Continued strong growth for Navamedic

Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today announced its second quarter 2013 results. Following a 68 per cent sales growth, Navamedic posted income of more than NOK 38 million in the quarter.

"This was our second consecutive quarter with more than 65 per cent revenue growth. Navamedic is now well established in all of our prime markets in the Nordic and Benelux regions," acting CEO Håkan Josephsson said.

Navamedic's income reached NOK 38.1 million in the second quarter 2013, compared to NOK 22.7 million in the same quarter last year. EBITDA ended at NOK 0.8 million in the second quarter, against NOK 0.4 million last year. Navamedic's net result for the second quarter came in at NOK -0.5 million, against NOK -0.4 million in the same quarter of 2012.

For the first half of 2013 Navamedic posted income of NOK 72.1 million, against NOK 43.3 million last year. This represents a revenue growth of 67 per cent. EBITDA for the first half was NOK 4.3 million, against 0.5 million last year. Navamedic's net profit for the first half 2013 ended at NOK 0.9 million, while the net result in last year's first half was NOK -1.4 million.
The main force in Navamedic's income growth is the launches of several new products. The Company has over the last couple of years introduced a large number of generic pharmaceuticals and other health care products in the Nordic and Benelux markets. Navamedic expects to continue its roll-out of new products in the coming months, growing the revenues even further.

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).