This English version is a translation of the Swedish quartaly report of Nosa Plugs AB (publ). In the event of any
discrepancies, the Swedish version shall prevail.
CEO statement
The year has started at a high pace, and we continue to exceed our sales targets for our two largest products - Odor Control and Nozoil.
The quarter amounted to net sales of SEK 8.2 million, representing an increase of 94 per cent compared with the previous year. At the same time, we have initiated the margin improvement journey for Nozoil, resulting in an increase in total gross margin from 58 per cent in the previous quarter to 63 per cent in the current quarter. EBITDA was in line with our targets.
Nozoil
Sales of Nozoil continue to increase steadily, primarily in Germany, where we continue to expand our reach to additional pharmacies each day. Somewhat unexpectedly, the seasonal effect has been less pronounced than anticipated, and we have not seen any decline in volumes towards the end of the quarter. It is still too early to draw any firm conclusions, but we interpret the signals from pharmacies as indicating that an increasing number of customers are purchasing the product to relieve allergy-related symptoms.
We have now initiated the process of bringing the technical file for Nozoil in-house. This means that, in the near future, we will fully own the product's technical intellectual property, which has previously been owned by the manufacturer. The process will result in increased development expenses during the first nine months of the year, but is thereafter expected to contribute to an improved gross margin.
Following the end of the quarter, we launched Nozoil together with the remaining consumer product portfolio in the French market. This marks a further step in the European rollout of the consumer portfolio, with strengthened gross margins in our key markets.
Odor control
We are once again seeing strong growth across all markets. The Nordic region has returned to the levels we have maintained over recent years, and Norway is developing in line with plan. A key factor behind this success has been the implementation of geo-fenced marketing on social media platforms, enabling us to reach the right target audience more effectively within defined geographical areas. This makes our advertising more relevant to end customers and, consequently, more cost-efficient for us.
At present, a strong focus is placed on the French market, where new procurement agreements have entered into force while we continue to work towards securing listings in additional regions.
Drug Delivery becomes Cerevia
The working name "Drug Delivery" is now a thing of the past, and the product is today marketed under the name "Cerevia". The name directly indicates an effect on the brain and the central nervous system, and the decision was made to demonstrate that the product is now a commercially viable technology - ready for partnerships.
There has been limited news flow for some time, but this does not mean that we have not continued our work with full commitment. Two companies are still evaluating our technology. Unfortunately, these evaluation processes are progressing far more slowly than we had hoped, and it is frustrating that we are unable to accelerate the process further despite our ongoing efforts.
In parallel, we are working to identify additional patented molecules and evaluate these in order to present the resulting data to more pharmaceutical companies. We also continue to strengthen the pharmacokinetic data demonstrating how the molecules are absorbed and distributed within the body.
Outlook
In relation to Cerevia, we will participate in BIO International in the United States during June. It is one of the world's largest conferences for pharmaceutical companies, and we already have several promising meetings scheduled.
In addition, we are strengthening our team with additional resources, primarily within sales and quality assurance. This is an important step in enabling us to continue growing at the rapid pace we are currently experiencing.
Financial Performance
1 January - 31 March 2026
- Net sales SEK 8,191 thousand (4,233)
- Sales growth amounted to 94 %
- Operating profit/loss amounted to SEK -2,032 thousand (-1,320)
- EBITDA amounted to SEK -331 thousand (-677)
- Earnings per share amounted to SEK -0.01 (-0.01)
- Cash flow from operating activities amounted to SEK -95 thousand (847)
- Cash and cash equivalents amounted to SEK 16,768 thousand (4,714)
Significant events during the period
- During the period, NOSA launched the product Nozoil in the Austrian pharmacy market in collaboration with the pharmaceutical wholesaler PHOENIX Austria. The launch means that the product is distributed through approximately 1,400 pharmacies across the country, both through physical pharmacies and online channels. The collaboration forms part of the Company's strategy to expand the distribution of Nozoil in the European market.
- NOSA entered into a distribution agreement with Abena Sverige regarding the product NOSA Odor Control. Through the collaboration, the product will be made available for sale in the Swedish market via Abena's established distribution channels.
- Researchers at Lund University published a scientific study demonstrating that NOSA's intranasal drug delivery platform, Drug Delivery, can achieve therapeutic levels of pharmaceuticals in the brain. The results strengthen the proof of concept for the technology and indicate that the platform may enable efficient drug administration by potentially bypassing the blood-brain barrier. The Company intends to continue working towards the commercialisation of the technology through collaborations with pharmaceutical companies.
Significant events after the end of the period
- NOSA entered into an agreement with Phoenix OCP SAS regarding the launch of the Company's consumer product portfolio in the French pharmacy market, thereby strengthening the Company's international presence and distribution capacity in Europe.
- NOSA entered into a collaboration with the Norwegian pharmaceutical wholesaler Norsk Medisinaldepot (NMD) regarding the distribution of Nozoil in the Norwegian market and received an initial order. The launch of Nozoil is planned to take place both online and in physical pharmacies within the Vitusapotek and Ditt Apotek chains starting on 15 September 2026. Through the collaboration, NOSA gains access to a network of approximately 400 pharmacies in Norway, further strengthening the Company's presence in the Norwegian market.
- NoseOption AB, a subsidiary of Nosa Plugs AB (publ) ("NOSA"), was awarded a grant from Vinnova under the Medtech4Health programme. The grant relates to a one-year project and amounts to 48 per cent of eligible costs, up to a maximum of SEK 200 thousand. The project aims to support competence development and the continued advancement of the Company's technology for efficient drug delivery via the technology platform "NOSA Cerevia" (previously NOSA Drug Delivery).(tidigare NOSA Drug delivery).
Financial calendar
- Interim Report Q2 - to be published on 21 August 2026
- Interim Report Q3 - to be published on 6 November 2026
For further information:
Adrian Liljefors, CEO Nosa Plugs AB (publ)
E-mail: ir@nosaplugs.com
About NOSA:
NOSA Plugs AB (publ) is a Swedish medical technology company that has been listed on Nasdaq First North Growth Market since 16 March 2023, under the ticker "NOSA". FNCA Sweden AB acts as the company's Certified Adviser.
The publication is a translation of the original Swedish text. In the event of inconsistency or discrepancy between the Swedish version and this publication, the Swedish language version shall prevail.
NOSA's press releases are available at:
https://nosaplugs.com/sv/investerare/
This information is information that Nosa Plugs AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-05-15 07:30 CEST.
