Half Year 2024 MyHealthChecked PLC Earnings Call Transcript
Key Points
- MyHealthChecked PLC (LSE:MHC) has sold over 55,000 wellness tests since launch, indicating strong initial market acceptance.
- The company has a significant partnership with Boots, enhancing its retail distribution and visibility.
- Investment in a digital platform is expected to underpin future growth opportunities and improve customer engagement.
- The company has achieved important compliance certifications, including ISO 13485 and 27001, ensuring high standards in quality and information security.
- MyHealthChecked PLC (LSE:MHC) has a strong cash position and effective cost management, allowing for self-funded growth and strategic investments.
- The company reported a gross margin loss of GBP286,000, attributed to lower-than-expected COVID test sales.
- Despite the initial success, the wellness testing category is still in its infancy, posing risks related to market maturity and customer adoption.
- There is a significant reliance on seasonal COVID-19 test sales, which may not be sustainable long-term.
- The company faces challenges in educating customers and driving trial in a new market category, requiring ongoing investment in marketing and PR.
- Uncertainty surrounds the contingent VAT reclaim of GBP1.67 million, which is not guaranteed and could impact future cash flow.
Good morning, everybody, and thank you for joining us to listen to our update on my health checks. As most of you know, I'm Penny McCormick. I'm the CEO of MyHealthChecked PLC, and I've actually been here now, it'd be five years in November.
I've led MyHealth on health and wellness retail strategy and really wanted to set the scene first and foremost, just so we recap on this really, really early stage category, which we've been focused on. The category is in its infancy. And our aim at MyHealthChecked is to really lead retail through awareness and education initially with testing.
But we've got this fantastic platform that we've invested in significantly, and we would need to really understand our digital platform will really underpin a lot of great growth opportunities for us starting with the testing now, but with a strategy to then grow the business further.
So we started well, as you'll have seen from the information shared this morning, we've sold over 55,000 wellness tests since we've
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