MyHealthChecked shares fly on COVID-19 testing demand

The MyHealthChecked share price (AIM: MHC) enjoyed a double-digit increase on Wednesday as the home-testing healthcare company revealed a stellar increase in revenues for the half-year.

With revenues coming in at £3.27m compared to £12,700 for the equivalent period last year, MHC benefited strongly from the demand for COVID-19 testing services.

With its COVID-19 testing services being included on the Government’s flight-related testing schemes including “Fit to Fly” and “Days 2 and 8 Testing”, the company has seen strong demand for its service, aided by its partnership with Boots.

Of note is that revenues were particularly strong in May and June – with £3m of sales being booked in the last two months of the reporting period.

The firm added that it expects these heightened levels of demand are expected to continue into the summer.

Commenting on the results was CEO Penny McCormick who suggested the business is laying the foundations for a successful firm beyond COVID-19 testing:

“The first half of 2021 has seen a transformation of our business ready to capitalise on the commercial opportunities before us. As I explained in our recent Full Year results, we are now a business with a highly credible, compliant and successful pharmacy customer, a high street presence, a proven service, and with an operational and commercial set-up which is now delivering growth in a regulated product, poised for the needs of the market as we enter a new period of social freedoms in 2021.

“Whilst this is an exciting opportunity, we are mindful to ensure a strong pipeline of genetic tests outside of COVID-19 to secure the firm foundations of a business backed by robust science and innovative technology that can deliver long-term sustainable revenue growth.”

The MHC share price is currently up by 17 percent at 4.18p.

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