Fortis Frontier (LSE:FORF) — Preliminary results for the year ended 31 December 2022

0:01 Good afternoon and welcome to the My Health Checked PLC Preliminary Results Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time by the Q and A tab situated in the top right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll.

0:30 I'd now like to hand you to CEO, Penny McCormick. Good afternoon. Good afternoon, Alessandro. Good afternoon, everyone. Thank you very much for making the time for us this afternoon. And without further ado, I will run through the slides with you. To introduce myself to those of you that are new, to My Health Check or new to me to meet for the first time, as Alessandro said, I'm Penny. I'm the CEO of My Health Checks. I've been running the business now for just over three years, and I joined my health check with a background in consumer health and wellness, providing medical devices and products into the consumer retail space primarily in The UK, but also then with a a global distribution network, throughout The UK. So for many years, I've worked with UK retail, and particularly been excited in the last few years to really be developing those relationships under the umbrella of COVID and everything new that that's brought to us. It's been a a really interesting time for us.

1:34 So I'm joined today by Nick, who is our CFO. Nick and I have worked together previously. Nick has got a depth of experience working with past growth organizations, including the BBI Group where we work together, in the diagnostics industry. And we're joined online by our chairman, Adam Reynolds. Adam also brings a lot of diagnostic experience as do our wider board members. And Adam will be online later on the call, in case anyone's got any questions. So we join you today. I represent my board, board of strength. We have Neil from Philips, and also Leslie who acts as our company secretary. So a really strong and supportive board who, alongside me today, are really proud to be announcing and sharing the results with you.

2:25 So the performance overview for us, as we said, a a second year of consecutive excellent financial performance. So revenue achieved for us over the last two years of over 38,000,000, ending the year on a fantastic strong cash balance to really set us up for a growth phase for the organization. So our primary aim, has been to really generate cash for our business this year alongside really securing our presence within the marketplace

2:55 so that we can build on our retail connections whilst ensuring we have the cash to really grow our business and invest in a new product portfolio moving forward. So we've achieved an awful lot, in this second year of success for My Health Check since we, changed the direction of the business. And we've soft launched our products, our DNA portfolio earlier last year, which we will be talking to a little bit more. We've continued to invest in our new product pipeline. We now have you know, we we ended the year with a a a big portfolio. We started 2022 with with four product SKUs, and we've ended the year with considerably more products, which I'll be talking to you about shortly.

3:41 And really growing those b to b to c relationships, which are really so key to us, and very much part of our business model. So I'll just hand you over to Nick now who's gonna talk through some of those key financial highlights, which we're extremely proud of for the financial year 2022. Thank you, Penny. Good afternoon, everyone. I am again pleased this afternoon to share with you the financial highlights for My Health Checks PLC's FY twenty two performance. You will see that we have delivered another strong set of numbers and performance into '20 into FY '22 off the back of FY '21. Revenue for the year increased by 36% to 22,300,000, up from the 16.4 due to significant demand from the top high street pharmacy retailers for the COVID lateral flow tests.

4:34 Gross margins, reduced from 31% down to 21%, reflecting the change in product mix from the processing of higher margin COVID PCR tests to the distribution of the lateral flows in a highly competitive market. In addition, capitalized costs amounted to 328,000 associated with the development of COVID under the under the on the digital platform were fully impaired during the current year through the cost of sales. We've also continued to invest across the business during f y twenty two, which amounted to gross naught 800,000 into the platform for the new products, pipeline, and platform, of which naught 300,000 was capitalized and 500,000 was expensed. The EBITDA for the year was 2,300,000 compared to last year's performance of 2.7.

5:25 FY twenty two saw the ongoing investment into the platform as previously mentioned. And, obviously, we spent 856,000 in total, of which 546,000 was expensed to the p and l. Cash at the end of the year was 7,600,000 compared to the 6.4 at f y twenty one. And then during f y twenty two, we generated 1,600,000 from operating activities compared to 3,000,000 in f y twenty one. Again, closing the year on a solid cash performance, which as Penny mentioned, is looking to give us the the springboard, coming forward into f y twenty three. Thank you, Penny. So it's been another big year for us. I think as everyone is aware, we had a focus on PCR testing in 2021, and then we were able to leverage the relationships that we've built and build upon the reputation that we'd secured in 2021 to really set up an extremely robust distribution channel for the Flowflex lateral flow test. So for us, relatively early stage in the process for my health checks and how we changed that direction of travel.

