CS MEDICA A/S: Publication of interim report Q1 2021-2022
CS MEDICA A/S (”CS MEDICA” or the ”Company”) hereby publishes its interim report for the period October 2021 – December 2021. The report is available as an attached document to this press release and on the Company’s website (www.cs-medica.com). Below is a summary of the report.
Performance highlights – First quarter (October 2021 – December 2021)
- In line with our previous expectations, our first quarter revenue, tDKK 127, is lower than the corresponding quarter in 2020/2021, tDKK 685, where revenue was generated through insale to the shelf of Matas 186 medicare shops. In this post IPO phase, we have restructured our organisation, preparing for the global rollout and our efforts are now paying off, through negotiations with several key pharmaceutical global players. We maintain our revenue expectation for the year of DKK 50 million, with the majority of the target to be realized in the latter half of the year.
- Operating profit in the first quarter, consequently decreased to tDKK -2.417 compared to 2020/2021 (tDKK 111).
- As of December 31, 2021, cash and cash equivalents in the Company amounted to 6.190 DKK (-456 DKK).
- At the end of the period, CS MEDICA’s equity/asset ratio was 90% (4%).
Significant events during the first quarter (October 2021 – December 2021)
- October 5, 2021, CS MEDICA announced extended product availability together with Kronan Apotek in Sweden. In accordance with the purchase agreement, the products are entering the shelf of the 326 local pharmacies of Kronans Apotek as of October 4, 2021.
- November 5, 2021, CS MEDICA announced entering a reseller agreement for CANNASEN® CBD products.
- December 3, 2021, CS MEDICA announced that the Company has obtained Free Sales Certificate (FSC) from the Danish Medicines Agency and The Danish Chamber of Commerce for medical devices and cosmetics products respectively. The FSC is valid until November 2023 and allows CS MEDICA to sell and distribute products to countries outside of the EU.
- December 9, 2021, CS MEDICA held its annual general meeting and approved the annual report presented and reelected the Board members.
- December 23, 2021, CS MEDICA A/S announced that an additional five Intellectual Property Rights (IPR) registrations have been made for CANNASEN, and the Company hereby provides an update on the Company’s IPR and trademark.
Significant events after the period
- January 6, 2022, CS MEDICA A/S: CS MEDICA recruited 4 new employees to strengthen the sales department.
- January 26, 2022, CS MEDICA A/S: Chairman of the Board bought shares in CS MEDICA.
- February 3, 2022, CS MEDICA A/S: CS MEDICA A/S held an extraordinary general meeting (“EGM”). The EGM resolved in accordance with the Board of Directors’ proposal to approve the issue of up to 798,000 incentive/bonus warrants to newly hired sales employees, the issue of up to 600,000 incentive warrants to Diaz Capital Invest AB or companies/persons related to Diaz Capital Invest AB and the proposal to make a cash capital increase to be subscribed by Diaz (direct issue) of 100,000 shares at a price of DKK 8.50 per share.
- February 3, 2022, CS MEDICA A/S: CS MEDICA A/S signed a partnership with Ampilio AB, a subsidiary of SpectrumOne. Ampilio will assist CS MEDICA as a business strategist, growth specialist as CS MEDICA prepares to execute global expansion on Amazon. The partnership is a running agreement with a fixed annual fee of 270 000 SEK.
- February 15, 2022, CS MEDICA A/S see a strategic turnaround and new era for the CBD Medical treatment sector as Pfizer has announced the acquisition of Arena Pharmaceuticals. The acquisition exemplifies Big Pharma moving into the Cannabinoid treatment space and acknowledging Cannabinoids (CBD) in the medical treatment market.
- February 17, 2022, CS MEDICA announces that their CANNASEN® CBD Anti-Hair Loss serum has been successfully approved in the United Arab Emirates. The CANNASEN® CBD Anti-Hair Loss serum has been through an approval procedure at the United Arab Emirates Health Authorities.
- February 17, 2022, CS MEDICA A/S announces that CanNordic a/s and CANNASEN® CBD has been chosen as one of the participants in the Vitafoods Europe 2022 Innovation Tours after being considered as one of the most innovative companies with unique, cutting-edge ingredients, formulations, products, and services.
Performance highlights in numbers
For more information about CS MEDICA, please contact:
Gitte Lund Henriksen, CFO
Phone: + (45) 2774 2280
CS MEDICA A/S is a Danish medico cannabis company founded in 2011. CS MEDICA is committed to developing, manufacturing, and commercializing over-the-counter (OTC) medical device products containing cannabinoids. The Company runs its business through the two fully-owned subsidiaries, Galaxa Pharma A/S (distributor and representative of foreign manufacturers in the Nordic, registered medical device product distributor) and CanNordic A/S (Medical device developer and seller (BtB), registered medical device product manufacturer). CS MEDICA distributes products across the European borders and is headquartered in Copenhagen, Denmark.
The company is listed on Spotlight Stock Market in Stockholm (symbol: “CSMED”). For more information about CS MEDICA cs-medica.com.