Myomo Reports First Quarter 2019 Results
Reading Time: 7 minutes
Reports 165% Year-over-Year Revenue Growth and Continued Expansion
of Reimbursement Pipeline
CAMBRIDGE, Mass.–(BUSINESS WIRE)–Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a wearable
medical robotics company that offers increased functionality for those
suffering from neurological disorders and upper limb paralysis, today
announced its financial results for the first quarter ended March 31,
2019.
Recent Highlights and Accomplishments:
-
Revenues for the first quarter 2019 of $830,000 increased by 165%
versus the comparable period of 2018. Gross profit for the quarter
increased by 219% compared to the first quarter of 2018 and gross
margin expanded to 79% from 65%. -
The Company’s reimbursement pipeline contained 354 MyoPro units as of
March 31, 2019, up 16% from 306 units at the end of the fourth quarter
2018. In the first quarter 2019, the Company sold 35 units. -
The Company expanded its US distribution from 42 to all 50 of the top
metro areas through the addition of O&P partners and entered into new
agreements with O&P providers with multiple locations in Italy, Chile,
and Australia.
“The strong growth in first quarter revenues in 2019 is the result of
our national rollout launched in 2018, which consisted of online
marketing and broader metro area coverage with O&P clinical partners,”
said Paul R. Gudonis, Chairman and CEO of Myomo. “Our reimbursement
pipeline continues to grow, which is expected to result in significant
revenue growth in 2019.”
Financial Results
| Three months ended | Period-to-period | |||||||||||||||
| March 31, | change | |||||||||||||||
| 2019 | 2018 | $ | % | |||||||||||||
| Revenue | $ | 830,066 | $ | 313,179 | $ | 516,887 | 165% | |||||||||
| Cost of revenue | 176,187 | 108,080 | 68,107 | 63% | ||||||||||||
| Gross profit | $ | 653,879 | $ | 205,099 | $ | 448,780 | 219% | |||||||||
| Gross margin% |
79 |
% | 65 | % | 14% | |||||||||||
Higher revenue for the three months ended March 31, 2019 reflects both
higher volume and a higher average unit selling price compared to the
three months ended March 31, 2018.
Gross margin was 79% for the three months ended March 31, 2019. Gross
margin increased compared to the 65% for the three months ended March
31, 2018, respectively due to higher average selling price on devices
directly sold to patients.
Operating expenses were $3,337,000, an increase of $729,000, or 28%,
during the three months ended March 31, 2019, versus the comparable
period of 2018. The increase in operating expenses primarily reflects
the addition of personnel in the second half of 2018 in support of the
Company’s expansion of its sales, marketing and reimbursement functions.
The Company’s net loss for the quarter ended March 31, 2019 was
$2,598,000, or ($0.17) per share, compared with a net loss of
$2,345,000, or ($0.20) per share for the corresponding period of 2018.
Adjusted EBITDA1 for the quarter ended March 31, 2019 was a
loss of $2,454,000, compared with a loss of $2,052,000 for the
corresponding period in 2018. A reconciliation of GAAP net loss to this
non-GAAP financial measure has been provided in the financial statement
tables included in this press release. An explanation of this measure is
also included below under the heading “Non-GAAP Financial Measures.”
Liquidity
Cash on hand at March 31, 2019 was $9,234,000, compared to $6,541,000 at
December 31, 2018. On February 12, 2019, the Company successfully
completed a follow-on public offering of its common stock, generating
net proceeds of approximately $5,600,000, which the Company continues to
expect will provide sufficient liquidity to fund its operations through
2019.
Conference Call and Webcast Information
Myomo will hold a conference call today, Monday, May 13, 2019 at 8:30
a.m. EDT. To access the conference call, please dial 1-877-270-2148 from
the U.S. or 1-412-902-6510 internationally. Our webcast can also be
accessed through Myomo’s Investor Relations page. Please allow extra
time prior to the call to visit the site and download any necessary
software to listen to the live broadcast.
A replay of the conference call will be available approximately one hour
after completion of the live conference call at the Investor Relations
page. A dial-in replay of the call will be available until May 27, 2019;
please dial 1-877-344-7529 from the U.S. or 1-412-317-0088
internationally and provide the passcode of 10130705.