6:35 We we made over 300 shipments in the financial year. We had some astonishing performance last year with a month in July of just shy of 7,000,000. So, you know, really working through the peaks, through the COVID business and making sure that we managed our supply chain extremely well. We put over 17,000,000 tests into the marketplace, and we met the needs of all of our customers. And and as I say, really built on that reputation that had started in 2021 when we launched the PCR tests. And for us, really intending to be building upon those relationships further, as we move forward. I mentioned the DNA portfolio. We we soft launched the portfolio in summer of, 2022.

7:23 This was a portfolio that we committed to bringing to the market. It was very much the realization from our acquisition of the Genome Store. And we said that we would bring new products to market and we would demonstrate our ability to do that, and we did. And we brought five excellent products, into the space. And ultimately, now as we move forward and roll out our plans for retail now beyond COVID, we look forward to sharing further news regarding, those DNA tests, as we expand our portfolio out into the retail space. So this b to b to c relationships are critically important to us. You know, while we do have a customer facing website and yes, we've put our DNA products on there. Our strategy isn't around being direct to consumer.

8:09 It's very much a a placeholder and a shop window really just to demonstrate what we do. But actually for us, we've proven now for two consecutive years that really gaining that distribution network with some of the biggest retailers in The UK is very much our strategy, that we want to continue to to realize. Nick's talked about the investment in our portfolio. With regards to our digital platform, platform, we've invested, 500,000 in terms of that, beyond our COVID business. Our digital platform is very much our asset. Everything that we build on there is unique to us. The journey started with the acquisition of Nell Health in 2021, and our priority as far as our digital platform is concerned is to build our own unique platform that's scalable, is digital healthcare centric, and it will contain data and trends that are gonna be unique to us and our customers. So as we continue to expand with the retail customer base, we will be gathering the information and learning from our customers moving forward.

9:16 And throughout all of this, it's been essential to us that we built out a portfolio of really, really robust, trusted, and accredited, partners. So we work with other laboratories who operate under the correct ISO standards. We work with medical oversight and from CQC organizations. And we ourselves are going through our own continued journey through quality standards, through Cyber Essentials Plus, and as you would have noted this morning, submitting our own health care inspector of Wales application. So before long, we will be a health care inspector of Wales organization, And that will allow us to build on top of everything that we've already built. It will allow us to provide greater GP oversight.

10:05 It will allow us to provide a service that gives phlebotomy services, which is the drawing of venous blood for customers who would like to run our tests. And it's a good demonstration of just really how we're growing our business model out from just these initial DNA portfolio to a wider range of tests and services, that are gonna be complementary, to our customers.

10:32 Our vision ultimately is to deliver a trusted compliant digital platform. And with this, we really want to tailor services through our customers that optimize individual's health so that they can uniquely benefit from a long lasting relationship with their test provider. And that's a really, really key point because testing for end users provides a really unique opportunity to actually have that journey and relationship with the customer for a very long period of time because it's about the test as the starting point. It's about ongoing testing. It's about the supportive services and guidance and product recommend recommendations that follow off the back of that. So we're building out our platform to really make the most of that with the customer requirements very much at the heart of what we do.

11:20 So this will give accessibility and autonomy. It really empowers customers to understand what's going on with themselves and make the right choices in doing that. Embedding a relationship through the digital app and really building out that community and sharing where it's relevant to do so, and really create a depth in that post testing relationship, which ultimately brings long term value. And very much working with our b to b partners to really understand their requirements as well and making sure that what we're building is suitable for them as our clients and for their customers as RNGs. Just to touch again on the slide, I know some of you will already have seen, but there's so much information out there around how the market's evolving.

12:07 We know that there's been a seismic shift shift post COVID and people's desire to really make changes and understand their own health care more effectively whilst being impacted by some of these changes going on with the the NHS has been really key. So we will be prioritizing initially, as we've always maintained those soft diseases, initially and also some of that direct to consumer and preventative care that's going to become so much more relevant, as people's views and behaviours around healthcare continue to change. So I touched on the NHS there, we're all aware of some of the challenges around that. We're aware of how community pharmacies being impacted as well. And really understanding how the consumer is going to become much more the the expectation is that the consumer is going to become much more, in the driving seat around their own health.

