Press release from Companies
Publicerat: 2019-11-06 08:45:00
STENOCARE A/S (“STENOCARE”) today announces its results for the period 01.01.2019 – 30.09.2019. The report is available as an attached file and on www.stenocare.dk/investor/EN.
Thomas Skovlund Schnegelsberg, CEO of STENOCARE, comments: “In Q3-2019, STENOCARE experienced a quarter with full effect from the temporary halt in revenues due to the ongoing change in supplier. This is in stark contrast to Q1-2019 where revenue was DKK 4,316,711 at a profit of DKK 1,204,983. In a business-as-usual scenario, we would have continued our Q1-2019 performance – especially because no other competing products have been approved for the market. We are working diligently to return to this level of performance as soon as new suppliers are in place with approved products. The whole situation is costly and unfortunate, but also opens up to creation of a much stronger and diverse supply chain which is a significant new strength that we expect to be able to benefit from as early as next year. Getting STENOCARE up and running with all licenses required, and delivery of approved products to patients based on prescriptions from doctors, as well as delivery through a distribution infrastructure that includes the major wholesalers and all pharmacies in Denmark, combined with creating the foundation for own production in the highest possible quality, was what we called STENOCARE 1.0. All of this was achieved by end of Q3, with the temporary challenge relating to change in supplier as the unexpected component. With a solution for the supplier challenge in sight, we are now ready to pursue our plans for STENOCARE 2.0. In “2.0” we will accelerate the value creation on basis of the high-quality assets that were built and tested in “1.0”. This means that we will lead the way as a continued first-mover with accelerated sales, increasingly based upon own production in Denmark and also establishment in new markets in Europe, with Ireland as an early starter. Other countries are underway.” Third quarter 2019 (1 July 2019 – 30 September 2019) First nine months 2019 (1 January 2019 – 30 September 2019) The Company’s result per share: The result for the period divided by the average number of shares. Total number of shares as of September 30th 2019, amounted to 8,942,762 (6,784,762*). Average number of shares for the third quarter 2019 is 8,942,762 (6,327,985*). Solidity: Equity divided by total capital. *Adjusted for a reversed split in connection with the IPO. Highlights during the period Highlights after the period For additional information regarding STENOCARE, please contact: Thomas Skovlund Schnegelsberg, CEO Phone: +45 31770060 E-mail: presse@stenocare.com 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 above for publication on November 6th, 2019. About STENOCARE A/S STENOCARE A/S was founded in 2017 with the purpose of being an active participant in the Danish medical cannabis pilot programme. The company was first to receive the Danish Medicines Agency"s permission to import, distribute as well as cultivate and produce medical cannabis. The company offers medical cannabis oil that comply with the strict Danish regulatory requirements. STENOCARE is building a state-of-the-art production facility for the cultivation and production of medical cannabis at the company’s premises in Jutland, Denmark.