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Beskrivning
| Land | Danmark |
|---|---|
| Lista | First North Denmark |
| Sektor | Hälsovård |
| Industri | Läkemedel & Handel |
STENOCARE A/S
NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
TICKER: STENO
The Board of Directors and the Chief Executive Officer of STENOCARE A/S ("STENOCARE") hereby publish the annual report for the fiscal year 2024. The annual report, including the auditor's report, is available as an attached file and on STENOCARE's website (https://stenocare.com/investor-relations/) and Nasdaq First North (http://www.nasdaqomxnordic.com/shares/microsite?Instrument=CSE196164).
Thomas Skovlund Schnegelsberg, CEO of STENOCARE, comments:
"We reached an important milestone and exceeded our updated guidance, but our ambitions were higher. Stenocare had a busy year, achieving multiple milestones for product approvals and market development. Sales exceeded the updated 2024 guidance, and an important and valuable foundation for 2025 was established."
In summary for 2024 we can highlight:
- Operating loss, before special items of 18.2 mDKK, has improved slightly compared to last year. With the implementation of STENOCARE 3.0, we exited cultivation activities in Denmark, relieving us of a DKK 14 million rental and lease obligation, as well as DKK 4 million in annual operational costs.
- Sales in 2024 fell short of our initial expectation of 15 mDKK. However, the updated sales guidance of DKK 4.5 million in gross sales was exceeded, with realised gross sales of 4.8 mDKK, driven by a better-than-expected sales run rate in Q4 2024.
- STENOCARE 3.0 Strategy: This new strategy builds on the assets that have successfully positioned Stenocare with approved products available in six countries. With this strong foundation, we have developed a proven logistical and distribution network that enables us to reach pharmacies and patients effectively. STENOCARE 3.0 leverages the industry value chain by collaborating with specialised vendors for cultivation, production, and distribution. Developing innovative products is at the core of our business, and through strategic partnerships with highly experienced companies, we can also focus on trading medical cannabis finished goods.
- Raising Capital for STENOCARE 3.0: To support our strategy and execution in 2024 and beyond, we successfully raised capital in 2024 and 2025. With the expected EBITDA for 2025 approaching break-even, this ensures a cash runway through 2025 and 2026.
- Negative equity of 3.5 mDKK, following the exit of the production facility, was offset by the rights issue in January 2025. The rights issue generated net proceeds of 7.9 mDKK. With a reduced cost base following the exit of the production facility and expected increased sales in 2025, the Company anticipates having a sufficient cash runway for 2025 and 2026.
- By exiting the production facility in January 2025, the Company was relieved of 14 mDKK in rent and lease commitments. Property, plant, and equipment were disposed of at an equal value, resulting in no cash proceeds from the exit.