Dancann Pharma (DANCAN) Q2 2024 earnings summary

Executive summary

• Achieved record quarterly revenue of DKK 3.86 million in Q2 2024, up 56.9% year-over-year for H1.

• Sold approximately 9,700 packages of medicine in H1 2024, a 40% increase over H1 2023.

• Reported first-ever positive EBITDA for a quarter, reflecting revised strategy and cost control.

• Completed a rights issue, resulting in a clean balance sheet with zero debt.

• Submitted two new medicines (FLS04, FLS05) to the Danish Medicines Agency, with three applications now under review.

Financial highlights

• Q2 2024 revenue: DKK 3.86 million (Q2 2023: DKK 2.28 million); H1 2024 revenue: DKK 4.55 million (H1 2023: DKK 2.90 million).

• Q2 2024 EBITDA: DKK 0.10 million (Q2 2023: DKK -2.30 million); H1 2024 EBITDA: DKK -2.15 million (H1 2023: DKK -7.08 million).

• Q2 2024 EBIT: DKK -0.40 million (Q2 2023: DKK -2.86 million).

• Net loss after tax for Q2 2024: DKK -0.63 million (Q2 2023: DKK -3.02 million).

• Equity at period end: DKK 6.35 million; equity ratio: 0.31.

Outlook and guidance

• 2024 revenue guidance revised to DKK 11.0–12.0 million (previously DKK 13.3 million) due to regulatory delays.

• 2024 EBITDA guidance improved to DKK -3.0 to -3.5 million (previously DKK -4.0 million) on cost control.

• Anticipates minor negative EBITDA in Q3 2024, with positive EBITDA expected in Q4 2024.

• Expects product approvals (EXTO2, FLS04, FLS05) by end of 2024.