Navamedic ASA: Q4 2018 financial results
Oslo, 14 February 2019 – Navamedic ASA (OSE: NAVA) reported revenues of NOK 51.8 million in the fourth quarter of 2018, up 14.7% from the same period in 2017, and an EBITDA of NOK 1.6 million (-2.4). Navamedic has a new Board of Directors, a new CEO, a new anchor investor and sees a strong potential in the highly scalable market access platform, based on current products, the pipeline and arising M&A opportunities.
“Navamedic has developed a highly scalable Nordic pharma market access platform and has an ambitious growth strategy based on the momentum in the product portfolio and the exciting pipeline for 2019 and beyond. With satisfactory operational performance in the fourth quarter, including double digit growth and profitability driven by the Medical nutrition and Obesity categories, we look forward to continuing to work with our partners and customers to add value to their services," says Kathrine Gamborg Andreassen, Chief Executive Officer of Navamedic.
Revenues in the fourth quarter of 2018 were NOK 51.8 million, up from NOK 45.2 million in the corresponding quarter in 2017. The gross margin improved to 33.2%, up from 29.6%, reflecting growth in higher margin products. The EBITDA ended at NOK 1.6 million (-2.4) and the result before tax improved to NOK 15.2 million (-9.7).
"We are introducing four different product categories for improved transparency and to enable better visibility to our value creation process. In the fourth quarter, the investments in competence and specialised services for the medical Nutrition and Obesity categories continued to yield growth and higher margins," says Gamborg Andreassen and continues:
"Navamedic expects this development to continue and the results underline our key value proposition to pharma companies seeking market access to hospitals, pharmacies and patients in the Nordics: Navamedic is your preferred partner, with strong regulatory competence, a proven track-record and competence-driven value creation across categories."
Navamedic is also commercialising Sippi®, a new system for digital, wireless, urine measurement, in global markets. The proprietary Sippi® technology represents significant revenue opportunities and the company is exploring collaboration with strategically well-positioned partners.
The Extraordinary General Meeting in Navamedic elected a new Board of Directors in December 2018, following investment firm Reiten & Co entering the company as anchor investors. In addition, the Board appointed Kathrine Gamborg Andreassen as CEO, effective 1 January 2019.
"The Board and main owners see a strong potential in the highly scalable market access platform, based on current products, the pipeline and arising M&A opportunities. The target is to leverage on these opportunities to become a leading Nordic pharmaceutical company with growth ambitions, " Gamborg Andreassen concludes.
The company is hosting a presentation of the fourth quarter 2018 figures at Felix Konferansesenter, Aker Brygge, Oslo, Thursday 14 February. 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
E-mail: kathrine@navamedic.com
Toril Ås, CFO, Navamedic
Mobile:+47 95 70 10 71
E-mail: toril.as@navamedic.com
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.