Improved results for Navamedic

Navamedic ASA (OSE: NAVA) today announced the Company's fourth quarter and full year 2014 financial results. Navamedic continues its positive sales development, and posted its best annual result.

"We have reached sufficient critical mass, where the economies of scale benefits of our business model become apparent," said Navamedic CEO Håkan Josephsson.

Navamedic had sales of NOK 61.9 million in the fourth quarter, a 47 per cent increase from the corresponding quarter the previous year. The Company's EBITDA for the quarter was NOK 4.0 million, compared to NOK 2.6 million the previous year. Earnings before taxes for the fourth quarter ended at NOK 0.4 million, against NOK -0.9 million in 2013.

For the full year, 2014 sales ended at NOK 223.1 million, a 47 per cent growth from 2013. The Company's EBITDA grew by 71 per cent, from NOK 7.7 million in 2013 to NOK 13.2 million last year. Earnings before taxes for 2014 came in at NOK 2.7 million, against NOK -1.7 million in 2013. 2014 was the first year that Navamedic posted a profit.

Navamedic's partnership with its main supplier Aspen, one of the largest pharmaceutical manufacturers in the Southern hemisphere, grew even stronger in 2014. Aspen products currently represent 60 per cent of Navamedic sales. The partnership was renegotiated in 2014 at even better terms than previously. Navamedic will in the future focus entirely on its Nordic home markets, and Aspen will from August 2015 take over the Company's sales operation in the Benelux region. Navamedic will be compensated through an increase in its Nordic portfolio of Aspen products.

Navamedic's strategy is to become even more robust through ownership of products, and not only operate as a distributor of third party products. The Company has initiated a search for individual products or product portfolios that are available for acquisition, and come within Navamedic's requirements.

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).