About Myomo
Myomo, Inc. is a wearable medical robotics company that offers expanded
mobility for those suffering from neurological disorders and upper limb
paralysis. Myomo develops and markets the MyoPro product line. MyoPro is
a powered upper limb orthosis designed to support the arm and restore
function to the weakened or paralyzed arms of patients suffering from
CVA stroke, brachial plexus injury, traumatic brain or spinal cord
injury, ALS or other neuromuscular disease or injury. It is currently
the only marketed device that, sensing a patient’s own EMG signals
through non-invasive sensors on the arm, can restore an individual’s
ability to perform activities of daily living, including feeding
themselves, carrying objects and doing household tasks. Many are able to
return to work, live independently and reduce their cost of care. Myomo
is headquartered in Cambridge, Massachusetts, with sales and clinical
professionals across the U.S. For more information, please visit www.myomo.com.
| 1 |
Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization adjusted for the impact of the write-off of unamortized debt discount associated with conversion of convertible notes into common stock and warrants, stock based-compensation, the impact of the fair value revaluation of our derivative liabilities and the loss on early extinguishment of debt. |
|
Forward Looking Statements
This press release contains forward-looking statements regarding the
Company’s future business expectations, including the receipt of
revenues from units being processed for insurance reimbursement, the
scale-up and expansion of commercial operations, our expectations for
revenues and our results of operations, and the potential benefits to
users of our products, our financial position and cash runway, which are
subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are only
predictions and may differ materially from actual results due to a
variety of factors.
These factors include, among other things:
- our sales and commercialization efforts;
-
our ability to achieve reimbursement from third-party payers for our
products; -
our dependence upon external sources for the financing of our
operations; - our ability to effectively execute our business plan; and
-
our expectations as to our clinical research program and clinical
results.
More information about these and other factors that potentially could
affect our financial results is included in Myomo’s filings with the
Securities and Exchange Commission, including those contained in the
risk factors section of the Company’s annual report on Form 10-K,
quarterly reports on Form 10-Q and other filings with the Commission.
The Company cautions readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made.
Although the forward-looking statements in this release of financial
information are based on our beliefs, assumptions and expectations,
taking into account all information currently available to us, we cannot
guarantee future transactions, results, performance, achievements or
outcomes. No assurance can be made to any investor by anyone that the
expectations reflected in our forward-looking statements will be
attained, or that deviations from them will not be material and adverse.
The Company disclaims any obligation subsequently to revise any
forward-looking statements to reflect events or circumstances after the
date of such statements or to reflect the occurrence of anticipated or
unanticipated events.
Non-GAAP Financial Measures
Myomo has provided in this release of financial information that has not
been prepared in accordance with generally accepted accounting
principles in the United States, or GAAP. This information includes
Adjusted EBITDA. This non-GAAP financial measure is not in accordance
with, or an alternative for, GAAP and may be different from similar
non-GAAP financial measures used by other companies. Myomo believes that
the use of this non-GAAP financial measures provides supplementary
information for investors to use in evaluating operating performance and
in comparing its financial measures with other companies in Myomo’s
industry, many of which present similar non-GAAP financial measures.
Adjusted EBITDA is EBITDA adjusted for the impact of the write-off of
unamortized debt discount associated with conversion of convertible
notes into common stock and warrants, stock based-compensation, the
impact of the fair value revaluation of our derivative liabilities and
the loss on early extinguishment of debt. Non-GAAP financial measures
that Myomo uses may differ from measures that other companies may use.
This non-GAAP financial measure disclosed by Myomo is not meant to be
considered superior to or a substitute for results of operations
prepared in accordance with GAAP, and should be viewed in conjunction
with, GAAP financial measures. Investors are encouraged to review the
reconciliation of this non-GAAP measure to its most directly comparable
GAAP financial measure. A reconciliation of GAAP to the non-GAAP
financial measures has been provided in the tables included as part of
this press release.
|
MYOMO, INC. |
|||||||
| Three months ended | |||||||
| March 31, | |||||||
| 2019 | 2018 | ||||||
| Revenue | $ | 830,066 | $ | 313,179 | |||
| Cost of revenue | 176,187 | 108,080 | |||||
| Gross margin | 653,879 | 205,099 | |||||
| Operating expenses: | |||||||
| Research and development | 535,254 | 372,359 | |||||
| Selling, general and administrative | 2,801,420 | 2,235,637 | |||||
| Total operating expenses | 3,336,674 | 2,607,996 | |||||
| Loss from operations | (2,682,795) | (2,402,897) | |||||
| Other expense (income) | |||||||
| Change in fair value of derivative liabilities | (41,970) | (15,307) | |||||
| Interest income and other expense, net | (42,765) | (42,188) | |||||
| Total other expense (income) | (84,735) | (57,495) | |||||
| Net loss | $ | (2,598,060) | $ | (2,345,402) | |||
| Weighted average number of common shares outstanding: | |||||||
| Basic and diluted | 14,941,518 | 11,899,456 | |||||
| Net loss per share | |||||||
| Basic and diluted | $ | (0.17) | $ | (0.20) | |||
|
MYOMO, INC. |
|||||||
|
March 31, |
December 31, |
||||||
| ASSETS | (Unaudited) | ||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 9,233,559 | $ | 6,540,794 | |||
| Accounts receivable, net | 399,895 | 382,258 | |||||
| Inventories, net | 301,277 | 256,149 | |||||
| Prepaid expenses and other | 784,720 | 695,276 | |||||
| Total Current Assets | 10,719,451 | 7,874,477 | |||||
| Restricted cash | 75,000 | 75,000 | |||||
| Deferred offering costs | 131,976 | 144,582 | |||||
| Equipment, net | 173,078 | 187,513 | |||||
| Total Assets | $ | 11,099,505 | $ | 8,281,572 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable and other accrued expenses | $ | 1,310,429 | $ | 1,743,427 | |||
| Derivative liabilities | 157,927 | 3,661 | |||||
| Deferred revenue | 25,840 | 1,990 | |||||
| Customer advance payments | 84,117 | 106,609 | |||||
| Total Current Liabilities | 1,578,313 | 1,855,687 | |||||
| Total Liabilities | 1,578,313 | 1,855,687 | |||||
| Commitments and Contingencies | |||||||
| Stockholders’ Equity | |||||||
| Common stock | 1,710 | 1,245 | |||||
| Additional paid-in capital | 57,536,979 | 51,720,630 | |||||
| Accumulated deficit | (48,011,033) | (45,289,526) | |||||
| Treasury stock | (6,464) | (6,464) | |||||
| Total Stockholders’ Equity | 9,521,192 | 6,425,885 | |||||
| Total Liabilities and Stockholders’ Equity | $ | 11,099,505 | $ | 8,281,572 | |||
|
MYOMO, INC. |
||||||||
| For the three months ended March 31, | 2019 | 2018 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net loss | $ | (2,598,060) | $ | (2,345,402) | ||||
| Adjustments to reconcile net loss to net cash used in operations: | ||||||||
| Depreciation | 21,627 | 14,599 | ||||||
| Stock-based compensation | 207,605 | 336,355 | ||||||
| Bad debt expense | 16,275 | — | ||||||
| Excess and obsolete inventory reserve | — | (645) | ||||||
| Change in fair value of derivative liabilities | (41,970) | (15,307) | ||||||
| Loss on disposal of asset | 320 | — | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (33,912) | 145,594 | ||||||
| Inventories | (131,871) | (63,923) | ||||||
| Prepaid expenses and other | (128,256) | 15,182 | ||||||
| Accounts payable and other accrued expenses | (432,998) | (327,390) | ||||||
| Deferred revenue | 23,850 | (24,423) | ||||||
| Other current liabilities | (22,492) | — | ||||||
| NET CASH USED IN OPERATING ACTIVITIES | (3,119,882) | (2,265,360) | ||||||
| NET CASH USED IN INVESTING ACTIVITIES | (5,404) | (64,924) | ||||||
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 5,818,051 | 3,487,341 | ||||||
| Net increase in cash, cash equivalents, and restricted cash | 2,692,765 | 1,157,057 | ||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 6,615,794 | 13,011,373 | ||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 9,308,559 | $ | 14,168,430 | ||||
|
MYOMO, INC. |
||||||||
| Three months ended | ||||||||
| March 31, | ||||||||
| 2019 | 2018 | |||||||
| GAAP net loss | $ | (2,598,060) | $ | (2,345,402) | ||||
| Adjustments to reconcile to Adjusted EBITDA: | ||||||||
| Interest (income) expense | (42,765) | (42,188) | ||||||
| Depreciation expense | 21,627 | 14,599 | ||||||
| Stock-based compensation | 207,605 | 36,355 | ||||||
| Change in fair value of derivative liabilities | (41,970) | (15,307) | ||||||
| Adjusted EBITDA | $ | (2,453,563) | $ | (2,051,943) | ||||
Contacts
For Myomo:
[email protected]
Investor
Relations:
Vivian Cervantes
PCG Advisory
646-863-6274
[email protected]
Public
Relations:
Sarah Karr
Matter Communications
978-518-4817
[email protected]
Indivior
Indivior Provides Update on Aelis Farma’s Clinical Phase 2B Study Results with AEF0117 in Participants with Cannabis Use Disorder
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS IT FORMS PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018).
- Primary and Secondary End Points of the Study were Not Met
- Indivior Does Not Currently Expect to Exercise AEF0117 Option
SLOUGH, United Kingdom and RICHMOND, Va., Sept. 4, 2024 /PRNewswire/ — Indivior PLC (Nasdaq/LSE: INDV) is today providing an update following Aelis Farma’s announcement of the results from its clinical Phase 2B trial with AEF01171, evaluating the efficacy and safety in treatment-seeking participants with moderate to severe Cannabis Use Disorder (CUD). The purpose of this trial was twofold: (1) to show that AEF0117 (0.1, 0.3, 1 mg once a day for 12 weeks) lowers cannabis use and (2) to determine the endpoints and optimal dosage of AEF0117 for use in future studies. In this phase 2B study, patients were treatment-seeking participants, 84% of whom had severe CUD.
The results of the study demonstrated that the primary endpoint, the proportion of participants who reduced their cannabis use to ≤1 day per week, as well as secondary endpoints measuring the proportion of participants reaching either complete abstinence or who used ≤2 day per week, were not met. Although these results are disappointing, they indicate that significant work remains to be done to understand subpopulations of patients with CUD, specifically those with severe CUD.
This clinical Phase 2B study is part of the strategic collaboration between Aelis Farma and Indivior, which includes an exclusive option for Indivior to license the global rights to AEF0117. Given the lack of separation from placebo on primary and secondary endpoints and before seeing further additional favorable clinical data, Indivior does not currently expect to exercise its option.
Important Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding whether: we will be able to ultimately demonstrate the safety and efficacy of AEF0117, which is a prerequisite to filing any New Drug Application; we might ever exercise our option for AEF0117 and, if so, when; and other statements containing the words “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “forecast,” “strategy,” “target,” “guidance,” “outlook,” “potential,” “project,” “priority,” “may,” “will,” “should,” “would,” “could,” “can,” “outlook,” “guidance,” the negatives thereof, and variations thereon and similar expressions. By their nature, forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future.
Actual results may differ materially from those because they relate to future events. Various factors may cause differences between Indivior’s expectations and actual results, including, among others, the risks described in our most recent annual report on Form 20-F beginning on page 9 as filed with the U.S. SEC and in subsequent releases; legal and market restrictions that may limit how quickly we can repurchaser our shares; the substantial litigation and ongoing investigations to which we are or may become a party; our reliance on third parties to manufacture commercial supplies of most of our products, conduct our clinical trials and at times to collaborate on products in our pipeline; our ability to comply with legal and regulatory settlements, healthcare laws and regulations, requirements imposed by regulatory agencies and payment and reporting obligations under government pricing programs; risks related to the manufacture and distribution of our products, most of which contain controlled substances; market acceptance of our products as well as our ability to commercialize our products and compete with other market participants; competition; the uncertainties related to the development of new products, including through acquisitions, and the related regulatory approval process; our dependence on third-party payors for the reimbursement of our products and the increasing focus on pricing and competition in our industry; unintended side effects caused by the clinical study or commercial use of our products; our ability to successfully execute acquisitions, partnerships, joint ventures, dispositions or other strategic acquisitions; our ability to protect our intellectual property rights and the substantial cost of litigation or other proceedings related to intellectual property rights; the risks related to product liability claims or product recalls; the significant amount of laws and regulations that we are subject to, including due to the international nature of our business; macroeconomic trends and other global developments such as armed conflicts and pandemics; the terms of our debt instruments, changes in our credit ratings and our ability to service our indebtedness and other obligations as they come due; changes in applicable tax rate or tax rules, regulations or interpretations and our ability to realize our deferred tax assets; and volatility in our share price due to factors unrelated to our operating performance or that may result from the potential move of our primary listing to the U.S.
Forward-looking statements speak only as of the date that they are made and should be regarded solely as our current plans, estimates and beliefs. Except as required by law, we do not undertake and specifically decline any obligation to update, republish or revise forward-looking statements to reflect future events or circumstances or to reflect the occurrences of unanticipated events.
