Monsenso A/S : H1 Report 2023

H1/2023

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

... all project"partners are impressed with the work Monsenso does in the project. With the people involved, the progress and the responsibility you take"

Frederik Mølgaard Thayssen,

Alexandra Instituttet

Project Manager of the

PhaseV project

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 2023

Monsenso interim report - H1/2023

Page 3/15

FINANCIAL REVIEW

Highlights

Total revenue increased by70% to 4,409k (H1 2022: DKK 2,601k).

EBITDA was DKK -1,142k (H1 2022: DKK -2,832k).

Cash flow from operations DKK 1,139k (H1 2022: DKK -4,074k)

12 employees (FTE) at the end of June 2023 (June 2022: 14 FTE)

Business review

The first half of 2023 resulted in revenue growth of 70% compared to H1 2022. We entered into three new research projects at the end of 2022, which have caused increased activity. Especially in the PhaseV project for which Monsenso provides development and validation of a scalable digital platform that allows decentralised patient recruitment, data collection and study implementation.

The platform will be used in studies within three important and very costly chronic disorders; obesity, chronic urticaria and diabetic foot ulcers. Up until now, we have received very good feedback from the project partners regarding the progress and the proactive approach of the Monsenso team. The goal is to continue the good trend for the rest of the project.

Furthermore, the research projects PERSONAE and MENTBEST both kicked off during H1 2023, and they will therefore require more efforts in H2 2023.

During H1 2023, we changed our development processes to adopt the "Shape Up" methodology which has proven to be effective and a range of new features have been developed. We are very satisfied with the change to "Shape Up" and expect to benefit even more from the method going forward.

Monsenso interim report - H1/2023	Page 4/15

FINANCIAL REVIEW

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

In July 2023, Monsenso entered into a major framework agreement with a European capital, which includes an initial order to deliver our platform to support youth psychiatry and addiction across the capital. No further events materially affecting the assessment of the interim report have occurred after the balance sheet date.

Cash-level comment

At the end of H1 2023, the cash and cash equivalents was DKK 1.4m. During the period of H1 2023, operations generated a positive cash flow of DKK 1.1m, and new capital of DKK 1.4m was added. The period's investments in development projects amounted to DKK -1.7m.

Outlook for 2023

For 2023, our revenue expectations remain DKK 10-11m corresponding to an increase of 61-77% with an EBITDA of DKK -3m to -2m. Uncertainties and other financial information for 2023 are included in notes 2 and 3.

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