13:02 They're going to become much more informed, and making their own decisions around testing and and what happens next. And we're really, really well placed, to support them on that journey. The growing demand for the home testing market, the numbers actually are just increasing. And the latest figure that we've highlighted here, and in our announcement this morning is that over $45,000,000,000 market for the home testing space by 2031. Yes. So in just eight years, that growth is expected to be phenomenal. So there's room for a lot of providers here to really make sure that they're providing testing services and support for people at different stages with different requirements. And what we're offering here is a range of products, some of which are around wellness and just really understanding, you know, what's happening with me, what can I do to optimize my wellness?

13:57 And we're also looking at conditions where people really want to try and understand what's going on. So where we're looking at something like PCOS, for instance, considered to be, you know, a a little bit more, clinical and a requirement then to go on and have further investigation around that. So there's two parts to our portfolio, both of which we're expecting to see consumer demand growing. So here's the range that I shared with you last September. And this is a fantastic range of products. There's 23 tests here, which is really quite phenomenal. I was talking to one of our key customers recently who we haven't spoken to for a little while. And they said, wow, this range actually, you know, it really looks fantastic. It's really extensive.

14:45 So we have here 12 blood and urine tests that the customers collect a sample at home, and that goes off to the laboratory. But they could just as easily be collected using, an in store sample in various locations, at retailers, at home for instance. We also really uniquely have five DNA products that everyone is already familiar with. And if you recall our whole ethos around the acquisition of NAN and what we wanted to sorry, around the acquisition of the Genome Store and what we wanted to do here was really provide simple DNA tests that customers can understand and they can follow the guidance given and really understand their own health and make differences to themselves. We've also got six lateral flow tests here for which we are the distributor in The UK. And these we call screeners that just allow you to have a to to carry out the the sample collection yourself and then also interpret the test result yourself.

15:45 So a very, very unique portfolio here. This isn't just around, different conditions that we're looking at. So here when we look to to categorize these men's health, women's health, cardiovascular, weight, nutritional, and general well-being, but we're actually looking at tests across different testing types. We've got different sample types and different testing types. And these can be brought together to really offer, a complimentary service to the end user. Some one person may just want to have a screener. One person may want to start with their DNA and really understand their own blueprint. And then either of those customers may want to go on and take regular laboratory tests because some customers will have that preference where actually I'd like my sample to be analyzed within a laboratory.

16:36 So a range of offerings for the end user, which is truly unique to us, and I think this is where we've seen that we're getting one of the reasons why we've had interest within the retail market. Apart from that reputation that we've built, we truly have built out a unique offering here that's extremely complementary and will meet the needs of lots of different customer types. So just to really summarize on those, I've touched on it just there, you know, an initial screener is a first step. You know, it's a lower price point starting from £810. It's ten to fifteen minutes typically to a result, and it gives you generally, you know, a threshold response whether you're you're over a threshold. That's a really easy for the customer to understand or a yes, no presence of a biomarker.

17:25 And, of course, you know, we've put so many COVID lateral flow tests into the the marketplace. You never has there been a time when lateral flow tests are so well understood by the end user just to give that initial result. Then the second part of the portfolio is the blood analysis or blood and urine analysis test. So this is digging a little bit deeper now, built with our NHS doctors and tested our accredited laboratory. Typically, the result is given forty eight hours from lab receipt. It gives a quantitative measurement and a report that that goes with that. It's very much self-service, but with verified results from the GP, and comments there that help guide on what to do next. And then the DNA analysis which we think of as you know, digging deep. Know, this is really understanding your blueprint.

18:15 It's really understanding about yourself and what works for you that might be different to somebody else. So it's a really easy to use buccal swab that you just, swipe the inside of your cheek, rigorously selected snips, which we maintain the standards here. This isn't about putting a panel out into the market and giving people a 150 different SNP results. This is around hand selecting SNPs that have to meet meet a certain level of rigor to meet our standards that we'll put them in our tests. So if we don't believe that there's enough of an evidence based around a SNP to prove that that result will be sufficiently meaningful, then it simply will not be included within our portfolio.

19:01 And this is something that's from our acquisition with the Genome Store and then further supported by our acquisition of mental health, we've always been extremely honest to, and we have stuck with this. This isn't about overwhelming customers with lots of results that they're not necessarily looking for. It's around really cherry picking a really high quality set of SNPs that we believe will be meaningful to the end user. It gives a bit of a glimpse into the future. It takes a little bit longer at the lab, and we give results typically within seven to ten days. That validation process I've talked about, and we really wanted to make these much, much more affordable than DNA tests that are typically available in the marketplace. So I hope that helps explain why we've brought this range of tests to the market and also to demonstrate that it really is a unique offering.

19:53 And all of this is backed by the digital platform that we acquired from NALL and that we've invested in further building out and that we will continue to do so. The customer journey is essential in everything to do with at home testing. You know, whether it's a lateral flow or whether it's a DNA swab or anything else in between. You know, customers need to be able to collect their samples correctly, and in the case of self test, they need to be able to read the results correctly. So how we interact with them and how we support them through that journey is really, really key. It's not just about leaving somebody to their own devices. It's about really helping them through that process and journey and building out that relationship. So we are at the start of the journey, with our portfolio and our customers, and our focus is going to be very much on building out this flexible digital platform that meets the needs of our customers.

20:48 So it's highly scalable scalable. It's been built to be versatile so that it meets the needs of both our b to b partners, and also our end users.

20:58 It comes with really simple APIs that we can connect through so we can work well with other partners. Whatever guys that relationship takes, whether it's a, you know, just a a partnership approach or if it's a customer or whether it's something much bigger like a JV or or m and a. We've really built this out to meet the future needs of our organization. And then we've got that flexible and customizable user experience so that we can really, you know, mold and develop both the front and back end to meet the customers' needs.

21:38 So how we'll build on this year and that investment into commercialization?

21:42 So the solidifying of our brand and our tone of voice and really taking the communication strategy out. We are looking to launch our products this year, in a very short space of time, in fact, and I look forward to sharing further updates with the market. But as with any launch, it comes with, the marketing support that that will be needed there. We really want to drive trialing and drive awareness, and really work with our business partners and to make sure that we all benefit and our customers benefit from information that we're sharing with them and how we're informing them about the reasons for why these tests are going to be important to them. We are always focused on increasing UK distribution.

22:29 Yeah. This has always been our ultimate aim, and our shareholders would have seen the results of doing so in the last two years. That distribution is key for us. And to do that, we will grow our team, and grow our our commercial heads, and very much with a strategy to grow out our retail offering, and also to to grow into new business to business sectors. We want to grow our digital exposure and really look at referral and influential marketing channels. And again, as I said, we'll work with our big profile partners to be able to do that. You know, we we work with some of the trusted most trusted trusted brands in consumer health care, so we will be looking to partner and leverage those, as much as we can. And I've also talked about, our GP, our doctor review content and advice, that really translates science into digest ible advice.

23:25 And I've mentioned health care inspector at Wales there. And what that means is that that we will continue to operate in a way with extremely robust governance. Customer safeguarding is going to continue to be critical for us, but it now comes with a benchmark that we need to consistently reach. So we're excited about the challenges that HIW has brought us. I'm looking forward to sharing news of when we will be operating fully under HIW, And we expect that to be, in the very near future. And that digital investment on CRM really converting, retaining, and upselling, you know, whilst our customers will be selling our products, the relationship comes to us. So the sample comes to us and that relationship with the customer is is ours, to own. So very much, again, that relationship I talked about and that long term value, how we interact with our customers and stay close to them, how we communicate with them is going to be key.

24:26 So key takeaways for us. It's been an a year that we are extremely happy with, and I'm being delighted to share this with you. We really believe that we have worked incredibly hard to deliver excellent shareholder value. We caveat that that's different to the share price, but in terms of shareholder value and building out the business, that is what we've delivered really well with that fantastic increase in revenue, up 36%, in 2022, and leaving us with a very strong cash position so that we can fund our own growth. You know, as we go through this period of economic uncertainty and volatility, we are in a very strong position, and we've committed to that, and we've delivered it.

25:15 We are building onwards from COVID, and leveraging opportunities through our strong service delivery. So everything that we've delivered in the last two years, I I think of it as in two phases. The first phase of COVID with PCR and the second phase with lateral flow. They've had two different requirements. Lots of crossover, but two different requirements. And in a very, very short space of time, we've really demonstrated our ability to meet the requirements in terms of delivering that. Here we are now going into our new phase. In many ways, the most important phase for us as we really start on this journey beyond COVID, and really build on top of the great reputation that we've already secured. And the new product portfolio is ready to launch, and we'll be, as I very excited to be sharing news with shareholders shortly.

