This report is an updated version of the report published on January 22, 2026, at 11:28 AM GMT

Fortis Frontier PLC

Fortis Frontier PLC (LSE: FORF) is an FTSE AIM All-Share index listed Company offering at-home testing brands including MyHealthChecked and Mylo. Moreover, MyHealthChecked brand offers a diverse range of at-home DNA & RNA tests, and Mylo targets the personalized mobile health market. 

Key Recommendation Rationale – Sell at GBX 9.00

• Sharp Revenue Contraction and Dependence on a Declining Product Line: H1 2025 revenue fell 44% year-on-year. The failure to replace legacy COVID-19 testing revenue, which contributed £nil, underscores an over-reliance on pandemic-driven sales and a slow transition to a sustainable wellness-focused business model.
• Gross Margin Deterioration and Unprofitable Scale: Despite an improved margin on sales, the company reported a gross loss. This indicates its wellness operations’ fixed cost base is not being covered by current sales volume, raising questions about the unit economics and scalability of its product portfolio.
• Persistent and Growing Adjusted EBITDA Losses: The adjusted EBITDA loss widened slightly, marking multiple periods of sustained losses. This trend indicates that cost-control and partnerships have not yet achieved operational breakeven, highlighting a fundamental challenge in reaching earnings positivity even at the EBITDA level.

 Share Price Chart

Conclusion

Revenue collapsed 44% as COVID sales vanished. Despite wellness growth, a gross loss and widening EBITDA deficit persist, proving the model remains unscalable and unprofitable, unable to cover its fixed costs or achieve operational breakeven.

Given its current trading levels, the recent strategic investments and partnerships and associated risks, it is prudent to exit the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the Current Market Price of GBX 9.00 as of 22 January 2026 at 10:00 AM GMT. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 22 January 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’