78 per cent sales growth for Navamedic
Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today announced its third quarter 2013 results. The Company posted a 78 per cent sales growth over last year's third quarter. 14 new pharmaceuticals have been launched so far in 2013.
"The quarter confirmed that we remain on a high growth trend, and that we are constantly improving our positions in the Nordic and Benelux specialty pharma markets," said CEO Håkan Josephsson.
Navamedic's sales in the third quarter 2013 ended at NOK 36.7 million, against NOK 20.6 million last year. EBITDA came in at NOK 0.8 million, up from NOK 0.6 million in the third quarter last year. Navamedic's net result for the quarter was NOK -0.9 million, compared to NOK -1.5 million in the corresponding quarter last year.
"Navamedic's financial results in the third as well as the previous quarters of 2013 reflect expenses related to massive build-up of inventory as a result of our rapid growth. The intensive build-up of inventory is now completed, and we are entering a more normal and ongoing stock replacement mode," Håkan Josephsson said.
For the first nine months of 2013 Navamedic had sales of NOK 108.9 million against 63.9 million in the same period last year. EBITDA this year ended at NOK 5.1 million, compared to NOK 1.1 million last year. The net result for the first nine months was NOK 0.0 million, against NOK -2.9 million last year.
Navamedic is preparing launches of several new pharmaceuticals in the coming months. The Company forecasts continued sales growth and improving financial results, as the need for investments and inventory build-up will be reduced going forward.
For further information, please contact interim CEO Håkan Josephsson, telephone +46 706 742 533 or CFO Bjørn Lindholt, telephone +47 9300 6601.
Navamedic ASA is a Norwegian pharmaceutical products company, marketing and distributing more than 100 products in the Nordic and Benelux markets. The Company operates three business areas; Pharma Products, Medical Nutrition and Consumer Care based on its relationship with a number of pharmaceutical product manufacturers. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).