Navamedic ASA: Q3 2019 financial results
Oslo, 1 November 2019 – Navamedic ASA (OSE: NAVA) continues to grow and reported revenues of NOK 48.8 million in the third quarter of 2019, up 10.2% from the same period in 2018. The company’s EBITDA came in at NOK 0.2 million (NOK 3.3 million in the third quarter of 2018), mainly due to project costs related to the separate listing of Observe Medical and increased focus on business development. The demerger and separate listing of Observe Medical provide efficient platforms for accelerating growth in both Navamedic and Observe Medical.
“We continued the implementation of our growth strategy leveraging Navamedic’s highly scalable pharma market access platform, leading category competence and understanding of patients’ need. The strong momentum in our Obesity and Medical Nutrition product categories continued, contributing to the double-digit revenue growth in the period. 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 third quarter of 2019 were NOK 48.8 million, up from NOK 44.3 million in the corresponding quarter last year. The gross margin was 30.6% (34.9%), while the EBITDA was NOK 0.2 million (3.3). In the first nine months of 2019, revenues increased to NOK 141.5 million (132.1), while EBITDA came in at NOK 1.6 million (5.9).
"In the quarter, the process for demerger and separate listing of Observe Medical proceeded according to plan. Listed as two separate companies, both Observe Medical and Navamedic are provided highly efficient platforms for accelerating growth,” says Gamborg Andreassen.
Oslo Børs has approved listing of Observe Medical ASA on Oslo Axess with 4 November 2019 as the first day of trading. The company develops innovative medical technology products to the benefit of patients, hospitals and healthcare professionals. Observe Medical is commercialising Sippi®, a new system for digital, wireless, urine measurement, with a global market potential.
"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 and value-based offering which meet 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 third quarter 2019 figures at Felix Konferansesenter, Aker Brygge, Oslo, Friday 1 November. 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 78 680
Toril Ås, CFO, Navamedic
Mobile: +47 95 70 10 71
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.