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Lenus eHealth ApS
Rued Langgaardsvej 8
DK-2300 Copenhagen
38168495
Daniel Fisker Tomczyk
2024-06-27
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management review</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">On a Mission to Improve Global Health</td></tr><tr><td colspan="1">Over the past decades, our lifestyles have become increasingly unhealthy, and more sedentary. Consequently, a growing number of people are struggling with decreased quality of life, mental health disorders as well as obesity, and several other lifestyle diseases. In addition, it is placing a significant burden on our healthcare system and shortening people’s life.</td></tr><tr><td colspan="1">At Lenus, we are dedicated to reversing this trend. Lifestyle diseases are preventable and can be remedied by general health promotion and health behavior change. We believe that prevention is more effective than treatment and that a holistic approach that connects physical-, mental, and social- health is essential for lasting health behavior change. We see holistic online health coaching as the key to addressing global health challenges and are committed to developing a new generation of health coaches equipped to promote sustainable lifestyle changes.</td></tr><tr><td colspan="1">A Health Coaching Revolution</td></tr><tr><td colspan="1">Research indicates that health coaching is an effective way to improve health outcomes and facilitate health behavior change. Despite its effectiveness, coaching remains a scarce and costly resource, with most coaches limited to 20 clients per month without a platform. However, a growing body of scientific evidence supports the effectiveness of remote, digital delivery of health coaching.</td></tr><tr><td colspan="1">To capture this opportunity, we have developed the Lenus platform, which allows health coaches from various disciplines to leverage a holistic approach to health promotion. Our streamlined platform enhances efficiency through automation, enabling coaches to connect more deeply with their clients, scale their businesses, and help more people lead happier, healthier lives.</td></tr><tr><td colspan="1">Our features are developed, designed, and tested in close collaboration with our in-house health science team, which includes experts in nutrition, physical exercise, psychology, physiotherapy, and medicine.</td></tr><tr><td colspan="1">We aim to support and educate the new generation of health coaches, driving forward a holistic health coaching revolution.</td></tr><tr><td colspan="1">Fine-Tuning Operations and Consolidating Market Presence</td></tr><tr><td colspan="1">The successful market entries into the US in 2021, and Finland, Norway, Netherlands and Spain in 2022, and the latest Canada in early 2023 marked the conclusion of our expansion phase following the successful Series-A investment in 2021.</td></tr><tr><td colspan="1">As the expansion targets have been achieved, the focus of the management team has gradually turned towards fine-tuning operations and consolidating market presence to prove organic and profitable growth in current markets.</td></tr><tr><td colspan="1">This strategic direction was further reinforced in 2023 with a strong emphasis on operating costs and increasing the efficiency and return on commercial investments made since the Series A, thus laying the ground for the next phase of market expansion to be kicked-off when timing is deemed optimal.</td></tr><tr><td colspan="1">Steering Through Market Volatility Towards Sustainable Growth</td></tr><tr><td colspan="1">Our shift towards profitable growth has aligned well with the increased market volatility seen in 2023. The focus on cost and efficiency optimization has proven successful, and as a result, Lenus is on track to achieve positive EBITDA margins and become cash flow neutral in 2024.</td></tr><tr><td colspan="1">The adaptability to economic uncertainties underscores Lenus' ability to drive market expansions and growth initiatives in bullish market conditions on the one hand. And on the other hand, our agile operational framework allows us to pivot towards sustainable growth strategies, ensuring resilience in the face of market volatility.</td></tr><tr><td colspan="1">Innovation and Pushing Industry Standards</td></tr><tr><td colspan="1">Throughout the change of speed on the market expansions, we have continued to innovate and elevate industry standards by finalizing a conceptual framework for coaching with a holistic approach, incorporating comprehensive modules on sleep, mental health, and overall well-being.</td></tr><tr><td colspan="1">Additionally, we have developed the Lenus Academy that focuses on educating health coaches, enhancing their ability to support and guide clients towards healthier lifestyles effectively. Through these initiatives, we are equipping our coaches with the latest knowledge and tools to deliver exceptional, well-rounded online health coaching.