STENOCARE initiates guidance: 15-20mDKK in annual revenue run rate by end of 2022
STENOCARE A/S
NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
TICKER: STENO
This information is information that STENOCARE A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below for publication on March 10, 2022.
STENOCARE A/S (“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.
STENOCARE is a supplier of prescription-based medical cannabis products for patients’ treatment. The company has experience delivering products to patients in Denmark and Sweden, and now also entering the UK market with three medical cannabis oil products. With the Q1 news, the company will have sales of medical cannabis oil products to patients in Sweden, Denmark and the UK during Q2 2022 and onwards.
The three markets have a total of 77 million citizens where there is a significant number of potential patients that can be targeted for treatment with medical cannabis. All markets are still young and immature, and therefore STENOCARE sees an attractive growth potential for the coming years. The plan for 2022 is a to start sales in both Denmark and the UK during 2022 and to grow the monthly sales run rate – quarter over quarter thereafter.
STENOCARE has a Go-To-Market plan for the UK, Denmark and Sweden and expects to establish an overall annual sales run rate of 15-20 million DKK by the end of 2022. For clarity, this should not be seen as the sales forecast for 2022 – it should be seen as the twelve months rolling run rate achieved at the end of 2022 that will be carried into 2023.
Thomas Skovlund Schnegelsberg, CEO of STENOCARE is commenting: “We are in an unusual, but also rather favourable position. One the one hand, we are in markets that have experienced very little historical sales in both Denmark and the UK – and Sweden for that matter. At the same time, the potential is immense in each market, exemplified by the fact that 1,4 million people are self-medicating in the UK alone, which is in stark contrast with the other fact that only 3.000 UK patients have had access to prescription-based products so far. With the licenses that we have received in Denmark, Sweden and the UK we are ready and in position to take the first step towards this potential. Today we also introduce, for the first time, an official revenue guidance by stating that we expect to finish the current year with a run-rate of 15-20 million DKK. This means that – if realized - we will enter the 2023 with a revenue base in this range. Some will say that this is aggressive given that it resembles 10x or more than our entire revenue in 2021. Others will say that it is rather modest, given the potential. We think it is a realistic target and that it will be a very strong platform for further growth in existing and new markets thereafter”.
STENOCARE invites shareholders and potential investors to join a short interview between CEO Thomas Skovlund Schnegelsberg and Editor Helge Larsen from Proinvestor.com about the status and outlook for the business. The interview is in Danish with English subtitles and is available on the company’s investor page: https://stenocare.com/investor-relations/#news