Dancann Pharma (DANCAN) Q3 2024 earnings summary

Executive summary

• Revenue grew 43.6% year-over-year for the first nine months, reaching DKK 6.41 million, with sales volume up 63.4% to 13,457 units.

• EBITDA loss improved by 66.6% year-over-year, narrowing from -9.22 MDKK to -3.08 MDKK.

• The Danish government announced plans to make the medicinal cannabis pilot program permanent, supporting long-term market stability.

• Delays in product approvals from the Danish Medicines Agency have postponed key product launches to 2025.

Financial highlights

• Q3 2024 revenue was DKK 1.86 million, up from DKK 1.63 million in Q3 2023.

• EBITDA for Q3 2024 was -0.90 MDKK, a significant improvement from -2.96 MDKK in Q3 2023.

• Operating loss (EBIT) for Q3 2024 was -1.42 MDKK, compared to -3.52 MDKK in Q3 2023.

• Net loss after tax for Q3 2024 was -2.16 MDKK, compared to -2.86 MDKK in Q3 2023.

• Cash flow for Q3 2024 was DKK 910,000, up from DKK 150,000 in Q3 2023.

Outlook and guidance

• FY2024 revenue is expected at the lower end of DKK 11–12 million guidance due to regulatory delays.

• EBITDA guidance for FY2024 remains at DKK -3 to -3.5 million, supported by a strengthened cost base.

• Product launches for EXTO2, FLS04, and FLS05 postponed to H1 2025; EXT03 and EXT04 to H2 2025.