Interim Report Fourth Quarter and Annual Financial Statement Release 2021
STENOCARE A/S
NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
TICKER: STENO
STENOCARE A/S (“STENOCARE”) today announces its results for the period 01.01.2021 – 31.12.2021. 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:
”In Q4 and 2021 in general our endurance was tested once again in terms of commercial traction. On the other hand, we experienced solid progress on all other fronts:
- International sales are underway
- Multi supplier strategy is in place and proven
- The indoor cultivation facility is gearing up
- Legislation has been reaffirmed in Denmark
All this points to a very exciting 2022. Most importantly, though, we are enthused by the news in January (last month) that STENOCARE is now back in the role as sole supplier of medical cannabis oils under the new legislation with sales expected to climb towards the levels of Q1-2019 during the year (4-5mDKK per quarter)”
| (KDKK) |
01.10.2021 |
01.10.2020 |
01.01.2021 |
01.01.2020 |
| Net sales | 0 | 105 | 1,890 | 198 |
| Operating profit before depreciation (EBITDA) | -4,668 | -3,845 | -13,242 | -11,831 |
| Net financial items | -75 | -11 | -181 | -1,648 |
| Investment in tangible fixed assets | 425 | 9,674 | 3,270 | 18,540 |
| Result per share (DKK) | -0.42 | -0.34 | -1.09 | -1.12 |
| Solidity (%) | 92 | 93 | 92 | 93 |
Result per share: The result for the period divided by the average number of shares. Total number of shares as of December 31, 2021, amounted to 11,676,126 (11,676,126). Average number of shares for the fourth quarter 2021 was 11,676,126 (11,676,126).
Solidity: Equity divided by total capital.
Highlights during the period
- November 2021 – STENOCARE announced the output from the Danish production facility is expected to cover the supply needs for the next 4-5 years, corresponding to potential annual commercial value of DKK 150 mill. This is not a forecast or guidance for 2022 or 2023 but provides a perspective of the potential capabilities of the Danish facility.
- November 2021 - STENOCARE announced that the company has signed a new agreement to source medical cannabis products from the Canadian company AgMEDICA Bioscience Inc (“AgMEDICA”). STENOCARE and AgMEDICA is already working with relevant health authorities to have their products made available for distribution.
- December 2021 - STENOCARE commented on the Legalisation of medical cannabis in Denmark which was approved by the Danish Parliament. The Pilot programme is extended with four years to allow all Danish doctors to prescribe medical cannabis for their patients and Danish cultivation and production of medical cannabis is now permanently legal.
Highlights after the period:
- January 2022 - STENOCARE received approval for a new product from The Danish Medicines Agency and is again the first and only supplier of medical cannabis oil products for the Pilot Programme. The product is named “THC Olie STENOCARE” and contain 30 mg/mL THC and <0.1 mg/mL CBD and comes in a 30 mL bottle with an oral syringe.
- January 2022 - STENOCARE and Solural Pharma announced that they have reached the first milestone in the research and development of a new medical cannabis oil formulation, that has the potential to improve the bioavailability of cannabinoids to be both higher and more consistent in patients as the effect of food intake is eliminated. The milestone is reached in a feasibility study and shows that the Solural Pharma’s Lymphatic Targeting Technology is compatible with full spectrum medical cannabis materials.
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 was founded in 2017 with the purpose of supplying medical cannabis to patients in Denmark and internationally. The company was first to receive the Danish Medicines Agency's permission to import, distribute as well as cultivate and produce medical cannabis. STENOCARE sources its products from a number of carefully selected international high-quality suppliers and operates a unique, indoor state-of-the-art cultivation facility in Denmark, that has multiple levels of redundancy to safeguard quality and uniformity in a pesticide free production process.