Navamedic ASA: Q2 and first half 2019 financial results
Oslo, 23 August 2019 – Navamedic ASA (OSE: NAVA) continues to grow and reported revenues of NOK 47.2 million in the second quarter of 2019, up 4.4% from the same period in 2018. The company’s EBITDA came in at NOK 0.9 million (NOK 5.6 million in the second quarter of 2018), mainly due to project costs related to the demerger of Medtech, and increased focus on business development. The demerger and separate listing provide a platform for accelerated growth in both Pharma and Medtech.
“We have initiated the implementation of the new growth strategy and see a great potential in leveraging Navamedic's highly scalable pharma market access platform. In the second quarter of 2019, we continued to deliver growth driven by the strong momentum in our Obesity and Medical Nutrition product categories. We are looking forward to continue to drive growth in our current product portfolio, in addition to introducing new products and explore the arising M&A opportunities,” says Kathrine Gamborg Andreassen, Chief Executive Officer of Navamedic.
Revenues in the second quarter of 2019 were NOK 47.2 million, up from NOK 45.2 million in the corresponding quarter last year. The gross margin was 34.4% (34.9%), while the EBITDA was NOK 0.9 million (5.6). In the first half of 2019, revenues increased to NOK 92.7 million (87.8), while EBITDA came in at NOK 1.4 million (2.7).
"As we continued to build on our core business to provide a highly efficient market access platform for pharma companies, we also proposed a key strategic decision to the Extraordinary General Meeting: demerger and separate listing of the Medtech division, to provide a platform for accelerated growth in both Pharma and Medtech,” says Gamborg Andreassen.
On 5 August, the Extraordinary General Meeting of Navamedic approved the plan for demerger and separate listing of the Medtech division, expected to be completed in the beginning of November 2019. The Medtech divison is commercialising Sippi®, a new system for digital, wireless, urine measurement, in global markets. The proprietary Sippi® technology represents significant long-term revenue opportunities for Navamedic.
"Urine measurement is the last entrenchment of manual measurement at the intensive care units. Today, urine measurement is binding healthcare personnel’s time and resources, resulting in stress and mistakes, and ultimately hospital acquired infections. As the next generation digital, wireless, urine measurement and infection prevention system, Sippi® is approaching attractive markets with a unique product which meets a significant medical need. We see significant long-term global market opportunities for the proprietary Sippi® product family ahead," Gamborg Andreassen concludes.
The company is hosting a presentation of the second quarter 2019 figures at Felix Konferansesenter, Aker Brygge, Oslo, Friday 23 August. The presentation will start at 08.30 and will be webcasted live on www.navamedic.com.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 860
Toril Ås, CFO, Navamedic
Mobile: +47 95 70 10 71
Navamedic ASA, established in 2002, provides a state-of-the-art market access platform for delivering pharmaceutical products to patients, hospitals and pharmacies in the Nordics. The company is also introducing Sippi®, a new system for digital urine measurement, to the global markets. Navamedic is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange (ticker: NAVA).
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.