Interim Report First Quarter 2020

Download PDF
Download PDF

STENOCARE A/S (“STENOCARE”) today announces its results for the period 01.01.2020 – 31.03.2020. The report is available on www.stenocare.com/investor-relations.

Thomas Skovlund Schnegelsberg, CEO of STENOCARE, comments: “Financially, the Q1-20 result was expected because of our pause in sales of products. We run a lean and agile operation that has been adapted to handle the current situation. In February, STENOCARE was honoured to be identified as a European leader in medical cannabis and a company to watch by the leading medical cannabis analyst’ Prohibition Partners. Adding to this encouraging news, Q1-20 also marked the beginning of the end of the temporary pause in sales (since July-19) of our branded products to patients in Denmark and beyond. Products from our new supplier Panaxia are now undergoing the process of being approved for the market. That is a good feeling. Last, but not least, I am pleased to confirm that – despite recent covid19 turbulence – STENOCARE remains very much intact, determined and ambitious about our business. We have cash in the bank and a Danish market that is impatiently awaiting the reintroduction of our products. With our ambitious STENOCARE 2.0 strategy, that is designed to convert our early market leadership into real international leadership in the European medical cannabis industry, we think we are in a strong position to capture the growth opportunity that is in front of us.”

(KDKK)01.01.202031.03.20203 months01.01.201931.03.20193 months01.01.201931.12.201912 months 01.01.201831.12.201812 months
Total income *)934,31716,2064,145
Net sales934,3174,9424,145
Operating profit before depreciation (EBITDA)-2,6261,5254,417-3,591
Net financial items-9176-2,112-13
Result per share (DKK)-0.320.130.19-0.47
Solidity (%)38914394

Result per share: The result for the period divided by the average number of shares. Total number of shares as of March 31st 2020, amounted to 8,942,762 (8,942,762). Average number of shares for the first quarter 2020 is 8,942,762 (8,942,762).

Solidity: Equity divided by total capital.

*Total income incl. net sales and other income.

Highlights during the period

  • January 2020, STENOCARE announced that the Company had signed a settlement agreement with CannTrust Holding Inc. The one-off settlement agreement cleared all matters between the parties and STENOCARE received a compensation comprising of CAD 500,000 and 272,727 shares in STENOCARE.
  • January 2020, STENOCARE notified about changes in major shareholding as a result of an agreement reached between the Founders of STENOCARE and CannTrust. According to the agreement, the Founders would receive back all remaining shares in STENOCARE, previously held by CannTrust.
  • February 2020, STENOCARE published its Year-End Report for the financial year 2019. Which resulted in total income of KDKK 16,206 and positive earnings before tax of KDKK 2,246.
  • February 2020, STENOCARE called an extra general meeting that would provide the Board of Directors of STENOCARE with a clear mandate to execute the investments, transactions and other decisions that follow from the planned execution of the STENOCARE 2.0 strategy. The Company at the same time announced that it was considering ways for its shares to grow and with stronger liquidity in response to requests that had been received from private and institutional investors abroad. In due time, this could mean co-trading in other international markets or even moving to a more international marketplace.
  • March 2020, STENOCARE announced that the Company had signed a new agreement to source medical cannabis products for Denmark and the Company's international markets with the market leading Israeli company Panaxia Pharmaceutical Industries Israel Ltd (TASE: PNAX) ("Panaxia"). And the Company announced submitting the first product approval application to the Danish Medicine Agency.
  • March 2020, STENOCARE published a communiqué from its extraordinary general meeting, including a summary of the resolutions made. Further information on the decisions is given in a press release published on the 16th of March 2020. All resolutions were made with the required majority.
  • March 2020, STENOCARE published its Annual Report for the fiscal year 2018/2019.
 

This information is information that STENOCARE A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below for publication on May 7th, 2020.