25 October 2024
Kooth plc
("Kooth" or the "Company" or the "Group")
Statement regarding share price movement
Kooth (AIM: KOO), a global leader in youth digital mental well-being, today provides a statement regarding the movement of its share price which took place on the afternoon of 24 October 2024 following the publication of a newsletter article regarding its service in California which contained outdated information that underestimated the uptake and impact of Soluna in California. The Company has provided a statement that goes into more detail regarding the article, which can be found on its website here.
The Company's contract in California has not changed since it was announced on 4 July 2023, valued at $188 million over a four-year period. Since Kooth's services went live in California in January 2024, the Company has seen usage in each of California's 58 counties, with momentum, awareness, and uptake growing meaningfully as the year has progressed. It has recently added additional capabilities to Soluna, including a care navigation support function, which enables it to operate as a digital front door to access additional mental healthcare and welfare services within the State. The Company is also engaged in a robust outreach and public awareness effort that will continue to increase uptake.
Soluna is already demonstrating its impact in California as a valuable source of support to children and young people with mental health needs. 53% of those accessing Soluna come from communities disproportionately affected by health and economic inequalities, and 95% of youth who engage with coaching would recommend Soluna to a friend. Soluna has also demonstrated meaningful clinical benefits, with 70% of those accessing single-session therapy reporting positive outcomes.
Kooth is proud of the impact it has achieved to date in California and continues to deliver on its purpose of building mentally healthier populations, leaving no one behind.
The Board reiterates that its expectations for 2024 and 2025 remain unchanged.
ENDS
Enquiries:
| Kooth plc | ||
| Tim Barker, CEO | | |
| Sanjay Jawa, CFO | | |
| | | |
| Stifel, Nominated Adviser & Sole Broker | +44 (0) 20 7710 7600 | |
| Ben Maddison, Nick Harland, Erik Anderson, Ben Good | | |
| | | |
| FTI Consulting, Financial PR | ||
| Ben Atwell, Alex Shaw | | |
About Kooth plc:
Kooth (AIM:KOO) is a global leader in youth digital mental well-being. Our mission is to provide accessible and safe spaces for everyone to achieve better mental health. Our platform is clinically robust and accredited to provide a range of therapeutic support and interventions. All our services are predicated on easy access to make early intervention and prevention a reality.
Kooth is a fully safeguarded and pre-moderated community with a library of peer and professional created content, alongside access to experienced online counsellors. There are no thresholds for support and no waiting lists.
Kooth is the longest standing digital mental health provider to hold a UK-wide accreditation from the British Association of Counselling and Psychotherapy (BACP) and according to NHS England data for 2022/23 is now the largest single access provider for mental health support for under 18s.
In 2021, Kooth began executing on its international expansion strategy, with an initial focus on the US market. This focus is due to the growing recognition of the importance of improving youth mental health in this key global healthcare market, with 1-in-6 people aged 6-17 experiencing a mental health disorder each year.
For more information, please visit www.koothplc.com.
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