Improved sales and operating result for Navamedic
Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today announced its fourth quarter and full year 2013 results. Navamedic had its strongest quarterly sales figures ever in the fourth quarter, and also improved the operating result. For the full year of 2013, sales grew by more than 70 per cent.
In the fourth quarter of 2013 Navamedic had revenues of NOK 42.9 million, which is a 73 per cent increase from the corresponding quarter the previous year. EBITDA for the quarter was NOK 2.6 million, against NOK 0.9 million in the fourth quarter of 2012. The results for the fourth quarter were affected by a non-realized currency loss of NOK 1.3 million, ending the quarterly earnings before taxes at NOK -0.9 million. This is at par with the fourth quarter 2012 result.
For the entire year 2013 Navamedic had revenues of NOK 151.8 million, against NOK 88.7 million the previous year. EBITDA came in at NOK 7.7 million, up from NOK 2.0 million in 2012. Navamedic's pre-tax result for the year ended at NOK -1,7 million, including the non realized currency loss. The result before taxes in 2012 was NOK -5.0 million.
Navamedic's growth is caused by increased sales and higher prices in the existing portfolio, the launches of 21 new pharmaceutical products and the entry into the Benelux pharmaceutical markets in 2013.
"Navamedic has nearly tripled its sales over the last three years, and we have used 2013 to gain critical mass in our markets. Going forward, our main focus will be on improving the Company's profitability. The sales growth will continue, but not at the pace we have seen the last couple of years," said Navamedic CEO Håkan Josephsson.
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).