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MyHealthChecked PLC on Tuesday announced it struck a deal to sell its trading subsidiary Concepta Diagnostics Ltd to retailer Boots UK Ltd for £2.4 million.
MyHealthChecked, a Cardiff-based home-testing healthcare products firm, will be a cash shell when the deal concludes.
‘Concepta distributes and commercialises a range of at-home healthcare and wellness tests and has developed an accompanying proprietary digital platform. The company has worked closely with Boots to develop its wellness portfolio and digital offering since its launch in May 2023 and has developed the platform to meet Boots’ requirements since the relationship began in May 2021,’ MyHealthChecked said.
MyHealthChecked said Concepta is likely to be loss-making for the foreseeable future, so a sale is in the best interests of shareholders.
Shareholders will vote on the disposal at a general meeting on November 4.
Chief Executive Officer Penny McCormick said: ‘During this past year, operational costs have not been offset by Covid sales, demand for which has declined significantly, and despite growth in the sales of wellness tests and tight cost controls, the loss for H1 of the current year has been broadly comparable to the prior year.’
She added: ‘We have regularly updated shareholders throughout the development of a longstanding working relationship with Boots, which has potential to be a significant player in the growth of home testing. As we look to the future, we have identified Boots as the right partner to take forward the MHC portfolio and drive home-testing as part of a wider range of healthcare services.’
MyHealthChecked shares dove 13% to 8.67 pence each on Tuesday afternoon in London.
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