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Beskrivning

LandDanmark
ListaFirst North Denmark
SektorHälsovård
IndustriLäkemedel & Handel
Stenocare är verksamt inom hälsovårdsindustrin. Bolaget är specialiserat inom utveckling av medicinsk cannabis. Stenocare är en av de första aktören att ha påbörjat försäljning av medicinska cannabisoljor i Danmark. Bolaget kommer framöver även vända sig till övriga europeiska marknader med sitt produktutbud. Stenocares huvudkontor ligger i Randers.
2023-08-17 08:00:00

STENOCARE A/S
NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
TICKER: STENO

STENOCARE A/S ("STENOCARE") today announces its results for the period 01.01.2023 - 30.06.2023. The report, which has not been reviewed by the Company's auditors, is attached to this release and is also available on https://stenocare.com/investor-relations/

Thomas Skovlund Schnegelsberg, CEO of STENOCARE, comments:

" Stenocare reached several milestones during Q2 2023 and realized sales of 1.7 mDKK. A UK industry journalist called it a "swathe of updates", referring to our entry into Germany, launch of an Online Clinic Platform, product innovation and a successful capital raise."

(KDKK) 01.04.2023 01.04.2022 01.01.2023 01.01.2022
30.06.2023 30.06.2022 30.06.2023 30.06.2022
3 months 3 months 12 months 12 months
Net sales 1,723 455 2,531 1,351
Operating profit -2,599 -3,933 -5,756 -7,354
before depreciation
(EBITDA)
Net financial items -608 -343 -1,372 -358
Investment in tangible 130 366 130 1,541
fixed assets
Result per share (DKK) -0.29 -0.41 -0.67 -0.74
Solidity (%) 73 78 76 78

Result per share: The result for the period divided by the average number of shares. Total number of shares as of June 30, 2023, amounted to 15,102,124 (11,676,126). Average number of shares for the second quarter 2023 was 12,818,125 (11,676,126).

Solidity: Equity divided by total capital.

Outlook for 2023 and expected sales run rate

Net sales of existing products in Denmark are showing a positive development during Q2 2023. At the same time, it is now likely that launch of new Swedish products and the 3rd and last product for the Danish market, may be delayed by about 6 months due to a longer than expected approval process by the relevant medicines agencies. Stenocare had hoped for approval of these very important products in late in Q2-23. Now approval is expected by end of H2-23.

Therefore, expected sales for the financial year 2023 is revised and will be lower than expected, probably in the range of 7.5 to 10.0 mDKK, which is 167% to 222% of sales in 2022. Stenocare still expects to reach an annual revenue run rate by end of 2023 of 15-20 mDKK which will be an important steppingstone ahead of break-even, which is now expected in 2024.

Highlights during the period

May 2023 - The Company announces a rights issue of units consisting of shares, warrants of series TO1 and warrants of series TO2. The Issue amounts to three transactions, including an imminent share-issue and two subsequent warrant exercises of TO1 and TO2, with total gross proceeds of up to 29.7 mDKK.

May 2023 - The Company announces that the new Stenocare medical cannabis oil product has received approval from the Federal Institute for Drugs and Medical Devices (BfArM) for prescription-based sales to German patients. With this, Stenocare is now entering Germany, the by far largest European market for medical cannabis. The new product will be available for patients in Germany as soon as possible, expected during August 2023.

May 2023 - The Company announces that it has developed an IT-platform, that enables doctors to launch and operate Online Clinics. The first Online Clinic will be launched in the UK.

June 2023 - The Company reports on significant progress in development of its new innovative medical cannabis product. The Company has selected an international, highly experienced partner to produce a new and innovative medical cannabis oil product, that has the potential to revolutionize the industry and offer patients improved treatment effect. The new product is based on a patented oil technology, that Stenocare has global exclusivity to use for medical cannabis.

June 2023 - The Company announces that a high profiled medical doctor and entrepreneur joins Stenocare's ongoing share-issue. Inspired about the potential of medical cannabis when prescribed by doctors to patients in pain, Hans Wittrup, M.D., Ph.D., has decided to join the ongoing rights issue with a pre-subscription of DKK 750.000.

June 2023 - The Company announces that the subscription period in the Initial Rights Issue of the Units Rights Issue of Stenocare A/S ended on 8 June 2023. The Initial Rights Issue was subscribed to approximately 127% corresponding to total cash subscription of 13.6 DKK million relative to the proceeds from full (100%) cash subscription of 10,7 DKK million, which is the amount that Stenocare will receive before deduction of transaction related costs. As a result of the outcome, the guarantors will not be called, and a reduced allocation will apply to subscribers without rights.

June 2023 - The Company announces that the shareholders of STENOCARE at the extraordinary general meeting held on 13 June 2023, granted authorization for the Board of Directors to issue additional units, on the same terms as those that applied in the Unit Rights Issue that was successfully completed earlier this month. On basis of this authorization, the Board of Directors have now decided to exercise the previously planned parallel directed issue in which 3.1 mDKK of debt is converted into equity. Moreover, the Board of Directors and remaining lenders have agreed to convert an additional 1.9 mDKK of debt on the same terms. The conversions result in a total conversion of 5.0 mDKK, corresponding to 545,387 units compromising of 1,090,774 shares as well as 545,387 warrants of TO1 and 545,387 warrants of TO2.

Highlights after the period:

July 2023 - The Company shared the plans and work with their strong Danish product pipeline across its four stages from concept to commercialization. Meeting Danish Drug Standards (DLS) the company has a full product program of 2nd generation medical cannabis oil products (stage 3+4), specialized products with unique potency profiles (stage 2) and also 3rd generation product program that can revolutionize the industry (stage 1).