Goodbody Health Ltd (AQSE:GDBY) said its 2022 results reflect its successful diversification as it added a wider range of diagnostic tests and began to provide minor procedures.
The company reported turnover of over £10mln for the year ending December 31, 2022, - five times higher than any year before 2021, but lower compared to that year.
The 2021 surge was mainly attributed to Covid testing income. Goodbody said it is well-positioned in the private healthcare revolution, focusing on diagnostic wellness testing and preventative health interventions.
In 2022, the company achieved several milestones, including partnering with 200 clinics across the UK, offering over 80 types of test, and undertaking more than 250,000 tests.
Despite a cautious approach due to the economic climate and a stagnant CBD market, Goodbody said it made significant strides in 2022.
Highlights include Care Quality Commission registration and the launch of genetic cancer tests, and the expansion of ISO accreditation.
In the results statement, Goodbody CEO George Thomas said: "The company, having successfully switched to being a recognised diagnostic wellness testing provider, now provides services throughout the sector.
“The results for 2022, while lower than the previous year, support the switch that has been made and show the true potential of the company we have built, and a clear strategy in the health and wellness sector."
Goodbody posted an operating loss for the year of £4.5mln and exited 2022 with £1.5mln in the bank. It said it 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.