Performance highlights fourth quarter (July 2022 – September 2022)
- Net Sales for the year increased by 233% in Danish kroner compared to 2020/2021. Net Sales in the fourth quarter increased by 311% in Danish kroner compared to the fourth quarter of 2020/2021. Sales growth was mainly driven by export sales to the EU.
- Within R&D, CS MEDICA initiated phase 3 development on all products, according to the new regulation MDR, biocompatibility tests, absorption tests and clinical trials on all medical device products.
- Revenue expectation for the coming year is held at DKK 65 million, but with the majority in the latter half of the year.
- As of September 30, 2022 cash and cash equivalents in the company amounted to tDKK 2.933 (tDKK 9.996).
- At the end of the period, CS MEDICA’s equity/assets ratio was 89% (88%)
Significant events during the fourth quarter (July 2022 – September 2022)
- Jul 12, 2022, CS MEDICA announces that the Company has expanded its presence on Amazon sales platform and is now also distributed on the German Amazon site.
- Jul 12, 2022, CS MEDICA announces that, after conducting the final efficacy analysis in their clinical trial, their CANNASEN®CBD Arthritis Gel & CANNASEN®CBD ARTH Supplement (NGA-01 gel and NSA-01 capsule), met all the trial’s primary and secondary efficacy, tolerability & safety endpoints. The final analysis was based on 60 cases of osteoarthritis. The trial data showed that both NGA-01 and NSA-01 were well tolerated, no adverse event was reported, and no significant changes were observed in the urinalysis. The results strengthen our product offering and improve our competitive advantage in the Medical CBD product market.
- Jul 26, 2022, CS MEDICA announces that the Company has received certificates of registration for trademark CANNASEN® in Hong Kong and New Zealand. This marks an important step for securing the brand in the Company’s expansion on the global market.
- Aug 05, 2022, CS MEDICA announces that CEO Lone Henriksen as well as CFO Gitte Lund Henriksen have extended their lock-up agreements for their shares in the Company until August 2023. In total, the lock-up agreements correspond to approximately 74 percent of the votes and capital in CS MEDICA.
- Aug 15, 2022, CS MEDICA announces that the Company has made a ground-breaking discovery in the natural activity of cannabinoid CBD in the human body. The discovery shows that the efficacy of the cannabinoid CBD, not only depends on the raw material of CBD but also on the different production methods. With this new data, CS MEDICA will review its current business model to incorporate the discovery and how to capitalize on it in the future.
- Aug 18, 2022, CS MEDICA inform the market that they aim to secure and capitalize on their first mover advantages by securing the necessary capital, hence they are intensifying their effort to close a Direct Issue, on a share price goal of 31,50 DKK with new investors.
- Aug 19, 2022, CS MEDICA announces that the Company have entered in dialog with a European based veterinarian company, with a long track record, branding their products to veterinary practices throughout Europe. The Company is hereby looking into entering the veterinarian market with the Company’s Veterinary Medical CBD Products before schedule.
- Aug 22, 2022, CS MEDICA announces that the Company has extended its cooperation with its partner Nutrin, manufacture and R&D partner. Nutrin has developed a lozenge that protects against COVID-19 infection. This lozenge in combination with CS MEDICA’s Protective Nasal Gel forms a shield that protects against COVID-19 virus infection.
- Aug 23, 2022, CS MEDICA announces that the Company has just received the first order from their partner Forbe HealthCare Ltd in Israel. This first order amounts to DKK 2.6 million, out of the agreed order minimum, of DKK 37,1 million, covering the next 3.5 years. CS MEDICA'S CBD product line will be the first CBD products launched at the Israeli market.
- Aug 24, 2022, CS MEDICA’s incentive program with Diaz Capital Invest AB is now vested with the first portion of the warrants in series TO2 being exercised with 255,300 shares at the strike price of 10.30 DKK per share. The remaing TO3 series warrants, 250,000 shares, can be exercised at a strike price of 31.50 DKK per share if they vest.
