Goodbody Health : 2022 financial statements – Year ended December 31 2022

DocuSign Envelope ID: AE7CDEA9-5FE3-4F4F-9332-F0D5280C6CBF

Goodbody Health Limited (formerly Goodbody Health Inc.)

Report and financial statements

Year ended 31 December 2022

DocuSign Envelope ID: AE7CDEA9-5FE3-4F4F-9332-F0D5280C6CBF

Goodbody Health Limited

Contents of the financial statements

For the year ended 31 December 2022

1. Directors and company information
2. Chairman's statement
3. Strategic report

9 Report of the directors

14 Corporate governance statement

1. Statement of directors' responsibilities
2. Independent auditors' report

1. Consolidated statement of comprehensive income
2. Consolidated balance sheet
3. Consolidated statement of changes in equity
4. Consolidated cash flow statement
5. Notes to the financial statements

Goodbody Health Limited Annual report and financial statements 1

DocuSign Envelope ID: AE7CDEA9-5FE3-4F4F-9332-F0D5280C6CBF

Goodbody Health Limited

Directors and Company Information

For the year ended 31 December 2022

Directors

The Directors of the Group during the period were as follows:

Executive

Geremy Thomas

Marc Howells (Resigned 30/11/2022)

Anne Tew (Resigned 22/12/2022)

George Thomas

Non-Executive

Mark Blower

Clive Standish

Secretary and registered office

Company Secretary - Anne Tew

Assistant Company Secretary - Oak Group, PO Box 282, Oak House, Hirzel Street, St Peter Port, Guernsey, GY1 3RH

Registered Office: PO Box 282, Oak House, Hirzel Street, St Peter Port, Guernsey, GY1 2NP

Company number

Guernsey register number 70962

Independent Auditors

Haysmacintyre LLP

10 Queen Street Place

London EC4R 1AG

Solicitors

Collas Crill LLP	Hill Dickinson LLP
Glategny Court, Glategny Esplanade,	The Broadgate Tower
PO Box 140, St Peter Port,	20 Primrose St
Guernsey, GY1 4EW	London, EC2A 2EW
Bankers
Barclays Bank, 1 Churchill Place, London E14 5HP
Nominated AQSE adviser and broker
Peterhouse Capital Limited
80 Cheapside,
London EC2V 6EE

Registrars

Computershare

1st Floor, Tudor House, Le Bordage, St Peter Port, Guernsey GY1 1DB

Goodbody Health Limited Annual report and financial statements 2

DocuSign Envelope ID: AE7CDEA9-5FE3-4F4F-9332-F0D5280C6CBF

Goodbody Health Limited

Chairman's Statement

For the year ended 31 December 2022

The Group was faced with many challenges in 2020, along with most other businesses, due to lockdown and took a number of decisions to support ongoing operations. These included a reverse takeover of Stillcanna, a Canadian entity listed on the Canadian Securities Exchange (CSE)which owned Cannabidiol (CBD) extraction operations in Europe. At the point this decision was, taken it was anticipated significant benefit would be derived from the assets of that business and also hoped that being listed on the CSE would help generate a strong market to grow the share price. Unfortunately, the CBD market never grew as predicted, in part at least due to the delays in the novel food process in both Europe and the UK and therefore these assets were not generating the anticipated levels of business and income. The CSE also required a lot of investment for limited return. During 2022 the board therefore decided to focus on UK operations and delist from the CSE, migrating the company to Guernsey which was successfully completed in August 2022. A sale for the extraction plant in Poland was agreed in December 2022, subject to Polish authorities' agreement, and is expected to conclude in the first half of 2023. This removes an area of the business that was draining cash from the group. The other CBD businesses are expected to cover their operational costs in 2023.

The second decision taken during the pandemic was to use the CBD shops as COVID testing clinics and this proved to be a huge success leading to over 100 partnership with pharmacies to deliver these testing services by the end of 2021. This success led to further development to grow diagnostic testing through the expanding network to include other healthcare providers which was the strategic focus we had in 2022 and will continue to have in 2023. Successes during 2022 include:

• Contracted over 200 clinics across the UK
• Care Quality Commission (CQC) approved for testing services and minor treatments.
• Developed a new high-tech patient booking system that can easily connect to partner systems developed allowing for Multiple new contracts to be signed in early 2023 with commercial screening, health and wellbeing companies.
• Genetic testing with a focus on cancer testing added to diagnostic blood testing.
• Developed a technology driven mobile phlebotomy service launched early 2023.

The focus for 2023 is to manage costs to focus on growth of the new business services through developing strategic partnerships and not to spend cash on non strategic activities. I look forward to us demonstrating this success.

Geremy Thomas, Chairman

20 April 2023

Goodbody Health Limited Annual report and financial statements 3

DocuSign Envelope ID: AE7CDEA9-5FE3-4F4F-9332-F0D5280C6CBF

Goodbody Health Limited

Strategic report

For the year ended 31 December 2022

Business review

Goodbody Health Limited (formerly Goodbody Health Inc.) is a publicly traded company that was originally incorporated in Canada and redomiciled to Guernsey after delisting from the Canadian Securities Exchange on the 19 August 2022, with offices located at The Blue Building, Stubbs Lane, Beckington, Somerset, BA11 6TE, UK. As a result of this, the company changed its name from Goodbody Health Inc. to Goodbody Health Limited. The Company's ordinary shares are traded on the AQSE Growth Market ("AQSE"), under the trading symbol "GDBY".

The UK has a national health service (NHS) that is over-stretched in both diagnostics waiting lists and treatment and is critically underfunded. The market for private healthcare using modern diagnostic equipment and genetics is hugely exciting.

Goodbody is positioned as part of the private healthcare revolution in diagnostic wellness testing and services. Goodbody helps consumers, pharmacies, GPs, private companies, and the NHS deal with the increasing needs for pathology, genetic testing, phlebotomy, and pharmacy consultations for those without symptoms, to support preventative health interventions and lifestyle changes to improve future health outcomes offering the following:

• We work with over 200 delivery partner clinics including independent pharmacies, dentists, gyms, and other healthcare providers throughout the UK to offer our blood testing and health assessment services.
• We have partnered with well-known accredited laboratories such as Eurofins and Everything Genetic for our testing analytics.
• We have over 80 tests to include venous draw and home finger pricks blood tests, hereditary cancer genetic tests and additionally a virtual GP referral pathways.
• Our support and compliance infrastructure includes inhouse experience, ISO accreditation and Care Quality Commission registration
• Our established UK wide pharmacy network has undertaken over 250,000 tests, with this growing daily.

Our product and service portfolio encompasses 'now' and 'future' testing - from finger prick tests that detail your state of health 'now' to hereditary genetic testing that details the potential risks of hereditary illness in the future.

The strategic direction remains focused on clear opportunities in Health & Wellness products and solutions in prevention and early diagnostics where steady growth is still clear. From our website to 3rd party onsite blood testing stands, Goodbody have a multi-channel approach to serving consumers as a local and national level, combining technologies to offer the most innovative solutions to our customer base through working with 3rd party partnerships.

We have built a brand based on accurate testing and a quality service. We have also taken significant steps in restructuring the Group, to simplify the structure, reduce costs and enable us to intensify our efforts on revenue generation. This included the repatriation from Canada leading to a reduction in professional fees, market and compliance costs as well as travel. We have reduced headcount in non- essential areas and are rationalising assets to focus on those driving revenue to increase the cash available for investment in the development of products and services.

Goodbody Health Limited Annual report and financial statements 4