26:07 The fundamentals are in place to deliver a growth business, which is why we're here whilst meeting the needs of our customers while we do that. So we've proven our team's capabilities. We've there's been a we we backed ourselves in terms of the business decisions that we've made and really delivered on our promises, to to meet the market requirements and to meet the needs of both our clients and our end users. So we've got that team. We've got that robust infrastructure, and 2023 is very much about a year on building on top of that. Our range is quite extensive for for where we're at. You know, to be sitting here in 2023 and bringing 23 new products into the market is hugely exciting, and we've built that range out to give us the opportunity to further diversify, really focus it. This is this is a new category.

27:02 You know, a lot of what's being done here hasn't been done before at this level. So we're really excited to be leading the way here, with our retail partners. And we are looking forward to seeing how customers interact with products, and that will really help to guide us where we want to go to next. We've got a really good pipeline, but we're really looking forward to getting the products out there in the hands of our end users and really learning from them, as we we go through, this new stage. As I said, this is a new category. We've seen a lot change in the last couple of years, and we're excited to hear how customers are gonna interact. And as I always share with investors, we remain proactive in our evaluation of attractive earnings enhancing m and a possibilities. You know, it is a it is market that's moving at the moment, and we look with interest. You know, there are a number of opportunities for us that are interesting, and we will continue to monitor those to make sure, that when the time is right, we make the right decisions around where we will invest in our business.

28:07 So just to close off everyone, and finish on our message, which is that nutrition is the foundation of good health, and good health is the foundation of everything else. And, you know, this is a message that's being increasingly understood. It all starts really, with with what we eat and for those of us that operate within this space, you know, whether we are looking at tests that are more directly around this or whether we're looking at tests that are much more around some of the conditions, that may be a little bit more worrying to people. It's it's gonna be key, that key message that what we how we, provide nutrients to our body plays such an important role for us. So really looking forward to accelerating our plans within this space growing that portfolio across both nutrition and also in terms of some of these conditions where people need answers.

29:03 So that's it from me, everybody, for now. Thank you very much for for listening, and thank you for your continued support, in My Health Checked. I know that there are some fantastic sentiments behind the business, and a real belief, in the organization, the management team on board, and the efforts of all the team that goes on behind the scenes. And I can assure you that they are that we have a truly committed team. We're very, very proud of what we've achieved, and I'd like to thank investors for your continued support. And I think, Alessandro, you've probably got some questions for us now. Yes. We do. Penny and Nick, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab, which is situated on the top right hand corner of your screen.

29:53 Penny and Nick, I want to start off the q and a session with this first question here, which reads as follows. What are you going to do about the share price to bring value to the shareholder? Okay. So share price. So there there's two elements into the question. Thank you for that, Alessandra. One is around the share price, which as I've touched on, we we cannot control. I wish I could. I wish we wish we could, but we can't. And the other is very much about value. And we firmly believe that we have demonstrated our commitment to shareholder value. We put a huge amount of effort in to delivering that. We've delivered excellent financial performance, profitability, and we've got a great cash position. So that tick tick tick regarding shareholder value, and we absolutely stand by that.

30:41 But what our job is to do now, is to really make sure that we can realize future potential growth in the portfolio that we've built. And this is about having a really strong market presence and expanding of our team, which is underway. It's building that robust business. It's rebuild it's building a robust portfolio, and it's about getting that distribution out there. So we shared in the CEO and chairman statement, you know, we we are already expanding our team this year and we'll continue to do so through 2023. And then once our portfolio goes live and we're established within the market, we'll really build on the momentum there. You know, what I think once our shareholder base can see and touch the products that are out there, you know, things will change, and that mindset will change. And I hope that that recognition of the value that we're bringing.

31:33 For me personally, I will always say that my primary commitment, is to really drive shareholder value. And I do that by running the business as well as I can, and really delivering on that strategy, which I'm fully committed to continuing to do. But there are when we come back and talk about the share price, there are some levers there. That as a PLC that we can use, and it's important for us as a board, that we are always considering those options. So share consolidation, which will reduce volatility for us, and moves us out of that penny share stock. And, you know, really looking at using thinking about how we can really use our cash beyond reinvestment in our product.

