Goodbody Health Limited.
(“Goodbody” or “Goodbody Health” the “Company” or the “Group”)
11th November 2022
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
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.
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
· 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.
Chief Executive Officer
Goodbody Health Limited
+44 (0) 20 7971 1255
AQSE Corporate Advisor
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
+44 (0) 20 7469 0930
Notes to Editors:
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
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: