Copenhagen-based digital health solution provider, Monsenso, reported a significant increase in revenue for the first half of 2023, according to the company's interim financial report released today. The company's total revenue rose by 70% to DKK 4,409K, compared to DKK 2,601K in the first half of 2022.
The company also reported improved EBITDA figures. For H1 2023, the EBITDA was DKK -1,142K, a marked improvement from H1 2022 when it was DKK -2,832K. Additionally, the cash flow from operations turned positive at DKK 1,139K in H1 2023, up from DKK -4,074K in the same period last year.
Monsenso credited its strong performance to several factors. In late 2022, the company entered into three new research projects which significantly increased activity in H1 2023. The most notable of these is the PhaseV project where Monsenso is developing and validating a scalable digital platform for decentralized patient recruitment, data collection and study implementation.
Two other research projects, PERSONAE and MENTBEST, initiated during H1 2023 are expected to require more efforts in the second half of the year.
Despite these positive developments, Monsenso identified several key risks associated with its business including dependence on continued success with relatively few large customers and projects, access to capital to support future growth plans, data and cyber security issues, and ability to attract and retain competent employees.
The company's cash and cash equivalents at the end of H1 2023 stood at DKK 1.4 million. Operations generated a positive cash flow of DKK 1.1 million during this period and new capital of DKK 1.4 million was added. Investments in development projects amounted to DKK -1.7 million during this period.
Looking ahead into the rest of 2023, Monsenso expects to see revenues between DKK 10-11 million, an increase of 61-77%, with an EBITDA of DKK -3 million to -2 million.
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