MyHealthChecked PLC (AIM:MHC) said trading was stronger than expected and "ahead of management budgets" in the six months ended 30 June 2022, helping the home-testing healthcare company report positive EBITDA compared to a £0.2mln loss in the comparative prior-year period.
The AIM-listed company said consumer demand for Covid-19 lateral flow test kits for at-home use contributed to its robust performance.
Half-year revenues are expected to be around £9.8mln compared to £3.3mln in the first half of 2021, with full-year revenues for 2022 forecast to "exceed" those achieved last year.
The company had swung to a £2.0mln net profit in 2021, becoming cash generative for the first time, as revenues soared to £16.4mln.
MyHealthChecked said it is shifting its focus from Covid-19 tests to its wellness tests. Last month, it launched five new at-home cheek swab tests for Intolerances & Sensitivities, Weight Management, Heart Profile, Vitamins & Minerals and Glucose Management.
Although Covid-19 infection rates have increased recently, ensuring demand for its Covid-19 test kits, the company cautioned that the market was unpredictable and volatile, making it hard to predict how long the increased demand will last.
"The global economy is seeing recovery from Covid, however trends indicate that priorities remain with Covid testing," said Penny McCormick, chief executive.
"Whilst we will continue to monitor this and provide our services directly and through the UK's top high street pharmacy retailers, our focus now shifts to our wellness tests that we will be launching with Amazon shortly."