Monsenso presents H1 2022 report

31.8.2022 08:40:01 CEST | Monsenso | Company Announcement

Company announcement no. 07-2022

Copenhagen, 2022.08.31

"This announcement contains inside information" 

Performance highlights

• Total revenue decreased by 28% to 2,601k (H1 2021: DKK 3,607k).

•  EBITDA was DKK –2,832k (H1 2021: DKK -3,208k).

• Cash flow from operations DKK -4,074k (H1 2021: DKK -2,043k)

• End of June 2022 we are 14 (FTE) employees. (June 2021: 23 FTE)

Business review

Monsenso signed contracts with a range of customers and partners during the first half of 2022 - also in new geographies, with a partnership agreement in Greece with Psychis Omma Mental Health Solutions and a new agreement with a global pharmaceutical in Israel.

Despite international projects starting roll-out after Covid-19, we still experienced delays in customer projects and decision-making, which impacted the revenue for the first half of 2022.

Our domestic and international research engagements progressed. Our European Horizon 2020 project, ECoWeB, was concluded alongside our Rumination Trial project in the UK, and our R-LiNk and GoGreenRoutes projects advanced. We participated in numerous conferences to communicate results from previous research projects and to identify new leads in the pharmaceutical and clinical sectors. Simultaneously, we engaged in a range of new research consortia on an international basis.

Our efforts to develop a market-leading digital health solution continued, and the development of our new web portal and our refreshed app is finalized for launch in the second half of 2022. We expect this to contribute to easier market access and quicker adoption of the solution in the future.

We passed ISO 13485 (quality management) and ISO 27001 (information security management) audits in the first half of 2022, and we prepared ourselves for DTAC certification in the UK. We are also preparing an MDR (Medical Device Regulation) certification, to which more efforts will be dedicated in the second half of 2022, ensuring that we are also compliant with future demands of the healthcare and pharmaceutical sectors in our target markets.

We changed the composition of our board and added two new board members during the period - both with extensive experience from our business and market segments. The new board and the leadership continue to regard the markets for digital mental health, patient-reported outcomes and real-world data collection as attractive growth markets and are currently preparing the revised strategy for growth in 2023 and beyond.

Outlook for 2022

Our revenue guidance for 2022 remains approx. DKK 7m with an expected EBITDA of approx. DKK -5m. As the revenue is still dependent on the progress of a few large projects, expectations are subject to uncertainty.

We are currently engaged in larger projects, which we expect will lead to million-kroner contract signatures in the second half of 2022. This is not expected to change the guidance for 2022 but will help establish the foundation for solid growth in 2023. 

Cash-level comment

The current cash level is not regarded as sufficient to support the business throughout 2022. Hence, the board plans to raise further capital within a short period of time by using its right to issue new shares in accordance with articles of association § 5.2.

Key figures

('000 DKK)	H1 2022	H1 2021
Revenue	2,601	3,607
EBITDA	-2,832	-3,208
Profit for the period	-4,777	-4,167
Cash flows from operating activities	–4,074	-2,043
Total assets, end of period	20,482	21,474
Equity, end of period	16,697	14,606
Net profit per share (DKK)	-0.21	-0.31
End-of-period, number of employees (FTE)	14	23

Thomas Lethenborg, CEO and Robert Højer, CFO will present the interim financial report on a webinar Wednesday, August 31, 2022, at 13.00 CET.

Any inquiries regarding this notice should be directed to:

Monsenso

CEO
Thomas Lethenborg
Tel. [phone]
E-mail: [e-mail] 

Chairman of the board
Peter Mørch Eriksen
Tel. [phone]
E-mail: [e-mail]

Certified Adviser:

Norden CEF A/S
John Norden
Tel. [phone]
E-mail: [e-mail]

About Monsenso

Monsenso is an innovative technology company offering a digital health solution for mental health and behavioral disorders. Our mission is to help provide better mental health to more people at lower costs. Our solution helps optimise the treatment of mental disorders and gives a detailed overview of an individual’s mental health through the collection of outcome, adherence and behavioural data. It connects individuals, carers and health care providers to enable personalised treatment, remote care and early intervention. Based on continuous research and development, our team is committed to developing solutions that fit seamlessly into the lives of individuals, increase their quality of life and improve the efficacy of mental health treatment. To learn more visit www.monsenso.com

Attachments

• Download announcement as PDF.pdf
• 220831.1H-2022.financial.report.v1.pdf

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