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LandDanmark
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IndustriLäkemedel & Handel
CS Medica är ett danskt medicintekniskt bolag, dedikerat till läkemedelsforskning, utveckling, tillverkning och global kommersialisering. Bolaget blandar vetenskap och natur för att förbättra patienters liv med cannabinoidterapier för smärtlindring, och för att hantera autoimmuna och stressrelaterade symtom. Globalt erbjuder CS Medica CBD-behandlingar över disk (OTC), inklusive patenterade medicinska produkter, MHRA och MDR-registrerade artiklar, under varumärket CANNASEN® eller med egen märkning.
2023-02-17 09:19:59

CS MEDICA ("CS MEDICA" or the "Company") hereby releases its Q1 report for the period October- December 2022. Highlights of the period will be presented at a live-streamed conference call on Wednesday the 22nd of February at 10 AM CET. The Q1 report is available as an attached document to this press release and on the Company's website (www.cs-medica.com). Below is a summary of the report.

Growing through transformation and in turbulent times
We operate in new territories within healthcare treatments, and with the cannabis industry's early stages of regulations and transparency, we witness a lack of clear restrictions, insights, and guidelines. Hence, with the growing trend requesting regulated products with cannabinoids and increasing demand for alternative, cleaner OTC products, we believe, as a first mover to bridge R&D with patent-pending products registered as medical devices with cannabidiol under the pharmaceutical regulation, Medical Device Directive (MDD now in transition to Medical Device Regulation MDR), in continuing our growth journey.

While 2022 was a year of learning, 2023 is the year of implementing and impacting. We experience market challenges like many other companies, we listen to experts' predictions combined with our learnings to transform into the next generation of CS MEDICA. We will undoubtedly be surprised again, but with stronger plans to adjust and act to deliver our core business, we continue to invest in keeping momentum, capitalizing on our competitive first mover advantage and regulated strategy.

2023 what to expect
The beginning of 2023 was a challenge for CS MEDICA, as in the last quarter of 2021/2022 (July - September 2022) we sold out most of the stock, and despite activating a new production batch, we experience delays from our CMOs (Contract Manufacturing Organizations). The revenue of the first quarter in 2022/2023 (October - December 2022) delivers a decrease of 44,8% percent in net sales, of delivered products. However, our order intake has grown to mDKK 1,1 in Q1, strengthening our confidence that we continue to build customer base and territories with our competitive offering and CANNASEN® brand.

For 2022/2023, the tracking of order intake reflects a 130% growth rate; however, with the unpredictable market trends challenging our supply chain agility, we aim for a growth span of 120-130%. Intensifying the order intake of new markets and customers, focusing on shorter legislation-window products and revenue streams, and optimizing the supply chain lead time are some of the core presumptions delivering sustainable sales growth.

CS MEDICA will not become operational cash flow positive within 2022/2023 due to several projects in different growth stages as a Medtech with discovery, new developments,  manufacturing,  and commercialization.  The company is exploring the best solutions, including strategic partnerships to fund the continuous growth, R&D, and transitioning of the MDR requirements to maximize the company's acknowledged first-mover advantages. The financial advisory firm, Kapital Partner, has been engaged in this respect.

Performance highlights Q1 2022/2023 (October- December 2022)
  • In this first Quarter of 2022/2023, CS MEDICA received orders corresponding to mDKK 1.1, which are currently in production, with delivery in  Q2  and  Q3  of  2022/2023.  Following the macroeconomic challenges of 2022, CS MEDICA is working with a production period of 3-6 months, after a legislation window of 1 to 8 months, depending on the region. When all stock was sold out at the end of 2021/2022, new orders are piled up for delivery and invoicing, thus the Net sales amounted to tDKK  70 compared to tDKK 127 last year.
  • Operating profit for the first quarter amounted to tDKK -4.371 (-2.936). The cost mainly consisted of costs for new design and production optimiszation, administration, and staff.
  • After the results of Q1, cash and cash equivalents cash amounted to tDKK 68 (6.190). In January 2023 the Company received a loan from the two founders'  mother of mDKK 3,5 and finaliced a factoring arrangement with Svea, which together will secure the day-to-day liquidity of the Company, while supporting the progress of finding the best funding strategy going forward, with the new financial advisor Kapital Partner.

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Live streamed session following the 2022/2023  Q1 report
Following the publication of the 2022/2023 Q1 report (October - December 2022), CS MEDICA facilitate a live-streamed conference call Wednesday 22nd of February, at 10 AM CET, presenting the highlights of the report.

Lone Henriksen, CEO & CSO, and Gitte Lund Henriksen, CFO & CIO, both founders of CS MEDICA will present the highlights and answer related, pre-send questions with the management team.  The report and session will be in English.

The live-streamed session will be divided into a 15-minute presentation followed by QA, for pre-send questions.

Agenda for the Event
Presentation of the Q1 2022/2023 report

  • Growing through transformation and in turbulent times
  • Outlook for 2022/2023
  • Q&A pre-send
Q&A
Questions are sent to question@cs-medica.com (question@c-medica.com)before Monday 20[th] of February 2023 at noon.

Date and time
Wednesday 22nd of February, 2023, from 10:00 - 10:30 PM CET

Sign up for Conference Call
Live webcast sign up  link >>. (https://events.teams.microsoft.com/event/b7430e89-bab5-49c5-98a5-619339ffbfa9@03c789ea-e1f1-4d23-81be-21027376e496)