- Aug 24, 2022, CS MEDICA A/S’s long-awaited breakthrough in the Danish pharmacy world is now a reality, as they close agreements with two out of the three leading pharmacy chains in Denmark. With this agreement the Company get access to 400 pharmacies in Denmark, with shelf space as well as online availability for the full CANNASEN® CBD product line.
- Aug 25, 2022, CS MEDICA A/S signs Letter Of Intent (LoI) with Heilongjiang FuYu ShengKun Textile Industry Co., Ltd regarding a directed issue of 60 MDKK at a share price of 31.50 DKK
- Aug 29, 2022, CS MEDICA announces that the final efficacy analysis in their clinical trial of CANNASEN®CBD Psoriasis Gel (NGP-01) met all the trial’s primary and secondary efficacy endpoints. Analysis of the data confirms that CANNASEN®CBD Psoriasis Gel (NGP-01) has efficacy in reducing skin pain, Itch, redness, scaling, and the reduction of psoriasis attack of participants with mild-to-moderate psoriasis.
- Sep 06, 2022, During the period 18 August 2022 – 1 September 2022, holders of warrants of series TO 1 have been entitled to subscribe for shares with warrants. A total of 1,065,335 warrants of series TO 1 were exercised, corresponding to an exercise rate of approx. 92 percent. CS MEDICA will receive approx. DKK 9.9 million before deduction of transaction related costs of approx. DKK 0.8 million.
- Sep 07, 2022, CS MEDICA announces that their 6 CANNANSEN® CBD Medical Products has been successfully registered at Medicines and Healthcare products Regulatory Agency ("MHRA") in United Kingdom. The 6 CANNANSEN® CBD Medical Products has been through a registration procedure at MHRA – the process is finalized and the products are now ready for Sale in United Kingdom.
- Sep 16, 2022, CS MEDICA announces that the Company has received an order from Alsitan GmbH (“Alsitan”). The order includes a new advanced arthritis pain gel under a private label for the German territory. The order amounts to 15,000 units and corresponds to an order value of DKK 0,56 million in revenue
- Sep 19, 2022, After becoming one of the six first Danish companies to list its shares at Spotlight Denmark, CS MEDICA (“CS MEDICA” or the “Company”) prepares to move to the Nasdaq Main Market in Denmark. Listing on the Main Market (NASDAQ) can increase further visibility and may allow CS MEDICA to be included in both Danish and International indexes.
- Sep 22, 2022, CS MEDICA announces that the Company has completed all PCT continuation patents, in total 7 patents applications covering 11 products.
- Sep 27, 2022, CS MEDICA sells their Cannasen® CBD product line on Amazon Germany and Amazon Sweden, but is not experiencing the uplift in sales as expected. Henceforward CS Medica is intensifying their presence on Amazon platforms and has entered a cooperation with Incubeta, an Amazon service provider specialized within CBD products.
- Sep 29, 2022, CS MEDICA announces that the Company has received orders for several Balkan countries. The full Cannasen® portfolio will be shipped to the countries to kick start the sales immediately.
- Sep 29, 2022, CS MEDICA signs Letter Of Intent (LoI) with Inner Mongolia Rong Shi Hi-Tech Co., Ltd regarding a directed issue of 60 MDKK shares at a price of 31.50 DKK.
Significant events after the period
- Oct 10, 2022, CS MEDICA announces that the Company will close the year with a revenue of 10,6M DKK delivered with well-known partners within the industry. Alliance Healthcare Romania, part of the Alliance Healthcare, one of the largest wholesalers in Europe, will market the Cannasen® brand and all SKUs. Whereas, the Spanish Aldo-Union will bring the unique formulas and products in their own brand to patients in Spain.
- Oct 25, 2022, Board member Bo Unéus notified CS MEDICA A/S that he resigns as a member of the board of directors of CS MEDICA.
 The Company are currently applying the IFRS standards in their financial accounts to meet the requires following their long-term goal of moving to the main market. As the cost and revenue recognition criteria between ÅRL (applied in this report) and IFRS vary, there may be changes in revenue, cost and other recognitions in the upcoming Annual Report, submitted according to IFRS standards.
For more information about CS MEDICA, please contact:
Lone Henriksen, CEO
Phone: + (45) 71 20 30 47
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.