This release is being made by Kathryn Hudson, Company Secretary Indivior PLC.
About Indivior
Indivior is a global pharmaceutical company working to help change patients’ lives by developing medicines to treat substance use disorders (SUD), overdose and serious mental illnesses. Our vision is that all patients around the world will have access to evidence-based treatment for the chronic conditions and co-occurring disorders of SUD. Indivior is dedicated to transforming SUD from a global human crisis to a recognized and treated chronic disease.
Building on its global portfolio of OUD treatments, Indivior has a pipeline of product candidates designed to both expand on its heritage in this category and potentially address other chronic conditions and co-occurring disorders of SUD. Headquartered in the United States in Richmond, VA, Indivior employs over 1,000 individuals globally and its portfolio of products is available in over 30 countries worldwide. Visit www.indivior.com to learn more. Connect with Indivior on LinkedIn by visiting www.linkedin.com/company/indivior.
References:
- National Library of Medicine (U.S.) (2022, April). Effect of AEF0117 on treatment-seeking patients with cannabis use disorder (CUD) (SICA2). Identifier
NCT05322941 https://www.clinicaltrials.gov/study/NCT05322941
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HERZLIYA, Israel and CALGARY, Alberta, Aug. 29, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce that it has completed its previously announced non-brokered private placement offering of 5,025,725 units of the Company (the “Units”) at a price of C$0.22 per Unit for gross proceeds of C$1,105,659.50 (the “Offering”).
Each Unit is comprised of: (i) one (1) common share in the capital of the Company (each a “Common Share”); and (ii) one (1) common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.32 for a period of four (4) years from the date of issuance.
Innocan intends to use the proceeds of the Offering for working capital and general corporate purposes.
The securities issued to Canadian subscribers in connection with the Offering are subject to a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws.
Iris Bincovich, Chief Executive Officer of the Company, stated “we are very pleased with our successful offering. I would like to extend my sincere gratitude to our investors for their unwavering support. We see this as a strong vote of confidence by both existing and new investors which demonstrates investor support of our vision and strategic direction. These new funds will provide us with additional working capital to enable us to capitalize on new opportunities and allow us to advance strongly on our growth plans.”
The Company is also pleased to announce that it has granted an aggregate of 300,000 stock options (each an “Option“) to certain consultants of the Company pursuant to the Company’s stock option plan (the “Plan“). Each Option may be exercised for one (1) common share in the capital of the Company (each, a “Share“) at a price of $0.25 per Share. The Options expire on August 27, 2029.
All Options granted vest in accordance with the following vesting schedule: (i) 1/3rd of the Options vested immediately at grant; (ii) 1/3rd of the Options will vest on February 28, 2025; and (iii) 1/3rd will vest on August 27, 2025; all subject to the terms and conditions of the Plan.
About Innocan Pharma:
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/
Contact Information:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025
+972-54-3012842
+442037699377
[email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Cannabis
Europe Medical Cannabis Market Forecast 2024-2032: Tilray, Aurora Cannabis, and GW Pharmaceuticals Dominate the Market Landscape
Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) — The “Europe Medical Cannabis Oil Market Size, Industry Dynamics, Opportunity Analysis and Forecast 2024-2032.” report has been added to ResearchAndMarkets.com’s offering.
The Europe Medical Cannabis Oil market is poised for significant growth, projected to escalate from US$ 0.91 billion in 2023 to US$ 2.40 billion by 2032, advancing at a CAGR of 12.08%. In this comprehensive research report, the market is analyzed by:
- Derivatives;
- Source;
- Application;
- Route of Administration;
- End-user;
- Distribution Channel; and
- Country.
Market Highlights Identified in the Report
- Progressive legalization across Europe is creating a favorable regulatory environment, enhancing market expansion for medical cannabis oil products.
- Germany leads the market with a robust infrastructure and supportive regulations, while other countries like the UK, Italy, and Spain show significant growth potential based on evolving regulatory landscapes and market dynamics.
- Key players such as Tilray, Aurora Cannabis Inc., and GW Pharmaceuticals dominate the market, emphasizing research, strategic partnerships, and innovation to maintain competitive edge amidst evolving industry dynamics.
The medical cannabis oil market has experienced substantial growth as legalization and acceptance of cannabis-based treatments expand globally. Cannabis oil, derived from the cannabis plant through extraction methods, contains cannabinoids such as THC and CBD, known for their therapeutic properties. Increasing recognition of cannabis oil’s potential in alleviating symptoms of various medical conditions, including chronic pain, epilepsy, and anxiety disorders, has driven its adoption in medical settings.
Governments in several countries are progressively legalizing medical cannabis, creating a conducive regulatory environment for market expansion. Additionally, growing consumer awareness about alternative and natural therapies has fueled the demand for cannabis oil products. The market is characterized by diverse product offerings, including full-spectrum and CBD-isolate oils, catering to different therapeutic needs and preferences.
Despite regulatory challenges and stigma associated with cannabis, the medical cannabis oil market continues to evolve, driven by ongoing research, favorable legislative changes, and shifting attitudes toward cannabis-based therapies in healthcare.
Regional Insights
Germany is likely to maintain its leadership position in the European medical cannabis oil market due to its established infrastructure, supportive regulations, and strong healthcare system. Germany legalized medical cannabis in 2017, giving the market a head start compared to many other European countries. This established infrastructure and experience position Germany as a leader in the field. As awareness and acceptance of medical cannabis increase, the number of patients seeking treatment in Germany is steadily rising. This fuels market growth and incentivizes further investment in research and development.
Germany’s regulatory framework for medical cannabis is considered relatively patient-friendly compared to some other European countries. This facilitates access for patients with qualifying conditions. The UK legalized medical cannabis in 2018 and is experiencing an increase in patient access programs. This, coupled with ongoing research, could lead to significant market growth. Italy legalized medical cannabis in 2006 but has faced challenges with availability. As regulations become more streamlined and patient access expands, the Italian market holds significant growth potential. Spain has a well-established medical cannabis industry with a focus on domestic production. As regulations evolve and export opportunities increase, the Spanish market could see a boost.
Competitive Landscape
The Medical Cannabis Oil market is characterized by a vigorous competitive landscape, with prominent entities like Tilray, Aurora Cannabis Inc., GW Pharmaceuticals, Almiral, Bedrocan, and others at the forefront, collectively accounting for approximately 41 % of the overall market share. This competitive milieu is fueled by their intensive efforts in research and development as well as strategic partnerships and collaborations, underscoring their commitment to solidifying market presence and diversifying their offerings.
The primary competitive factors include pricing, product caliber, and technological innovation. As the Medical Cannabis Oil industry continues to expand, the competitive fervor among these key players is anticipated to intensify. The impetus for ongoing innovation and alignment with evolving customer preferences and stringent regulations is high. The industry’s fluidity anticipates an uptick in novel innovations and strategic growth tactics from these leading corporations, which in turn propels the sector’s comprehensive growth and transformation.
Key Topics Covered
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Europe Medical Cannabis Oil Market
Chapter 4. Europe Medical Cannabis Oil Market Overview
Chapter 5. Europe Medical Cannabis Oil Market Analysis, by Derivatives
Chapter 6. Europe Medical Cannabis Oil Market Analysis, by Source
Chapter 7. Europe Medical Cannabis Oil Market Analysis, by Application
Chapter 8. Europe Medical Cannabis Oil Market Analysis, by Route of Administration
Chapter 9. Europe Medical Cannabis Oil Market Analysis, by End-user
Chapter 10. Europe Medical Cannabis Oil Market Analysis, by Distribution Channel
Chapter 11. Europe Medical Cannabis Oil Market Analysis, by Country
Chapter 12. The UK Medical Cannabis Oil Market Analysis
Chapter 13. Germany Medical Cannabis Oil Market Analysis
Chapter 14. The Netherlands Medical Cannabis Oil Market Analysis
Chapter 15. Italy Medical Cannabis Oil Market Analysis
Chapter 16. Spain Medical Cannabis Oil Market Analysis
Chapter 17. Poland Medical Cannabis Oil Market Analysis
Chapter 18. Rest of Europe Medical Cannabis Oil Market Analysis
Chapter 19. Company Profiles (Company Overview, Financial Matrix, Key Product Landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
A selection of companies mentioned in this report includes, but is not limited to:
- Aurora Cannabis Inc.
- Bedrocan
- Biocann
- BIOTA Biosciences LLC
- Cannamedical
- Mary Jane CBD
- Sanity Group GmbH
- Tilray
- Valcon Medical
For more information about this report visit https://www.researchandmarkets.com/r/dh7q46
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