Goodbody Health Inc. (AQSE:GDBY) has announced 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, Goodbody Health 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.
