First quarter results 2011
Navamedic`s first quarter 2011 revenues ended at NOK 16.8 million compared with NOK 13.1 million in the same period of 2010. The quarter represented an all time high in terms of sales for Vitaflo Scandinavia AB. EBITDA for the first quarter reached NOK -1.0 million, compared to NOK -1.2 million in the same period of 2010. The registration process to obtain marketing authorisation for the different products moved forward according to plan also in the first quarter 2011, reaffirming Navamedic's target of launching its first generic product towards the end of 2011. Total change in net cash was NOK -1.0 million compared with NOK -3.4 million in first quarter last year and NOK -6.9 the previous quarter. The company have post quarter secured a sufficient bank facility to fund further growth in 2011.
Key financial indicators 2011 vs. 2010
| Group | Group | ||
| (in NOK '000) | Q1 2011 | Q1 2010 | FY 2010 |
| Revenues | 16 778 | 13 087 | 55 092 |
| Gross Profit | 6 672 | 5 036 | 22 104 |
| Gross margin | 40 % | 38 % | 40 % |
| EBITDA | -982 | -1 244 | -6 494 |
| EBIT | -2 669 | -2 901 | -15 126 |
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
The full report with tables and the presentation can be downloaded from the following links: