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 – 31.03.2023. 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 had a busy start of 2023. Progress was made on several fronts despite a relatively uneventful news-flow and modest sales of 0,8mDKK in Q1-2023.
Stenocare’s brand and market footprint is growing, but despite being seen as an emerging market leader, we are still in the early phase of our scale-up. In a market like ours - that is emerging ‘in front of us’ - we have to accept and expect that our development is not linear, when it comes to sales. It is a pharma market – not a consumer market. In essence, our business is about so much more than simply driving monthly sales in existing markets and infrastructures. We are a small, highly dedicated team, pursuing a large and growing number of strategic development tracks, to further develop our position as emerging, European market leader”
| (KDKK) | 01.01.2023 31.03.2023 3 months | 01.01.2022 31.03.2022 3 months | 01.01.20223 1.12.2022 12 months | 01.01.2021 31.12.2021 12 months |
| Net sales | 808 | 896 | 4,490 | 1,890 |
| Operating profit before depreciation (EBITDA) | -3,157 | -3,421 | -13,215 | -13,242 |
| Net financial items | -765 | -14 | -1,360 | -181 |
| Investment in tangible fixed assets | 0 | 443 | 936 | 3,270 |
| Result per share (DKK) | -0.38 | -0.33 | -1.40 | -1.09 |
| Solidity (%) | 59 | 81 | 61 | 92 |
Result per share: The result for the period divided by the average number of shares. Total number of shares as of March 31, 2023, amounted to 11,676,126 (11,676,126). Average number of shares for the first quarter 2023 was 11,676,126 (11,676,126).
Solidity: Equity divided by total capital.
Highlights during the period
January 2023 - The company announces that the new STENOCARE CBD medical cannabis oil product is available in Denmark. The first shipment has arrived, and sales of the product can begin.
January 2023 – The Company announces that the first shipment of Stenocare medical cannabis oil products has arrived in Norway and the products are ready for patients.
January 2023 – The Company announces that products delivered to its 5 markets during Q4 2022 corresponding to net sales of 2.8 mDKK and is on track for its sales expectations for 2023 in the range of 15-20 mDKK.
Highlights after 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.