Goodbody Health Inc (AQSE:GBDY, CSE:GBDY, OTC:SCNNF) cheered its highest quarterly profit to date, driven by a 276% jump in year-on-year revenues generated through its patient testing operations.
The company said it experienced a strong continuation of bookings for Covid PCR tests during the first quarter and as a result, the company’s transition to wellness testing has moved back into the second and third quarters.
It noted that Covid testing is now tailing off and, with wellness testing coming later due to the success with PCR, the subsequent quarters will no longer be as strong as previously envisaged.
"The strategic direction of the group remains clear,” said executive chairman Geremy Thomas.
“We will continue to grow both our diagnostic and wellness services as well as the network of partners with which we operate. The ongoing Covid testing revenue in Q1 was positive but also delayed our diversification and growth plans, however they are still very much on track.”
First-quarter revenue amounted to £5.17mln, versus £1.38mln in the same period of 2021, leading to a 268% rise in gross profit up to £2.6mln. The company reported a net comprehensive profit of £100,000, versus a £920,000 loss in Q1 2021, and marked earnings (adjusted EBITDA) at £230,000 versus a £340,000 loss last year.
In terms of operational highlights, Goodbody noted the growth of its clinic network, which tallied 180 at the end of the quarter, and said more than 100 of the clinics have now been supplied with Abbott machines used to test blood for heart health and diabetes within 10 minutes. In total, the company’s offering now comprises some 45 tests.
Goodbody’s CBD business meanwhile advanced with its products being added to regulators' novel food list.
The Phytovista Laboratories unit in the UK also secured a Home Office licence to handle controlled substances, adding it to a small number of labs accredited in the UK to carry out specialist activities handling up to Schedule 1 controlled drugs.