</td></tr><tr><td colspan="1">Looking Towards 2024 with New Investors</td></tr><tr><td colspan="1">As we look towards 2024, we are excited to build on our 2023 momentum with the support of new purpose-driven investors, including EIFO, Sagitta, and DeichmannMedia. Their commitment reinforces our mission and provides us with the resources to further innovate, expand, and elevate industry standards.</td></tr><tr><td colspan="1">Together with our new investors, we are confident in our ability to make significant strides in improving global health, empowering more coaches, and transforming the lives of countless individuals.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">FINANCIAL REVIEW</td></tr><tr><td colspan="1">The net result for the financial year 2023 was a loss of EUR 8,040 thousand compared to a loss of EUR 26,074 thousand in 2022.</td></tr><tr><td colspan="1">The revenue growth in 2023 matched the expectation expressed in the annual report for 2022 and was based on a continuation of the strong growth in our current markets in Europe and in the US and Canada. Due to a strong focus on cost and resource management we managed to deliver a significantly improved net loss of EUR 8m in 2023 vs the expected net loss of EUR 13-20m expressed in the annual report for 2022. Thus, leaving a stronger than expected cash balance for 2024.</td></tr><tr><td colspan="1">Costs of sales</td></tr><tr><td colspan="1">Costs of sales expenses totaled EUR 9,718 thousand in 2023 compared to EUR 2,699 thousand in 2022. The increase was mainly due to a reclassification of salary costs in 2023 from S&M to costs of sales with a direct impact of EUR 5,313 thousand. Comparatively such reclassification would have amounted to EUR 4,059 thousand in 2022, thus comparable cost of sales in 2022 would have been 6,758 thousand versus EUR 9,718 thousand in 2023.</td></tr><tr><td colspan="1">Research and development costs</td></tr><tr><td colspan="1">Research and development expenses totaled EUR 4,789 thousand in 2023 compared to EUR 8,512 thousand in 2022. The decrease was mainly due to 2023 has been the first year where R&D expenses related to developing of the Lenus platfrom have been capitalized. R&D expenses comprise salaries to R&D personnel, allocated overheads and amortization charges directly attributable to development activities.</td></tr><tr><td colspan="1">Sales and marketing expenses</td></tr><tr><td colspan="1">Sales and marketing expenses totaled EUR 17,660 thousand in 2023 compared to EUR 25,848 thousand in 2022. The decrease was mainly due to a reclassification of salary costs in 2023 from S&M to costs of sales with a direct impact of EUR 5,313 thousand and focus on efficiency optimization.</td></tr><tr><td colspan="1">General and administrative expenses</td></tr><tr><td colspan="1">General and administrative expenses totaled EUR 15,508 thousand in 2023 compared to EUR 13,377 thousand in 2022. The increase is mainly due to higher activity levels in the US market in 2023.</td></tr><tr><td colspan="1">Financial items</td></tr><tr><td colspan="1">Net financials totaled an income of EUR -109 thousand in 2023 compared to an income of EUR 967 thousand in 2022. Financial expenses primarily cover foreing exchange losses and interest expenses.</td></tr><tr><td colspan="1">Income tax</td></tr><tr><td colspan="1">Income tax totaled EUR -262 thousand in 2023 compared to EUR -50 thousand in 2022.</td></tr><tr><td colspan="1">Statement of financial position</td></tr><tr><td colspan="1">As of December 31, 2023, the group had a cash balance of EUR 15,331 thousand compared to EUR 10,902 thousand as of December 31, 2022. The decrease in cash results from capital contributions less the cash burn during the year.</td></tr><tr><td colspan="1">As of December 31, 2023, equity amounted to EUR 15,351 thousand compared with EUR 9,869 thousand as of December 31, 2022. The increase mainly reflects the capital increase during the year.</td></tr><tr><td colspan="1">Cash flow</td></tr><tr><td colspan="1">Net cash flow from operating activities amounted to an outflow of EUR 1,897 thousand in the year ended December 31, 2023, compared to EUR 14,879 thousand in the year ended December 31, 2022. Net cash flow from operating activities is attributable primarily to the initiation of sales and marketing activities, as well as general and administrative expenses.</td></tr><tr><td colspan="1">Net cash flow from investing activities amounted to an outflow of EUR 3,838 million in the year ended December 31, 2023, compared to EUR 2,398 thousand in the year ended December 31, 2022. Investing activities comprise investment in property plant and equipment.</td></tr><tr><td colspan="1">Net cash flow from financing activities amounted to an inflow of EUR 10,377 thousand in the year ended December 31, 2023, compared to an outflow of EUR 2,910 thousand in the year ended December 31, 2022. Financing activities comprise cash contributions from shareholders related to increase of share capital and lease payments.