Goodbody Health Limited.
(“Goodbody Health”, or the “Company”)
Goodbody Health Limited publishes its 2022 audited Financial Statements
Goodbody Health Limited (AQSE: GDBY) is pleased to announce that it achieved over £10m turnover in its audited Financial Statements for the year to 31 December 2022. Although a lower turnover than the year ended December 2021, this result is still five times higher than any year prior to 2021, since the Company was formed. The reduction compared to 2021 is not surprising considering the majority of the turnover in 2021 year was generated by COVID-19 testing income and the board is therefore pleased with the result, which includes a higher percentage of diagnostic testing. All amounts unless stated otherwise are presented in British Pounds (GBP).
The Company having diversified within the Wellness sector was able to use the clinic network built up in 2021 to expand the range of tests offered and introduce minor procedures. Through becoming an aggregator of innovative technology and tests, the Company developed ‘now’ and ‘future’ testing – from finger prick tests that detail your current state of health to hereditary genetic testing that details the potential risks of hereditary illness in the future.
Goodbody is well positioned as part of the private healthcare revolution in diagnostic wellness testing and services to support preventative health interventions and lifestyle changes to improve future health outcomes having achieved the following in 2022:
- 200 delivery partner clinics including independent pharmacies, dentists, gyms, and other healthcare providers throughout the UK to offer blood testing and health assessment services.
- Partnered with well-known accredited laboratories for testing analytics.
- Offered over 80 tests to include venous draw and home finger pricks blood tests, hereditary cancer genetic tests and additionally a virtual GP referral pathways.
- Support and compliance infrastructure put in place including inhouse experience, ISO accreditation and Care Quality Commission registration.
- Undertaken over 250,000 tests.
Due to the economic climate and the fact that the Company is less focussed on CBD related activities as the market remains stagnant after the delays in the novel food process, management have taken a cautious approach and impaired CBD related goodwill and intangibles. Management have also reduced operating costs significantly in the last quarter of 2022 to allow the Company and its new services to develop and grow in 2023 with available cash reserves.
2022 Highlights:
- Revenue over £10m. £10.03m (2021: £17.06m), £7.03 lower than 2021 but still £8.04m higher than the highest year prior to that, showing the success of the clinic testing business.
- Care Quality Commission (CQC) registration. The Company successfully passed the registration criteria and now provides all its testing services under the regulated activity diagnostic and screening procedures. CQC is the independent regulator of health and adult social care in England.
- Genetic cancer test launched. Tests to help customers gauge and understand their cancer and heart disease risk better launched in conjunction with Everything Genetic.
- Redomiciled to Guernsey. The Company reduced costs and increased its focus on the UK diagnostic testing market by closing the Canadian listing and operations and moving to Guernsey.
- Sale of Polish CBD operations. Signed an agreement to sell the Poland CBD operations to inject cash into new service development and reduce cash leakage.
- Phytovista Laboratories ISO Accreditation expansion to scope, the Group UK Laboratory, Phytovista Laboratories was granted accreditation for testing a wider range of products under ISO/IEC 17025:2017, General requirements for the competence of testing and calibration laboratories.
- FSA Novel Food Register. The companies CBD products were added to the novel foods list subject to the final toxicology tests being completed.
- Phytovista Laboratories granted home office license. PhytoVista Laboratories, has been granted a controlled drugs licence that allows the Company to handle up to Schedule 1 Controlled Drugs
Highlights Subsequent to end 2022:
- Cancer screening introduced. The Company partnered with Datar to be able to offer their innovative cancer screening test.
- Phlebotomy service. The company signed partnerships with a number of other leading diagnostic testing companies to offer phlebotomy services through the clinic network and a newly set up mobile phlebotomy service.
The Financial Statements and further information regarding the Company can be found on the Company’s website on www.goodbodyhealth.com.
The directors of the Company accept responsibility for the contents of this announcement.
