Monsenso A/s OMXCOP:MONSO
Monsenso A/S : H1 Report 2024
Source: MarketScreener
H1/2024
Interim report
Company reg. 35517391
CONTENT
Management review | 3 |
Financial review | 4 |
Key figures and ratios | 6 |
Financial statement | 7 |
Income statement | 8 |
Cash flow | 9 |
Balance sheet | 10 |
Equity | 11 |
Notes | 12 |
Management statement | 14 |
Company information | 15 |
I believe that future"collaboration with patients could largely take place through the app, reserving in-person visits primarily for cases of worsening conditions
- or other needs. I think this solution aligns well with the future of collaboration and the broader transformation of the healthcare system."
Clinician PhaseV, Steno Diabetes
Center Aarhus | Center for Den
Diabetiske Fod
Page 2/15
Disclaimer
This report contains forward-looking statements, which are based on the current expectations.
All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual results and developments deviating substantially from what has been expressed or implied in such statements.
3
Management review
Interim report 2024
Monsenso interim report - H1/2024 | Page 3/15 |
FINANCIAL REVIEW
Highlights
Total revenue increased by 25% to 5,527k (H1 2023: DKK 4,409k).
EBITDA was DKK -1,270k (H1 2023: DKK -1,142k).
Cash and cash equivalents were DKK 5,971 (FY 2023: DKK 1,812). Significant progress in key innovation projects.
Successful implementation of key projects within a European Capital and a leading pharmaceutical. Strongly improved cash position, via DKK 9.3m in capital raise.
Business review
We are pleased to report on the positive results and the development in H1 2024. Our continued commitment to innovation and strategic growth has yielded significant progress across multiple areas.
Strong Financial Performance
We achieved a 25% growth in total revenue during H1 2024, demonstrating the strength and resilience of our business model. Our subscription revenue was growing 33%, highlighting the ongoing expansion of our customer base and the increased adoption of our services.
Our operating expenses (OPEX) during this period were carefully managed to cover essential areas, including increases in headcount expenses in general and additional external support costs. These external costs were particularly associated with services related to Medical Device Regulation (MDR) as well as assistance with other regulatory tasks. This proactive approach ensures we are well-positioned for future compliance and market opportunities.
Innovation and Research
Our three major innovation and research projects; PhaseV, PERSONAE and MENTBEST have gained significant momentum. The development and implementation of new features during this period have led to considerable progress in these projects, emphasizing our dedication to leveraging cutting-edge technology to tackle the burden of mental and chronic illnesses.
These projects are at the core of our mission to drive health innovation through technology and data. Each initiative reflects our commitment to making a real impact on patient care and outcomes
Commercial Milestones
A major commercial milestone achieved in H1 2024 was successfully implementing our digital health platform in a European Capital to serve their youth psychiatry and addiction pathways. This achievement marks a significant step forward in our efforts to integrate our technology into critical areas of public health. We anticipate an increase in the number of clinicians and patients utilizing our platform during the second half of 2024 and beyond, further solidifying our presence in the market.
The national headache project in collaboration with a leading pharmaceutical has also been highly successful. This project is particularly noteworthy for its focus on delivering a decentralized, patient- centric real-world data collection approach. Alongside other commercial initiatives, this collaboration highlights our ability to forge strong partnerships that drive innovation and deliver tangible benefits to patients.
Monsenso interim report - H1/2024 | Page 4/15 |
F I N A N C I A L R E V I E W
Outlook for 2024
As we move into the second half of 2024, we are confident in our ability to continue this trajectory of growth and innovation. We remain committed to expanding our impact in the mental health sector and advancing our projects and partnerships to achieve our long-term goals, by further investing in sales and marketing activities.
For 2024, our revenue expectations remain unchanged at DKK 11-13m corresponding to an increase of 15- 35% with an EBITDA of DKK -3m to -1.5m. Uncertainties and other financial information for 2024 are included in notes 2 and 3.
Our capital increased by DKK 9.3m during H1 2024, and by the end of H1 2024, cash and cash equivalents were DKK 6m, compared to DKK 1.8m at the end of 2023. Management expects sufficient cash to manage the Group's activity for the coming period.
Key risks
The most significant risks associated with Monsenso's business are currently estimated to be:
Dependence on continued success with relatively few, large customers and projects.
Access to capital to support future growth plans.
Data and cyber security.
Ability to attract and retain competent employees.
Events after the balance sheet date
No events materially affecting the assessment of the interim report have occurred after the balance sheet date.
