DeepVerge announces a significant reorganisation of the Group

DeepVerge announces a significant reorganisation of the Group

LONDON, UK: DeepVerge plc (AIM: DVRG), announces a significant reorganisation of the Group. As from 7 June 2022 the Health / Life Science (Labskin) and Environmental Divisions have been separated and now run independently of each other.

The Board notes recent interest and increased discussions with Tier 1 skincare corporations, US drugstores and venture capital backed companies, some of whom are clients, and is exploring a range of options to meet the unprecedented demand for Labskin services and the accelerating growth of Skin Trust Club.

Gerard Brandon CEO DeepVerge plc, commented: “Due to the pace of growth of the consumer facing Skin Trust Club business, which can be compared to a Silicon Valley SaaS type service, demand is far outstripping supply for the home skin-test kits and the growing list of Labskin services from skin care manufacturers seeking to join Skin Trust Club marketplace. The Board believe it is necessary to explore options to maintain this level of growth within an expanded Group structure.. It is clear that Modern Water, the Environmental Division, is experiencing its own fast paced growth as highlighted in recent announcements.”

The Health/Life Sciences Division comprises Labskin Services and Skin Trust Club.

KPI’s of Skin Trust Club since January 2022

●      38,000 kits tested

●      27,000 Club Members (an increase of 7,000 between May and June)

●      42.5% of Club Members with skin conditions

●      24 new skin care clients joined the marketplace since January

●      300+ products added to Skin Trust Club marketplace since January

●      200+ products to be added shortly

●      82% of Club Members purchase recommended skin products generating fee income

●      84,000+ visits to website per month and growing (up more than 30,000 in one month)

●      80% traffic through mobile

●      1,700 data points per Club Member

●      80% female users aged 25 – 65

Background:

Skin Trust Club, powered by Labskin, has already outgrown the previously enlarged 9,387 square foot laboratories in York, UK and a further 924 square feet is currently being equipped to address the immediate demand in the UK for Skin Trust Club testing. Upgrading of the laboratories in Delaware, US, will provide an additional 5,000 square feet and is near completion. The US expanded laboratories are expected to accommodate the short term demand from Labskin clients and Skin Trust Club members on the East Coast of the US in Q3. The Irish laboratories in Fermoy, Cork, Ireland are also being equipped to address the EU market as new Labskin skincare clients and Skin Trust Club members grow.

Multiple streams of Skin Trust Club and Labskin revenues

As well as fee income from sales of skin care products recommended through Skin Trust Club App, the skin microbiome data continues to grow, increasing by thousands of new samples each month. This creates a rich learning environment for the Company’s machine learning and AI. The world’s largest skin microbiome database enables the Company to offer digital test solutions on a range of skin diseases to existing corporate clients and to the industry in general, for faster, better and more cost effective product development, offering the potential for future revenues for the platform.

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