GOODBODY HEALTH LIMITED
Consolidated statement of comprehensive income
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|
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| Year ended 31 December 2022 |
| Year ended 31 December 2021 |
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| £ |
| £ |
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
| 10,031,388 |
| 17,058,060 |
|
|
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
| (5,344,165) |
| (8,127,278) |
|
|
|
|
|
|
|
|
|
|
|
| Gross profit |
|
| 4,687,223 |
| 8,930,782 |
|
|
|
|
|
|
|
|
|
|
|
| Other income |
|
| 275,087 |
| 229,642 |
|
|
|
|
|
|
|
|
|
|
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| Operating expenses |
|
| (7,981,725) |
| (10,499,818) |
|
|
|
|
|
|
|
|
|
|
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| Operating loss before exceptional items
|
|
| (3,019,415) |
| (1,339,394) |
|
|
| Exceptional items |
|
| (1,472,688) |
| (894,330) |
|
|
|
|
|
|
|
|
|
|
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| Operating loss |
|
| (4,492,103) |
| (2,233,724) |
|
|
|
|
|
|
|
|
|
|
|
| Finance expense |
|
| (2,584) |
| (13,022) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Loss before income tax |
|
| (4,494,687) |
| (2,246,746) |
|
|
|
|
|
|
|
|
|
|
|
| Income tax credit / (expense) |
|
| 264,150 |
| (67,634) |
|
|
| Net Loss |
|
| (4,230,537) |
| (2,314,380) |
|
|
|
|
|
|
|
|
|
|
|
| Currency translation adjustment |
|
| 290,910 |
| 178,628 |
|
|
| Loss and total comprehensive loss for the period |
|
| (3,939,627) |
| (2,135,752) |
|
|
|
|
|
| Pence | Pence |
|
| Basic/Diluted earnings per share |
|
| (10.8) | (6.2) |
|
GOODBODY HEALTH LIMITED
Consolidated balance sheet
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|
31 December 2022 |
|
31 December 2021 |
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|
£ |
|
£ |
|
Non-current assets |
|
|
|
|
|
|
Intangible assets |
|
|
79,944 |
|
603,013 |
|
Property, plant and equipment and right-of-use assets |
|
|
450,511 |
|
2,944,098 |
|
|
|
|
530,455 |
|
3,547,111 |
|
Current assets |
|
|
|
|
|
|
Inventories |
|
|
101,828 |
|
588,717 |
|
Assets held for resale |
|
|
1,504,457 |
|
46,345 |
|
Trade and other receivables |
|
|
187,132 |
|
592,924 |
|
Cash and cash equivalents |
|
|
1,553,033 |
|
6,068,172 |
|
|
|
|
3,346,450 |
|
7,296,158 |
|
|
|
|
|
|
|
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Total assets |
|
|
3,876,905 |
|
10,843,269 |
|
|
|
|
|
|
|
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Current liabilities |
|
|
|
|
|
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Trade and other payables |
|
|
666,249 |
|
3,437,859 |
|
Lease liabilities |
|
|
103,833 |
|
152,111 |
|
|
|
|
770,082 |
|
3,589,970 |
|
Non-current liabilities |
|
|
|
|
|
|
Lease liabilities |
|
|
– |
|
184,842 |
|
|
|
|
– |
|
184,842 |
|
|
|
|
|
|
|
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Total liabilities |
|
|
770,082 |
|
3,774,812 |
|
|
|
|
|
|
|
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Total net assets |
|
|
3,106,823 |
|
7,068,457 |
|
|
|
|
|
|
|
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Equity |
|
|
|
|
|
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Share capital |
|
|
15,124,402 |
|
15,124,402 |
|
Share based payment reserve |
|
|
3,606,242 |
|
3,584,962 |
|
Translation Reserve |
|
|
623,231 |
|
332,321 |
|
Retained earnings |
|
|
(16,247,052) |
|
(11,973,228) |
|
Total equity |
|
|
3,106,823 |
|
7,068,457 |
George Thomas
Chief Executive Officer
Goodbody Health Limited
+44 (0) 20 7971 1255
[email protected]
www.goodbodyhealth.com
AQSE Corporate Advisor
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
+44 (0) 20 7469 0930
Anne Tew
Company Secretary
Goodbody Health Limited
+44 (0) 20 7971 1255
[email protected]
www.goodbodyhealth.com
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.
Useful Website and social media links:
https://health.goodbodyclinic.com/
https://www.linkedin.com/company/goodbody-health