Monsenso interim report - H1/2024 | Page 5/15 |
KEY FIGURES AND RATIOS
('000 DKK) | H1 2024 | H1 2023 | |||||
Income Statement | 5,527 | 4,409 | |||||
Revenue | |||||||
2,311 | 1,689 | ||||||
Gross profit | |||||||
(1,270) | (1,142) | ||||||
EBITDA | |||||||
(3,484) | (3,406) | ||||||
Operating profit (EBIT) | |||||||
(3,231) | (3,170) | ||||||
Profit (loss) for the period | |||||||
Cash flow | |||||||
(3,826) | 1,139 | ||||||
Operating activities | |||||||
(1,286) | (1,728) | ||||||
Investing activities | |||||||
9,271 | 1,431 | ||||||
Financing activities | |||||||
Balance Sheet | |||||||
5,971 | 1,812 | ||||||
Cash and cash equivalents | |||||||
21,882 | 18,787 | ||||||
Total assets | |||||||
16,913 | 10,873 | ||||||
Equity | |||||||
Other key figures and ratios | |||||||
42% | 38% | ||||||
Gross Margin | |||||||
1,979 | 1,164 | ||||||
Revenue, commercial part | |||||||
36% | 26% | ||||||
Commercial revenue in % of the total. | |||||||
(2,052) | (2,117) | ||||||
Total investment in R&D | |||||||
(6,797) | (5,551) | ||||||
Total operating expenses (OPEX) | |||||||
11 | 12 | ||||||
Average no. of employees (FTE) | |||||||
12 | 12 | ||||||
No. of employees (FTE) end of the period | |||||||
Net profit per share (DKK) | (0.07) | (0.11) | |||||
66,547 | 30,502 | ||||||
No. of shares end of period ('000) | |||||||
(0,06) | (0.11) | ||||||
Net profit per share, diluted (DKK) | |||||||
71,748 | 30,703 | ||||||
No. of shares end of the period, diluted ('000) | |||||||
0.47 | 0.28 | ||||||
MONSO shareprice end of period DKK | |||||||
31.5 | 8.5 | ||||||
Market cap (mio DKK) | |||||||
Monsenso interim report - H1/2024 | Page 6/15 |
3
Financial statement
Interim report 2024
Monsenso interim report - H1/2024 | Page 7/15 |
I N C O M E S T A T E M E N T
('000 DKK) | Note | H1 2024 | H1 2023 | |
Revenue | 5,527 | 4,409 | ||
Cost of revenue | 3 | (3,216) | (2,720) | |
Gross profit | 2,311 | 1,689 | ||
Sales & marketing costs | 3,4 | (1,380) | (905) | |
Research & development costs | 3,4 | (3,096) | (2,783) | |
General & administrative costs | 3,4 | (1,319) | (1,407) | |
Operating profit (EBIT) | (3,484) | (3,406) | ||
Financial income | 29 | 3 | ||
Financial expenses | (18) | (84) | ||
Profit (loss) before tax | (3,473) | (3,487) | ||
Tax on profit/loss for the period | 5 | 242 | 317 | |
Profit (loss) for the period | (3,231) | (3,170) | ||
It is"really
awesome to have a
say in the solution!"
Clinician PhaseV, Steno
Diabetes Center Aarhus | Center
for Den Diabetiske Fod
Monsenso interim report - H1/2024 | Page 8/15 |
C A S H F L O W
('000 DKK) | Note | H1 2024 | H1 2023 |
Operating profit (EBIT) | 4 | (3,484) | (3,406) |
Depreciations and amortizations | 2,214 | 2,264 | |
EBITDA | (1,270) | (1,142) | |
Financial payments | 11 | (81) | |
Taxes paid /received | - | - | |
Cash flow before working capital | (1,259) | (1,223) | |
Changes in receivables | 188 | (1,230) | |
Changes in current liabilities | (2,755) | 3,592 | |
Cash flow from operating activities | 6 | (3,826) | 1,139 |
Purchase of intangible assets | (1,388) | (1,728) | |
Purchase of tangible assets | 102 | - | |
Cash flow from investing activities | (1,286) | (1,728) | |
Proceeds from capital increase, net of costs | 9,271 | 1,431 | |
Cash flow from financing activities | 9,271 | 1,431 | |
Net cash flow | 4,159 | 842 | |
Cash and cash equivalents, beginning of the period | 1,812 | 572 | |
Net cash flow | 4,159 | 842 | |
Cash and cash equivalents, end of the period | 5,971 | 1,414 | |
Monsenso interim report - H1/2024 | Page 9/15 |
B A L A N C E S H E E T
('000 DKK) | Note | H1 2024 | Dec 2023 |
Contract assets | 419 | 490 | |
Completed development projects | 11,355 | 11,099 | |
Development projects in progress | 1,100 | 2,400 | |
Intangible assets | 6 | 12,874 | 13,989 |
Tangible assets | 111 | 213 | |
Total non-current assets | 12,985 | 14,202 | |
Accounts receivable | 1,983 | 2,113 | |
Other receivable | 21 | 38 | |
Corporation tax | 770 | 528 | |
Prepayments | 152 | 193 | |
Receivables | 2,926 | 2,872 | |
Cash and cash equivalents | 5,971 | 1.812 | |
Total current assets | 8,897 | 4,684 | |
Total assets | 21,882 | 18,886 | |
Share capital | 6,655 | 3,056 | |
Other reserves | 57 | 57 | |
Retained earnings | 10,201 | 7,760 | |
Equity | 16,913 | 10,873 | |
Other liabilities | 604 | 536 | |
Non-current liabilities | 604 | 536 | |
Accounts payables | 247 | 668 | |
Prepayments from customers | 2,331 | 4.212 | |
Other liabilities | 1,787 | 2,597 | |
Current liabilities | 4,365 | 7,477 | |
Liabilities | 4,969 | 8,013 | |
Equity and liabilities | 21,882 | 18,886 | |
Contingent liabilities | 7 |
Monsenso interim report - H1/2024 | Page 10/15 |