blood than is delivered through the finger prick method.

·    Allied Pharmacies agreement.  The new Allied Pharmacies clinics adds 17 pharmacies that can provide a range of services including the range of diagnostic testing offered by the Goodbody clinics and other health services including ear wax micro suction. 

 

Marc Howells, CEO; "The range of opportunities to develop our proposition in this exciting growth market to support the NHS and help people have better health outcomes are very exciting. This direction of travel is one we embrace and look forward to delivering in the post-covid UK".

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.

 



 

Condensed Unaudited Interim Consolidated Statements of Financial Position

(Expressed in GBP)


September 30, 2022

December 31, 2021

 


£

£

Assets



Cash and cash equivalents

3,049,552

6,068,172

Trade receivables

76,003

277,810

Refundable sales taxes receivable

118,284

144,597

Inventories

484,218

588,717

Assets held for sale

1,835

46,345

Prepaid expenses and deposits

161,128

146,145

Other current assets

41,091

24,372

Total Current Assets

3,932,111

7,296,158


 


Plant and equipment

2,480,597

2,602,306

Right of use assets

142,552

341,792

Intangible assets

95,188

30,941

Goodwill

572,072

572,072

Total Assets

7,222,520

       10,843,269

 

Liabilities

 


Accounts payable and accrued liabilities

920,684

2,319,768

Current portion of lease obligation

121,344

152,111

Corporation tax provision

267,376

267,376

Other current liabilities

437,728

850,715

 

1,747,132

3,589,970


 


Long-term portion of lease obligation

17,594

184,842

Total Liabilities

1,764,726

3,774,812

Shareholders' Equity



Share capital

15,124,402

15,124,402

Share based payment reserve

3,604,331  

3,584,962  

Accumulated other comprehensive Income

1,337,008

332,321

Deficit

(14,607,947)

(11,973,228)

Shareholders' Equity

   5,457,794

7,068,457

Total Liabilities and Shareholders' Equity

7,222,520

10,843,269


 


 



 

GOODBODY HEALTH LIMITED

Condensed Unaudited Interim Consolidated Statements of Loss and Comprehensive Loss

(Expressed in GBP)

 

 

For the three months ended

September 30

For the six months ended

September 30

 

 

2022

2021

2022

2021

 

 

£

£

£

£

 

Revenue

1,886,155

5,017,521

9,289,435

9,875,187

 

Cost of sales

(1,039,442)

(2,336,994)

(4,824,437)

(4,572,592)

 

Gross profit

846,713

2,680,527

4,464,998

5,302,595

 

Operating Expenses





 

General and administrative expenses

(1,685,368)

(2,297,908)

(5,950,371)

(5,545,773)

 

Share-based payment charges

(3,156)

(14,980)

(19,369)

(70,625)

 

Depreciation and amortization

(141,366)

(257,797)

(406,519)

(787,178)

 

Interest income / (expense)

2,429

(3,176)

(1,681)

(10,145)

 

Fair value (loss) / gain on investments

25

1,103

1,058

1,993

 

Grant income

-

11,066

-

17,801

 

Other Income

-

17,017

-

219,095

 

Foreign currency translation on intercompany loans

(285,531)

(133,994)

(766,124)

(395,764)

 

 

_________

_________

_________

_________

 

Loss before income taxes

(1,266,254)

1,858

(2,678,008)

(1,268,001)

 

Income tax

-

-

-

-

 

 

_________

_________

_________

_________

 

Net loss

(1,266,254)

1,858

(2,678,008)

(1,268,001)

 






 

Items that may be reclassified to profit or loss





 

Currency translation adjustment

363,464

5,983

1,004,687

401,707

 

 

_________

_________

_________

_________

 

Comprehensive profit/(loss) for the year

(902,790)

7,841

(1,673,321)

(866,294)

 






 

Profit/(loss) per share

Pence

Pence

Pence

Pence

 

Basic and diluted

(2.47)

0.02

(4.58)

(2.55)

 






 

Weighted number of shares outstanding

36,496,276

36,461,591

36,496,276

33,992,592






 

Note: Weighted number of shares for comparative years have been updated to reflect the ten to one consolidation on shares undertaken during the period.

The directors of the Company accept responsibility for the contents of this announcement.

 

For further information:

Marc Howells

Chief Executive Officer

Goodbody Health Limited

+44 (0) 20 7971 1255

enquiries@goodbodyhealth.com

  www.goodbodyhealth.com

Anne Tew

Chief Financial Officer

Goodbody Health Limited

+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

Notes to Editors:

Goodbody Health Limited (AQSE: GDBY and OTCQB: GDBYF) is an aggregator of the highest quality, most innovative range of health and wellness services and products using the latest technology.  With over 52 products today, tests include blood, genetic, covid and other diagnostic solutions to meet today's fast evolving consumer expectations with more than 200,000 tests completed to date. A comprehensive portfolio of CBD based products complement the wellness range.

Goodbody Health, as a trusted distributor and retailer of accredited wellness products and diagnostic services, provides a unique 'frontline' healthcare service in the local community with expertise to enable customers to manage their health care digitally and make considered choices for their 'health span'. Our products and services grow local level amenities through a network of over 200 independent community providers offering much needed revenue to pharmacists and others local providers, while alleviating pressure on the NHS.

 

Website and social media links:

https://goodbodyhealth.com/

https://health.goodbodyclinic.com/

https://www.linkedin.com/company/goodbody-health

https://www.instagram.com/goodbodyclinic/?hl=en

https://www.instagram.com/goodbody.store/?hl=en




 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NEXVBLFFLFLBFBX ]]>