Press release from Companies

Publicerat: 2023-07-18 08:00:00

CS MEDICA A/S: CS MEDICA A/S: Release of 2022/2023 Q3 report, for the period April – June 2023, including an invitation to a live-streamed conference call on 8nd August, at 10 AM CET.

CS MEDICA (”CS MEDICA” or the ”Company”) hereby releases its Q3 report for the period April – June 2023. Highlights of the period will be presented at a live-streamed conference call on Tuesday the 8nd of August at 10 AM CET. The Q3 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

  • In this third quarter of 2022/2023 (April – June 2023), CS MEDICA delivered net sales of tDKK 673 (1 107) and an order intake of mDKK 8.4 in Q3, which accumulates to mDKK 11,3 year-to-date.  Due to financial limitations on production initiation; product delivery and invoicing have been delayed. Consequently, the net sales goal for 2022/2023 is decreased to mDKK 1.
  • Operating profit for the first quarter amounted to tDKK -4.656, compared to tDKK -5.442 last year.
  • Cash and Cash equivalents at the end of the third Quarter of 2022/2023, total tDKK -350 (1.826) are subsequently reinforced through prepaid short-term sales and the factoring agreement with Svea. The company is currently working on different funding scenarios for its short-term funding to secure liquidity in the day-to-day operation.
  • The long-term funding is attained by the company’s Investment Agreement with RongShi, with a cash capital increase (direct issue) at a price of DKK 28.13. The direct issue amounts to mDKK 60 corresponding to 14.76% of CS MEDICA 's outstanding shares on a non-diluted. 
  • At the end of the period, CS MEDICA’s equity/asset ratio was 56% (64%).

Significant events during the third quarter (April – June 2023)

  • JUN 21, 2023; CS MEDICA Signs Contract on its Popular Pain Patch for the Spanish and Portuguese Markets and Ensures an Order of 45.000 Units. 
  • JUN 16, 2023; Today, CS MEDICA A/S secured trademark approval for its brand name CANNASEN® in Canada. A significant milestone for the company’s global footprint and in strengthening its brand recognition globally.
  • JUN 15, 2023; CS MEDICA, Pioneering the Transition to MDR, Sign Contract with a Notified Body in Europe, Safeguarding Their Medical Device Product Line's Market Presence
  • MAY 26, 2023; CS MEDICA A/S will deliver 45.500 pain patches in July to customers and thus faster than expected and have signed new distributors in new regions with an estimated order value of 5.6M DKK in the first contract year.
  • MAY 15, 2023; CS MEDICA's CANNASEN® Pain Patch has made history as the first-ever Over-the-Counter (OTC) product with CBD to receive approval from Israel’s Ministry of Health. This milestone achievement now opens the door for the full portfolio of CANNASEN® Medical device products under the Forbe Healthcare Ltd. agreement to enter the Israeli market.
  • MAY 09, 2023; New opportunities abound at fairs. By participating in key events, CANNORDIC, an subsidiary of CS MEDICA A/S, expects to expand its awareness and customer base. Today CANNORDIC welcomes guests at its booth at Vitafoods Europe for the nutraceutical industry at Palexpo, Geneva. 
  • MAY 08, 2023; CS MEDICA's Nasal Protect Gel is a new and innovative treatment option that has demonstrated effectiveness in treating hay fever and allergic rhinitis, according to the results of a recent single-arm clinical trial.
  • APR 27, 2023; CS MEDICA and the joint venture, RongShi MEDICA (Ordos) Co. Ltd. are in progress in all areas of the business relationship and will attend the major events and exhibitions CPHI & PMEC 2023 in Shanghai and Guangzhou.
  • APR 14, 2023; CS MEDICA received approval from its board of directors to setup CANNORDIC India Pvt. Ltd. in India, with the purpose of getting the CANNASEN products approved in India for marketing and sales.
  • APR 14, 2023; CS MEDICA successfully completed its clinical trial for CANNASEN® Pain Patch

Significant events after the period

  • JUL 14, 2023, CS MEDICA finalized the establishment and registration of CANNORDIC India Pvt. Ltd to Expand Presence in India.

Live streamed conference following the Q3 2022/2023 Report

On Tuesday 8 August 2023 at 10:00 CEST, CS MEDICA will host a Q3 2023 web conference. The web conference will start with a presentation from the management team commenting on the Q3 2022/2023 report, followed by a Q&A session where the management team will answer questions from investors. The Q&A is already open, meaning that you can already now submit your questions and vote for the best questions submitted by other investors. CS MEDICA has made this solution, operated by Stokk.io, available to make sure all interested can participate with their questions even though they may not be able to attend the event live. You will afterward be able to find all answers in the uploaded recording and transcript. The web conference will be held in English.

Please register, submit questions now or during the live presentation and vote for the best questions at the following link >>.

Date and time
Tuesday 8th of August, 2023, from 10:00 – 10:30 PM CET

Sign up for conference
Live conference sign-up link >>.


For more information about CS MEDICA, please contact:
Gitte Lund Henriksen, CFO
Phone: + (45) 2774 2280
Email: glh@cs-medica.com
Website: https://www.cs-medica.com/

CS MEDICA A/S is a Danish-based MedTech company operating globally within research, development, manufacturing, commercializing, and a part of the pharmaceutical industry. The company combines science and nature with the purpose of creating products for a better every day by using modern technology to research and utilize different compounds found in the cannabis plant. CS MEDICA offers efficient, safe OTC alternative treatments with CBD for autoimmune and stress-related disorders under the trademark CANNASEN® or own-label options. 

The company is listed on Spotlight Stock Market in Stockholm (symbol: "CSMED"). For more information, visit cs-medica.com, and LinkedIn.

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