ODI Pharma AB: Publication of interim report Q3 2023/2024
ODI Pharma AB (“ODI” or the “Company”) hereby publishes its interim report for the period July 2023 - March 2024. The report is available as an attached document to this press release and on the Company’s website (www.odipharma.com). Below is a summary of the report.
Third quarter (2024-01-01 – 2024-03-31)
The Group's net sales amounted to SEK 13,856,539 (10,801).
The Group's profit after financial items amounted to SEK 1,389,713 (-942,440).
Result per share amounted to SEK 0,09 (-0.06).*
Nine months (2023-07-01 – 2024-03-31)
The Group’s net sales amounted to SEK 14,777,194 (112,083).
The Group’s profit after financial items amounted to SEK,955,796 (-4,362,383).
Result per share amounted to SEK 0,06 (-0.29).*
The solidity as of 2024-03-31 was 23% (80%).**
* The Company’s result per share: The result for the period divided by the number of shares at the end of the period. The total number of shares as of 31st of December 2023, amounted to 15,220,000 (15,220,000) shares. The result per share based on the average number of shares of 15,220,000 (15,220,000) amounts to SEK -0.06 (-0.29) for the first nine months 2023-07-01 to 2024-03-31.
** Solidity: Equity divided by total capital.
Highlights during Q3
During the quarter all of the preparational work over the past years came to fruition. ODI Pharma is now firmly established in the Polish market and is receiving substantial order volumes through its long term collaboration agreement with Synoptis Pharma.
January – ODI Pharma appointed Pareto Securities as the liquidity guarantor for the Company's shares. Pareto Securities began its assignment on January 19, 2024.
February – ODI Pharma has provided an updated overview of its market position and the latest trends in the cannabis industry. The company's cooperation with Synoptis Pharma has made significant strides, successfully executing several product shipments in recent months. Furthermore, Europe is experiencing growing political support and significant advancements in scientific research, both contributing to the development of a robust medical cannabis industry. In this dynamic environment, ODI Pharma is strategically enhancing its presence, with a particular focus on Poland and Eastern Europe.
December – ODI Pharma held its Annual General Meeting. A summary of the resolutions is available on ODI Pharma’s website (https://www.odipharma.com/).
Highlights after the end of the period
May – ODI Pharma announced that the preliminary financial results for the third quarter of fiscal year 2023/2024 are expected to surpass current market expectations. Initial figures for this period indicate that revenues will exceed SEK 13.5 million. This growth mainly comes from an increase in orders following our strategic partnership in Eastern Europe.
Message from the chairman, Volker Wiederrich
The third quarter of this fiscal year has been marked by significant achievements and impressive revenue growth, reflecting our ongoing efforts to expand and solidify our presence in the medicinal cannabis sector. Our recent initiatives have positioned us well to capitalize on emerging opportunities and drive continued progress.
One of the key accomplishments of this quarter is the vast improvement in orders. As a result of our successful collaboration with Synoptis Pharma, our financial results have reached record levels. Since August 2023, our exclusive alliance with the NEUCA group has successfully managed multiple product shipments. This partnership is crucial in meeting the rising demand for medicinal cannabis, particularly in light of favorable political developments in Poland. By leveraging Synoptis's market expertise and reach, we are enhancing access to our products for patients throughout Eastern Europe.
Our financial result for the quarter is very satisfying with revenues reaching SEK 13.85 million. This growth is primarily due to a significant increase in orders from our partnership with Synoptis Pharma. These results clearly reflect the effectiveness of our strategic initiatives and demonstrate our ability to capitalize on market opportunities and drive substantial revenue growth. Our order intakes and the growth of our order book have gained strong momentum, leading to a robust start to the fourth quarter.
During the quarter we have appointed Pareto Securities as the liquidity guarantor for our shares on Spotlight Stock Market. With their service we aim to improve stock liquidity and ensure a fair valuation by maintaining consistent buy and sell orders, thereby facilitating better trading conditions for our shareholders.
Looking forward, our focus remains on strengthening our market presence and operational capabilities. The evolving political landscape and scientific advancements in Europe are fostering a robust medical cannabis industry.
We appreciate the continued support and confidence of our shareholders and stakeholders. ODI Pharma is at a turning point with positive results, and we hope to continue this positive trend into the future.
For more information on ODI Pharma, please contact:
Derek Simmross, CEO, ODI Pharma AB
E-mail: [email protected]
ODI Pharma AB
ODI Pharma, based on its European network, subsidiaries and affiliates, is a producer and representative of finished pharmaceutical cannabis products with a focus on distribution to the medical cannabis market in Europe through its subsidiary ODI Pharma Polska Sp. z o.o. ODI Pharma intends to provide a high-quality product at a competitive price compared to competitors in Poland, thereby becoming the number one provider of medical cannabis in Poland. ODI Pharma also strives to be on the forefront of understanding the medical applications of the product as well as introducing new, innovative products to the European patients in need. The Company will continue to team up with the most knowledgeable and best renown partners in the industry to achieve its goals.
