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 – 31.03.2022. 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:
When we look back on Q1 2022 it was gratifying to see the hard work of 2021 successfully completed: We had a medical cannabis oil product approved for Denmark, we entered the UK market with three approved products and an important milestone for our next generation products were completed. This strong start for 2022 fuel our optimism for the coming year.
| (KDKK) | 01.01.2022 31.03.2022 3 months | 01.01.2021 31.03.2021 3 months | 01.01.2021 31.12.2021 12 months | 01.01.2020 31.12.2020 12 months |
| Net sales | 896 | 420 | 1,890 | 198 |
| Operating profit before depreciation (EBITDA) | -3,421 | -3,148 | -13,242 | -11,831 |
| Net financial items | -14 | -48 | -181 | -1,648 |
| Investment in tangible fixed assets | 443 | 2,412 | 3,270 | 18,540 |
| Result per share (DKK) | -0.33 | -0.25 | -1.09 | -1.12 |
| Solidity (%) | 81 | 93 | 92 | 93 |
Result per share: The result for the period divided by the average number of shares. Total number of shares as of March 31, 2022, amounted to 11,676,126 (11,676,126). Average number of shares for the first quarter 2022 was 11,676,126 (11,676,126).
Solidity: Equity divided by total capital.
Highlights during the period
- January 2022 - STENOCARE announced that it has received approval from The Danish Medicines Agency to sell a new medical cannabis oil product to Danish patients. With this, STENOCARE once again becomes the only supplier of medical cannabis oil products under the Danish Pilot Programme.
- January 2022 - STENOCARE and Solural Pharma (“Solural”) announced that they have reached milestone 1 in the research and development of a new medical cannabis oil formulation, that has the potential to improve the uptake of cannabinoids to be consistent in patients. The milestone is reached in a feasibility study and shows that the Solural Pharma’s Lymphatic Targeting Technology is compatible with full spectrum medical cannabis materials.
- February 2022 - STENOCARE enters to UK market and makes medical cannabis oil products available for UK patients. With this STENOCARE is taking a major step towards its goal of becoming a European market leader. STENOCARE has been working extensively on the regulatory approval in the UK and considers the current timing to be good given that industry analysts have projected that the UK will become one of Europe’s largest markets in five years. Delivery of first products to the UK market is expected in second quarter of 2022.
- March 2022 - STENOCARE has successfully reached two important license milestones during Q1 2022: The first medical cannabis oil products have been approved for Denmark and three new medical cannabis oil products have been approved for the UK. This enables the company to realize sales of prescription-based products to patients in Denmark, in Sweden (already active) and in the UK this year, with a gradual build-up during the year and with the majority of the uptake in sales expected to materialize in Q3 and Q4 2022. By the end of the year the expected sales run rate (calculated as Q4 times 4) is set at 15 to 20 million DKK, up from total sales in 2021 of 1,9 million DKK.
Highlights after the period:
- STENOCARE has now completed the import of the new medical cannabis oil product into Denmark. The product is named THC Olie STENOCARE and is available in 30 mL bottles with a strength of 30 mg/mL THC and <0.1 mg/mL CBD.