32:21 So we do have the authority to buy back shares, and we will keep our shareholders updated as as things progress on that front. But for now, please have my assurance that my commitment is always on shareholder value, and we're extremely focused on delivering our strategy. Penny, also, I think it's so responding to that question is that the current share price is effectively the cash we have in the business. It doesn't include any of the stock we've got and really what we're doing moving forward. So we're trading at cash. I think that there are some big disparities in the marketplace, but I think, hopefully, we'll prove ourselves over time. Thanks, Adam. Perfect. Thanks very much for that, Penny, and thanks to you, Adam, well.

33:11 Next question here. Why are the new products late, where was the explanation to the market? Okay. So I think I think it's really important that we just reclarify our customer base here and what our business model is. So we are a business to business to consumer organization. So our most effective product launches will always be driven alongside our retail partners, always. And these are some of the biggest consumer businesses in The United Kingdom. And if we are working with them, we're going to work alongside their time scales around that. So, you know, the when when we're the kind of partnerships that we're looking to work with, you know, they're they're extremely considered.

33:58 They're extremely researched by our partners, and that can take time. And as I've mentioned already, when we look at this testing space, for instance, it's a brand new category. So considering how best that should be done is hugely important. So, you know, we we're here to work with our customer base, and build on that trusted relationship that I've already talked about extensively today. So we're really looking forward to updating our shareholders when we can. But we work in a sensitive space. Anything that ends up with the consumer is highly competitive, and we need to honor and respect the sensitivities that our customers have in place. So we are currently in advanced discussions, and we look forward to to keeping everybody abreast on that. But I really hope that clarifies the position. You know, we can we could certainly be sort of throwing products out all the time, but actually the most effective launches and those that are going to gain most traction and help us to stay ahead are those that are going to be executed in partnership.

35:04 And much as I would love to say, for instance, I'm as as big as some of our customers, that's certainly an aspiration, but it's not where my health check is today. So we very much are here to support and work alongside our retail partners. Perfect. Thanks very much for that, Penny. The next question here reads as follows. Why is there no marketing and sales strategy for the wellness products? Okay. That's a question. It's a little bit a little bit along the same lines. I'm gonna answer a bit along the lines of the one I've just answered. Well, there is a marketing strategy in place, but it's just not in the public domain because that would be it just wouldn't be appropriate to to do so. We're we're building out our launch campaigns with the relevant parties, to to make sure that we can understand what they're looking to achieve, and their customer base and how they're going to approach this and and very much work with them.

35:58 So our aim is gonna be to to drive trial and recommendation and really help customers understand the value of products like ours. It's gonna be essential to us that we're not burning through cash, which can be very easily done on pay per click activity, for instance. You know, there are, tests available out there and, you know, we we could be burning through tens, hundreds of thousands of pounds a week, on on PPC. We won't be doing any of that. We'll be working very much with our partners who've got the distribution to really make sure we can effectively get our products where we want them to be. And again, look forward to keeping our shareholders up to date as as those plans develop and are finalized. Perfect. Just just turning to the next one here. What will be different in regards to the release of the next line of products compared to the first batch?

36:49 Okay. So the originals FORFIR was a soft launch. And as I've mentioned, you know, I we were really keen to demonstrate, you know, our ability to bring the products to market that we that we said we would. And, you know, we we we could have kept them and very much worked as part of the retailer strategy that I've just talked extensively about. But actually, we wanted to show our shareholders that that we can do that and that we know what we want our products to be and that we can bring them to market. But it was very much a soft launch and always planned to be part of a wider portfolio and always planned to be, being rolled out with a much greater distribution channel. You know, we are not a direct to consumer business, but, you know, we we put we put them on the shop window.

37:37 We put a soft launch there, but but very much looking forward to rolling them out as part of something much, much bigger. As we've shared this afternoon, when we're talking about the difference, we've got a truly unique offering here from lateral flow to test right through to to DNA sampling. So this is really, really unique to us. And I said we'd be building through a retail partner which is extremely unique, you know, different test types for different conditions through retail. That's really unique and we're really looking forward to 2023 being the year where all of that happens. Perfect. Thank you very much Penny. Can you please talk a bit about the current competitive landscape and your differentiator in the market?

