Kooth refutes reports of slow uptake for its mental health service

(Sharecast News) - Kooth issued a statement addressing recent share price movement on Friday, following an article on 24 October that it said contained outdated information on its California operations. The AIM-traded firm said the article underestimated the uptake and impact of Kooth's digital mental health service, Soluna, and sparked fluctuations in its share price on Thursday.

It reaffirmed that its $188m contract in California, announced in July 2023, remained unchanged.

Since Soluna's launch across California's 58 counties in January, Kooth said usage had increased steadily.

The company recently expanded Soluna's functionalities, adding a care navigation support feature to enhance access to mental health and welfare services.

Kooth said its outreach efforts had targeted diverse communities, with 53% of users coming from underserved backgrounds, and 95% of young people who accessed coaching recommending Soluna.

Clinical impact was reportedly positive, with 70% of single-session therapy users reporting improved outcomes.

Kooth reiterated its confidence in its 2024 and 2025 expectations.

At 0857 BST, shares in Kooth were down 2.84% at 171p.

Reporting by Josh White for Sharecast.com.