STENOCARE A/S
NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
TICKER: STENO
STENOCARE A/S ("STENOCARE") today announces its results for the period 01.01.2025 - 31.03.2025. 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:
" The Company has truly entered the new STENOCARE 3.0 phase, built around a strong trading platform, high-quality products, and sufficient liquidity to execute our growth strategy."
| (KDKK) | 01.01.2025 31.03.2025 3 months | 01.01.2024 31.03.2024 3 months | 01.01.2024 31.12.2024 12 months | 01.01.2023 31.12.2023 12 months | |
| Gross sales 1) | 847 | 1,380 | 4,755 | 6,923 | |
| Net sales | 782 | 1,154 | 2,232 | 3,993 | |
| Operating profit before depreciation (EBITDA) | -1,832 | -2,468 | -24,230 | -12,562 | |
| Net financial items | -182 | -634 | -1,505 | -2,876 | |
| Result per share (DKK) | -0.05 | -0.20 | -1.79 | -1.26 | |
| Solidity (%) | 26 | 72 | -18 | 68 | |
Result per share: The result for the period divided by the average number of shares. Total number of shares as of March 31, 2025, amounted to 38.403,745 (18,384,315). Average number of shares for the first quarter 2025 was 38,403,745 (18,384,315).
Solidity: Equity divided by total capital.
- Gross sales are sales before reduction for returned products.
Comment to the report
When evaluating the key figures such as EBITDA, tangible assets, and equity for the first quarter of 2025, it's important to note that Stenocare has exited its Danish cultivation facility, has completed a share issue and adopted the revenue recognition to better reflect the retail sell-out to pharmacies and patients.
The operations for the period have been influenced by these non-recurring events:
- The cultivation facility has been exited in January and expenses of 0.5 mDKK are included in EBITDA. These expenses will not continue in the future
- The Company has completed a share issue of 7.9 mDKK added to the equity. Related costs of approximately 0.3 mDKK are included in EBITDA
- Stenocare now recognizes revenue only when products are sold to patients, minimizing the risk of reversed revenue from expired products held at the distributor's warehouses. This has a one-time negative effect on gross sales in the first quarter of 2025 of 0.5 mDKK.
- Total Assets are reduced from 30.7 mDKK at 31.03.2024 to 9.3 mDKK at 31.03.2025. This reduction is mainly due to the exit of the cultivation facility.
- Equity is reduced from 22.1 mDKK at 31.03.2024 to 2.4 mDKK at 31.03.2025. Also, this reduction is mainly due to the exit of the cultivation facility.
Highlights during the period:
January 2025 - The Company reached an important milestone with ASTRUM 10-10, which is now ready for sale to Norwegian patients. The innovative and patented medical cannabis oil product, ASTRUM 10-10, has the potential to improve uptake in the blood and thereby enhance the efficacy of the treatment.
January 2025 - The Company reached an important milestone with ASTRUM 10-10, that is now ready for sales to German patients.
January 2025 - The Company announced that the Rights Issue was subscribed to approximately 37.7 percent, including the pre-subscription commitments and compensation free guarantees of 1.5 mDKK or 3,000,000 shares. As a result of this outcome, guarantee commitments from Exelity AB, amounting to 7.3 percent of the total Rights Issue, will be activated to achieve a subscription rate of 45.0 percent. This means that the Rights Issue meets the condition of a minimum of 18,191,248 new shares being subscribed for and will therefore be carried out. The Company is thus provided with approximately 7.9 mDKK in net proceeds after deduction of transaction-related costs.
January 2025 - The Company announced in November 2024, the new STENOCARE 3.0 strategy to transform the Company into a leading trading company with medical cannabis products. With the successful completion of the Rights Issue in January 2025, Stenocare exited the cultivation facility and relocated the headquarter address to the Copenhagen facility. This will result in significant costs reductions in 2025 and beyond.
February 2025 - The Company announced an important milestone with ASTRUM 10-10, that is now ready for sales to Australian patients.
March 2025 - The Company has delivered the first shipment of its new CBD100 Oil product to the Danish market. With this new medical cannabis oil product, Stenocare now offers four different prescription-based medical cannabis oil products to Danish patients, making it the leading provider of oil products in the Danish Pilot Programme
Highlights after the period:
April 2025 - The Company and its local partner have successfully secured approval for the reimbursement of the innovative ASTRUM 10-10 product by major German health insurance providers. Starting in April 2025, approximately 14 million insured individuals will be eligible for 100% reimbursement when treated with ASTRUM 10-10.
May 2025 - The Company announce that the Danish Parliament has officially passed legislation to make Denmark's medical cannabis program permanent. The new law, which takes effect on January 1, 2026, marks a significant step forward in securing long-term access to medical cannabis treatment for patients and providing regulatory stability for the Stenocare business in Denmark.
For additional information regarding STENOCARE, please contact:
Thomas Skovlund Schnegelsberg, CEO
Phone: +45 31770060
E-mail: presse@stenocare.com
STENOCARE's Certified Adviser is Keswick Global AG, Phone: +43 1 740 408045, E-mail: info@keswickglobal.com
About STENOCARE A/S
STENOCARE A/S, founded in 2017, supplies prescription-based medical cannabis to patients in Denmark and internationally. It was the first company to receive permission from the Danish Medicines Agency to import, distribute, cultivate, and produce medical cannabis. Today, STENOCARE sources its products from a selection of high-quality international suppliers that comply with the strict European Good Manufacturing Practices (EU-GMP). STENOCARE has developed a unique patented medical cannabis oil product, ASTRUM, which provides improved bioavailability of active ingredients for patients. The company has strategically invested in assets to operate within the highly regulated pharmaceutical industry, with products approved for sale in multiple countries.
www.stenocare.comwww.stenocare.dk