38:27 Okay. I I think I'm I I don't wish to sound like a broken record, but I think I I just just touched on some of that, that the unique offerings we're putting out there and that retail distribution. You know, it is a busy market out there. COVID was busy. Lots of companies have pivoted. You know, it's a busy old space out there, and it's a new category for consumers. So there's going to be, you know, as time goes on, we expect that there will be a greater demand for these kind of products, but there'll be a finite number of suppliers that are gonna be successful in this space over time. And we've shared some of the key ingredients that we really believe are gonna give us that longevity, within the space, which is a 100%, our focus. So the winners will be really well tuned into the customer, and we'll build digital solutions that will really tap into the needs of those different types of customers.

39:25 You know, I I know and I certainly hope that shareholders, you know, understand the challenges around sharing information, before a portfolio, is established. You know, really I would love to be able to come out and just be constantly sharing, you know, what we're building and what we're doing, but we we I've already shared the reasons that that we can't do that. But as we build our position of strength in the market and see momentum building and see the portfolio building, this is still early days for us, but come with us on the journey, because it's just the start of, our strategy beyond COVID. The one that we shared back in November 2020 when we acquired the Genome store, But since then, you know, we've we've been offer achieve achieving a whole load of other things. But in addition to that, I just want to add, you know, the quality of our service is really key to us.

40:16 We demonstrated this fully through COVID. You know, we came we came along and we got selected by two of the biggest, pharmacy retailers, and we did that through the quality of our product, and we proved that everything that we said our product would do, it did. So we're really enjoying the evolution, as I said, of what health care in Spectrum Wales brings because it just adds to that. You know, we want to just keep getting better and building so that we have confidence that we will be able to meet the needs of our customers and keep them safe. So, yeah, we're we're really excited about being a business that operates under HOW, and also that will be alongside our move into twenty seven thousand and one as well. So lots changing for us. We we are just going from strength to strength and want to continue getting better.

41:08 Perfect. Thank you very much. That actually concludes the questions we have time for today. But, of course, the company will will review all the questions submitted, and we'll publish those responses on the investor meet company platform. But just before redirecting investors to provide you with their feedback, which I which I know is particularly important to the company, Penny, could I just ask you for a few closing comments? Absolutely. Thanks, Alessandro. We really couldn't be more proud of what we've delivered and the results that that we've that we've shared today. You know, on a personal level all, and I know I share the sentiments of my board, you know, I I do understand that the market is tricky and that share price can be really frustrating. You know, we we feel it all the time. But I can say, you know, when I took on this role, when we took on this role, when Nick signed up and joined our business, you know, we we didn't think that we would be here necessarily sharing the results that we have done in the last two years, and we're incredibly proud of that. I'm delighted to be sharing this with you. You know, the share price hasn't reacted, but we we cannot control that.

42:12 We can't control the stock market, but everything that we do is around our commitment to delivering the best shareholder value that we can. It's a really, really exciting time for consumer health care. And for us being front and center, with the most important, health care partners in retail is really our goal. So we are in this period of uncertainty, but during this time, we've set ourselves up well for success. We'll continue to be well placed to continue to roll out, our portfolio, to continue building on our digital platform and investing, and continuing to really grow strength and experience and talent within our team, and most importantly, taking the time to really, really get close to our customers so that we can bring out technology and products that really meet the needs of our customers in this really evolving marketplace.

43:05 So we're excited to see how customer behavior is gonna change. You said I've I've been in this industry now for eighteen years. It was two thousand and five that I joined BBI that lateral flow was something that I haven't really had any experience of, but, you know, was considered then to be, you know, a a very simple technology to use, but but not really one that was setting the world alight on that time at that time. Well, well, things have changed, it's been really recognized as as important. And after all of these years, it's you know, I'm delighted to be seeing this now coming into the consumer health care space much, much more than it has been previously with with simply, you know, fertility tests, for instance.

43:50 So a really exciting time. It's been a long time coming, and I'm really, really proud to be leading the business through in this real time of consumer health care change. So thank you again, everyone, for your time this afternoon. On behalf of Nick and Adam, we really appreciate, your your interest, and your patience this afternoon. I really hope I've answered your questions. I really hope I've shared as much as I can, and I hope you're as excited about the future opportunities, as we are. Thanks again. Penny, Nick, Adam, thank you for updating investors today. Could I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations?

44:36 This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of My Health Check PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all. Thank you. Thanks all. Thank you.