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 publishes the annual report of the fiscal year 2022. The annual report including the auditor’s report is available as an attached file and on the website of STENOCARE (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 are now a European leader within prescription-based medical cannabis and by the end of 2023 we expect to reach a quarterly break-even along with continued growth in the number of markets, products and doctors that prescribe medical cannabis for treatment of chronic pain and more.
In 2022, our four strategic assets paid off:
- Regulatory: We continued to be the only company in Denmark to have medical cannabis oil products accepted into the Danish Pilot program and make them available for patients.
- Supply chain: We now have a strong product portfolio for patients. We continued to strengthen our supply relation with our key supplier and others. Also, our own factory is coming closer to commercial launch of own products.
- Commercial: From the outset of 2022, we were selling 2 products in 1 country. At the end of the year, we were selling 11 products in 5 countries. We ended the year with a record quarterly sale of 2.8 mDKK that adds up to 4.5 mDKK for the full year – which is a growth of 181% versus 2021.
- Partnerships: With our development partner, we entered into a new phase with the completion of a pharmacokinetic study. We received data that makes us optimistic regarding developing the next generation of medical cannabis oil products.
With 5 markets in place out of our target of 10 by 2025, advanced pharma grade products on the horizon and break-even in sight for end 2023. I can proudly say that we are stronger than ever”.