Interim Report Second Quarter 2024
STENOCARE A/S
NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
TICKER: STENO
STENOCARE A/S (“STENOCARE”) today announces its results for the period 01.01.2024 – 30.06.2024. 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 sales are lower than expected even though we have successfully managed to further improve financial health of the Company and launch new products in several markets, thereby delivering on our strategic initiatives for the first half of the year”
| (KDKK) | 01.04.2024 30.06.2024 3 months |
01.04.2023 30.06.2023 3 months |
01.01.2024 30.06.2024 6 months |
01.01.2023 30.06.2023 6 months |
| Gross sales 1) | 788 | 1,970 | 2,144 | 2,807 |
| Net sales | 745 | 1,723 | 1,900 | 2,531 |
| Operating profit before depreciation (EBITDA) | -2,749 | -2,599 | -5,218 | -5,756 |
| Net financial items | -403 | -608 | -1,037 | -1,372 |
| Investment in tangible assets | 44 | 130 | 44 | 130 |
| Result per share (DKK) | -0.20 | -0.29 | -0.41 | -0.67 |
Result per share: The result for the period divided by the average number of shares. Total number of shares as of June 30, 2024, amounted to 18,384,315 (11,676,126). Average number of shares for the first quarter 2024 was 18,384,315 (11,676,126).
- Gross sales are sales before reduction for returned products.
Highlights during the period
April 2024 - The Company announced, that it received approval to supply a new THC/CBD medical cannabis oil product under the Danish Pilot Programme. The new product is available for sales to patients, and Stenocare is the only supplier of THC/CBD oil products under the Pilot. Out of the many suppliers seeking approval to sell their products, Stenocare has been in a clear leadership position from the start of the Pilot in 2018 and is the only supplier of three different medical cannabis oil products under the Pilot.
May 2024 - The Company announced their new innovative product-line is ready for the market – six months ahead of expectation. The new Astrum brand is an innovative cannabis oil product featuring a patented oil technology that enhances the bioavailability of its active ingredients. This breakthrough allows for higher uptake in the blood, and reduced dosage requirements. The first Astrum product will be launched for patients in Australia during second half year of 2024.
May 2024 - The Company provided an update on the progress of its robust product pipeline, spanning four stages from concept to commercialization. A significant milestone has recently been achieved with the innovative ASTRUM OIL product.
June 2024 - The Company announced that it is expanding into Canada together with North American Industry experts to lead its expansion efforts.
June 2024 – The Company was honored to be recognized as one of the leading European Cannabis Companies in the industry annual award.
June 2024 - The Company announces the outcome of its TO2 warrant exercise. In total 88.3% Warrants were exercised. Stenocare received 4.8 mDKK in gross proceeds before transaction costs and net proceeds of 4.2 mDKK.
June 2024 - The Company announced that it had successfully negotiated a loan agreement with one of its largest shareholders, HHTM ApS. The loan, amounting to 2.8 mDKK, offers improved terms compared to the existing debt, with an interest rate of 1.97% per month and a loan term of 30 months from the date of issuance. This loan, along with proceeds from the directed issue, and partial funds from the successful TO2 warrant exercise, was used for the full repayment of the existing debt. The company also resolved on a directed issue to HHTM ApS of 316,455 shares at 3.16 DKK per new share, amounting to approximately 1 mDKK.
Highlights after the period:
July 2024 - The TO2 warrant exercise was completed and the capital increase was registered with the Danish Business Authority on July 2, 2024. In total 88.3% of the warrants were exercised and net proceeds of 4.2 mDKK was received by the Company. In addition, a directed issue of 1.0 mDKK was completed. The convertible debts of 6.0 mDKK were repaid and a new convertible loan with a large shareholder of 2.8 mDKK was completed.
July 2024 - The Company announced that Stenocare and ADREXpharma are now ready to deliver a new and innovative medical cannabis oil product (Astrum) for German patients, that has the potential to revolutionize the market.
August 2024 - The Company updated the guidance from November 6, 2023 based on actual market performance from Q1 and Q2 2024 and the forecast for Q3 and Q4 2024. The guidance of gross sales of 12-18 mDKK is now expected to be 6-8 mDKK for 2024, which is a growth of +7% compared to 2023. This will also influence the ambition to reach break-even for the last quarter of 2024, which is not realistic with the new sales forecast.
