STENOCARE updates guidance for 2024
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 October 14, 2024.
STENOCARE A/S (“Stenocare” or the “Company”) is updating its guidance from August 20 2024, based on actual market performance in Q3 2024 which has impacted the Company’s 2024 guidance. The guidance of gross sales of between 6-8 mDKK is now expected to be 4.5 mDKK for 2024. The Company is exploring various financing opportunities to meet both its short-term and long-term capital needs.
Based on the Q3 actual market performance, the Company is updating guidance for 2024 with gross sales of 4.5 mDKK. Stenocare has been working to resolve certain unfavorable market dynamics concerning pricing and reimbursement principles on products that impacted the Danish market. This has been a primary reason for lower sales than anticipated, and during Q3 2024 this unfavorable situation has not been resolved as expected. The Q3 2024 gross sales are approx. 1.1 mDKK and during Q3 the Company had to accept returns of approx. 2 mDKK for products that are near expiry date that were initially delivered to meet expected demand.
Stenocare has revised the logistical supply principles together with the local pharma distributors, to minimize future risk of product returns in the Danish market.
Looking into Q4 2024, the Company is in the process of preparing delivery of the new and innovative Astrum 10-10 oil product for both Australia and Germany. This is an important milestone for driving sales growth – as Astrum 10-10 gives Stenocare a unique position compared to existing medical cannabis oils in the markets.
Capitalization: The Company is considering a range of financing options to address its capital requirements in both the short and long term. Stenocare expects to shortly announce more details for this plan, that will enable the company to grow and leverage the market potential ahead.