STENOCARE A/S NASDAQ FIRST NORTH GROWTH MARKET, DENMARK TICKER: STENO STENOCARE A/S (“STENOCARE”) today announces its results for the period 01.01.2022 – 30.09.2022. 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:
Q3 2022 marked several milestones that will help us grow sales and our leadership role during 2023 and onwards. We entered two new countries with medical cannabis oil products, we had another product accepted in the Danish Pilot programme, and we completed an important pharmacokinetic study with very promising results. Our platform for success has been strengthened significantly for growth
| (KDKK) | 01.07.2022 30.09.2022 3 months | 01.07.2021 30.09.2021 3 months | 01.01.2022 30.09.2022 9 months | 01.01.2021 30.09.2021 9 months |
| Net sales | 293 | 0 | 1,644 | 1,890 |
| Operating profit before depreciation (EBITDA) | -3,504 | -3,158 | -10,861 | -8,574 |
| Net financial items | -316 | -16 | -674 | -106 |
| Investment in tangible assets | 0 | 784 | 1,541 | 3,747 |
| Result per share (DKK) | -0.37 | -0.26 | -1.11 | -0.70 |
| Solidity (%) | 73 | 0 | 73 | 95 |
Result per share: The result for the period divided by the average number of shares. Total number of shares as of September 30, 2022, amounted to 11,676,126 (11,676,126). Average number of shares for the third quarter 2022 was 11,676,126 (11,676,126).
Solidity: Equity divided by total capital.
Highlights during the period
- August 2022 - After securing market access and approvals in both Denmark, Sweden and UK, Stenocare A/S now takes a first and firm footstep into the southern hemisphere entering Australia. Partnering with the Australian medical cannabis company Cannvalate will help Stenocare embrace a hastily growing market from day one offering Stenocare products to 600 pharmacies and 3,000 doctors. A combined CBD-THC medical cannabis oil will be available for Australian patients already from fourth quarter 2022 with expected sales acceleration in the first half of 2023.
- September 2022 - The Company announced groundbreaking results from their study of a new medical cannabis oil formulation. The study shows that the new formulation dramatically enhances the bioavailability and thus uptake of cannabinoids, regardless of meal consumption and inter-individual biological differences. The findings may have the potential to formulate novel medical cannabis products with vastly improved characteristics in the treatment of chronical pain and a variety of indications and diseases.
Highlights after the period
- October 2022 – The Company announces that it has received approval from The Danish Medicines Agency to sell a new CBD medical cannabis oil product to Danish patients. With this, STENOCARE once again becomes the only supplier of both CBD and THC medical cannabis oil products under the Danish Pilot Programme.
- October 2022 – The Company convenes an Extraordinary General Meeting. The key objective of the Extraordinary General Meeting is to give the board of directors the option to issue convertible loans to finance additional sales activities and other operational costs towards break-even.
- October 2022 – The Company announces that it enters its 5th market. Stenocare has a distribution agreement with the leading distributor and pharmacy chain in Norway, Apotek1, to secure nationwide distribution from day one. The three new oil-based products will be the first of their kind in Norway and will be available as prescription-based medicine via all Norwegian pharmacies.