Improved profitability for Navamedic
Navamedic ASA (OSE: NAVA) today announced the Company's second quarter 2015 financial results. Navamedic's profitability continued to improve, while sales in the quarter were at par with last year.
After the end of the quarter Navamedic acquired the Swedish medtech company Observe Medical International AB, which has developed the next generation digital urine meter for use in intensive care, Sippi®. The innovative, patent protected product has secured distribution in Germany and the Nordic markets and holds global sales potential in a market worth approximately two Bn NOK, Navamedic expects a strong future sales growth for Sippi®.
Navamedic had sales of NOK 59.6 million in the second quarter, compared to NOK 59.5 million last year. The Company's EBITDA for the quarter was NOK 3.5 million, compared to NOK 3.0 million the second quarter of 2014. Earnings before taxes for the second quarter this year ended at NOK 1.0 million, against NOK 0.2 million last year.
For the first half of 2015, sales ended at NOK121.5 million, against NOK 102.4 million last year, a sales growth of 19 per cent. EBITDA for the first half was NOK 7.7 million, up from NOK 5.0 million last year. Earnings before taxes for the first half came in at NOK 2.5 million, compared to NOK 0.5 million in 2014.
The improved profitability in 2015 is mainly due to a stronger focus on prioritized products in Navamedics portfolio and new hospital contracts.
Going forward, Navamedic will focus on expanding and improving profitability in its distribution business in the Nordic region, and on the international launch of Sippi®.
For further information, please contact CEO Tom Rönnlund, telephone +46 727 320 321 or CFO Bjørn Lindholt, telephone +47 9300 6601.
Navamedic ASA is a Norwegian pharmaceutical products company, delivering products to hospitals, pharmacies and health products stores 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 products manufacturers. Observe Medical International AB, a medical technology company offering the next generation digital urine meter Sippi ®, is a wholly owned subsidiary. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).