</td></tr><tr><td colspan="1">Distribution of profit</td></tr><tr><td colspan="1">The Board of Directors proposes that the loss for the year is transferred to retained earnings.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Subsequent events</td></tr><tr><td colspan="1">No material events have arisen between the reporting date and the date of publication of the annual report that have not already been included in this annual report or have a material effect on the assessment of the Group’s and the Company’s financial position.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">In 2024 we will continue to pursue growth in our existing markets, while we also keep investing in our platform. As a result, we expect to generate healthy growth in our annual recurring revenue towards a level of EUR 45-50 million in 2024. In 2024 Lenus will continue balancing growth and profitability and will expect a net loss in the range of between EUR 0 and EUR 5 million for the entire year.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Board of Directors and Executive Management on the annual report</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Management have today considered and adopted the Annual Report of Lenus eHealth ApS for the financial year January 1 – December 31, 2023 and the comparative figures for the financial year January 1 – December 31, 2022.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The consolidated financial statements and the parent company financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the European Union and additional disclosure requirements of the Danish Financial Statements Act. Management’s Review has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at December 31, 2023 and the comparative figures at December 31, 2022 and of the results of the Group’s and Parent Company’s operations and cash flows for the financial year January 1 – December 31, 2023 and the comparative figures for the financial year January 1 – December 31, 2022.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Management’s Review includes a true and fair account of the development in the operations and financial circumstances of the Group and the Parent Company, of the results for the year and of the financial position of the Group and the Parent Company as well as a description of the most significant risks and elements of uncertainty facing the Group and the Parent Company.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table>
Copenhagen
2024-06-26
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor’s report</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Lenus eHealth ApS</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of Lenus eHealth ApS for the financial year 1 January – 31 December 2023, which comprise income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies, for the Group and the Parent Company. The consolidated financial statements and the parent Company financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2023 and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year 1 January – 31 December 2023 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the consolidated financial statements and the parent company financial statements” (hereinafter collectively referred to as “the financial statements”) section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management’s review</td></tr><tr><td colspan="1">Management is responsible for the Management’s review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management’s review, and we do not express any assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management’s review and, in doing so, consider whether the Management’s review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management’s review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on our procedures, we conclude that the Management’s review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management’s review.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial</td></tr><tr><td colspan="1">Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations or has no realistic alternative but to do so.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td colspan="1">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr></table>
Copenhagen
2024-06-26
Årsrapport
30700228
EY Godkendt Revisionspartnerselskab
Cortex Park Vest 3
5230 Odense M
xWizard version 1.1.1264.0, by EasyX Aps. www.easyx.eu
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Bertram Thorslund
Rasmus Elmann Esmaeilzadeh Ingerslev
Chair
Bertram Thorslund
Sebastian Glen Colsted
Jakob Nordenhof Jønck
Lars Mikael Bo Jörnow
Mads Lacoppidan
EY Godkendt Revisionspartnerselskab
Dirch Passers Allé
36
DK-2000
Frederiksberg
30700228
Kennet Hartmann
State Authorised Public Accountant
mne40036
Anders Knudsen
State Authorised Public Accountant
mne49064
30700228
EY Godkendt Revisionspartnerselskab