Continued growth for Navamedic

Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today announced its third quarter 2012 results. Navamedic's sales continued to grow by more than 20 per cent and the Company's positive results development is sustained

"We now have 80 products on the market, including three new generic drugs. Navamedic saw sales growth across the board in the third quarter. We expect a significant sales growth going into 2013, as additional seven generic products are being launched in the fourth quarter 2012," said Navamedic CEO Olof Milveden.

Navamedic posted sales of NOK 20.6 million in the third quarter 2012, compared to NOK 17.0 million last year. The EBITDA came in at NOK 0.6 million in the third quarter, an improvement over the EBITDA of NOK -0.9 million in last year's third quarter. The result is affected by the build-up of Navamedic's new generic drugs product line. The Group's distributor business, Vitaflo, posted an EBITDA of NOK 3.3 million, an improvement from NOK 1.7 million last year. The Group's earnings before taxes in the third quarter were NOK -1.3 million, against NOK -2.9 million last year.

For the first nine months of 2012 Navamedic saw a sales growth of 23 per cent, ending the third quarter with accumulated 2012 sales of NOK 63.9 million. The Group EBITDA after nine months ended at NOK 1.1 million, compared to NOK -2.9 million last year. Earnings before taxes ended at NOK -4.1 million, against NOK -7.8 million last year. The 2012 result includes development costs of NOK 6.6 million in the new generics business area.

"Navamedic is progressing according to plan. We have now secured a positive EBITDA for the Group in 2012. As new products add to our growth in 2013, we target a positive net result for Navamedic in the second half next year, said Olof Milveden. 

For further information, please call Olof Milveden, CEO, telephone +46 733 463 736 or Bjørn Lindholt, CFO, telephone +47 9300 6601.

Navamedic ASA is a Norwegian pharmaceutical products company. Through its subsidiary Vitaflo Scandinavia the Company is a distributor of a broad range of nutrition and pharmaceutical products in the Nordic markets. Navamedic is currently building up a generic pharmaceutical business for the Nordic, Dutch and Belgian markets based on its partnership with Aspen Healthcare of South Africa. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.