Goodbody Health Limited Publishes Financial Results Q3 2022

Rhea-AI Summary

Goodbody Health Limited (AQSE:GDBY)(OTCQB:GDBYF) revealed its Q3 2022 financial results, reporting revenue of £9.29 million, a 6% decline compared to 2021. The net comprehensive loss increased to £1.67 million, up £0.8 million year-on-year. This decline is attributed to reduced COVID testing and expected lower annual outcomes amid economic pressures. The company is focusing on preventative diagnostics and has streamlined its operations, including a strategic shift to Guernsey and cost reductions. The total number of clinics providing health services has reached 258.

Positive

• Focus on preventative diagnostics including blood and genetic testing.
• 258 clinics providing various health services.
• Strategic cost restructuring to focus on revenue-driving assets.

Negative

• Q3 2022 revenue decreased by 6% from 2021.
• Gross profit down 16% compared to the previous year.
• Net comprehensive loss increased to £1.67 million.

ST PETER PORT, GUERNSEY / ACCESSWIRE / November 10, 2022 / Goodbody Health Limited (AQSE:GDBY)(OTCQB:GDBYF) ("Goodbody" or the "Company"), today announces 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 17^th and redomiciled the Company from Canada to Guernsey (UK) on August 19^th, 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 18^th.

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 the 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, Chief Executive Officer, says; "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 directors of the Company accept responsibility for the contents of this announcement

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.

On behalf of the Board of Directors,

Contact Information

Marc Howells Chief Executive Officer +44 (0)20 7971 1255 enquiries@goodbodyhealth.com www.goodbodyhealth.com

Anne Tew Chief Financial Officer 832-308-4975 enquiries@goodbodyhealth.comwww.goodbodyhealth.com

Cautionary Statement Regarding Forward-Looking Statements

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release. This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Goodbody Health's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" "plan is" or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur", "will be achieved" or "shortly". The forward-looking information and forward-looking statements contained herein include, but are not limited to: preventative diagnostics including blood and genetic testing in synergy with other services will enable people to make positive lifestyle choices and to have the necessary information to improve medical treatments and health outcomes.

Although Goodbody Health believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. In particular, there is no guarantee that; the expected outcome for the end of the year will be lower than anticipated and we are well positioned to take advantage of this

Goodbody Health does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws

SOURCE: Goodbody Health Limited

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https://www.accesswire.com/724518/Goodbody-Health-Limited-Publishes-Financial-Results-Q3-2022

FAQ

What is Goodbody Health's revenue for Q3 2022?

Goodbody Health reported a revenue of £9.29 million for Q3 2022.

How much did Goodbody Health lose in Q3 2022?

The net comprehensive loss for Goodbody Health in Q3 2022 was £1.67 million.

What strategic changes has Goodbody Health made recently?

Goodbody Health has delisted from the CSE, moved to Guernsey, and restructured its cost base.

How many clinics does Goodbody Health operate?

As of now, Goodbody Health operates 258 clinics offering health services.

What are the key focus areas for Goodbody Health?

Goodbody Health is focusing on preventative diagnostics and innovative health solutions.