Navamedic ASA: Q1 2020 financial results
Oslo, 14 May 2020 – Navamedic ASA (OSE: NAVA) grew revenues by 22% in the first quarter of 2020 compared to the same quarter last year, driven by strong performance in Medical Nutrition and Obesity, and the return of Imdur® sales. The company reported revenues of NOK 55.6 million in the first quarter of 2020 with an EBITDA of NOK 0.7 million. Navamedic reiterates its mid- to long-term ambition of building a NOK 500 million company.
“We had a solid start to the year delivering revenue growth across all key categories, displaying the attractiveness of the product portfolio and the value of our market access platform. We continued to drive strong performance for products like Mysimba and core products in our Medical Nutrition product category. In addition, we continued the geographical expansion of key consumer health products such as Alflorex, with planned launch in the Netherlands in the second half of the year. We also entered the important pain category by securing a distribution agreement for ThermaCare in the Nordics and the strategically important Dutch market,” says Kathrine Gamborg Andreassen, Chief Executive Officer of Navamedic.
Securing and increasing the value through ownership to products and brands and M&A are both key to the company’s growth strategy. In line with this, Navamedic signed a term sheet to acquire marketing authorizations for a series of antibiotics for hospital use in the Nordics, planned to close by 30 June 2020. In the first quarter of 2020, Navamedic also successfully completed a private placement of NOK 50 million to fund M&A, strategic investments and general corporate purposes.
“Navamedic has a solid platform for future growth. We will continue executing on our growth strategy of building a Nordic pharma company targeting growth in North Europe. We will continue leveraging our highly scalable market platform to strengthen the core through a continued push for growth in our existing portfolio, and through launch of new products in the Nordics and new geographies, with Benelux as a key priority. We will continue to secure and increase value through ownership of products and brands and see exciting opportunities for in-organic growth in the market. Our mid- to long-term ambition is to build a NOK 500 million company with strong gross margins and underlying profitability. We are looking forward to the road ahead,” says Gamborg Andreassen.
Revenues in the first quarter of 2020 were NOK 55.6 million (45.4 million in the first quarter of 2019). The gross margin was 28% (27%), while the EBITDA was NOK 0.7 million (0.5). The company reports normal overall demand for its products and steady delivery from suppliers in light of COVID-19.
Navamedic is hosting a presentation of the first quarter 2020 financial results at Felix Konferansesenter, Aker Brygge, Oslo, Thursday 14 May at 08.30 CET. Due to the COVID-19 situation, the presentation will only be held as a live webcast, on www.navamedic.com.
EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the attached quarterly presentation on slide 21.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 680
Lars Hjarrand, CFO, Navamedic
Mobile: +47 917 62 842
Navamedic ASA is a preferred, full-service provider of high-quality healthcare products to hospitals and pharmacies. Navamedic meets the specific medical needs of patients and consumers by leveraging its highly scalable market access platform, leading category competence and local knowledge. Navamedic is present in all the Nordic countries, the Baltics and Benelux, with sales representation in the UK and Greece. Navamedic is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange (ticker: NAVA). For more information, please visit www.navamedic.com
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.