Navamedic ASA Q1 2023: Another strong quarter
Oslo, 11 May 2023 – Navamedic ASA (OSE: NAVA), a Nordic pharma company and reliable provider of high-quality products to hospitals and pharmacies, today announces its results for the first quarter of 2023. Navamedic experienced good momentum across the business and delivered another strong quarter, with record high revenues of NOK 121.7 million, representing an increase of 93.3 per cent compared to the first quarter of 2022.
In the first quarter of 2023, Navamedic’s gross margin was 41.3 per cent, an increase from 39.4 per cent from the corresponding quarter in 2022. EBITDA for the quarter was NOK 15.8 million compared to NOK -0.4 million in the first quarter of 2022. Operating profit (EBIT) amounted to NOK 13.9 million compared to NOK -2.2 million in the same quarter last year. Additionally, Navamedic achieved organic growth of 70.5 per cent compared to the first quarter of 2022.
“We have had a strong start to 2023, and we are now well on our way to becoming a NOK 1 billion company. Our growth is driven by the successful build-up of our diversified product categories, and we have experienced continued demand for products across our business areas,” commented Kathrine Gamborg Andreassen, CEO of Navamedic.
Increased demand has resulted in revenue growth across the company’s three core business areas: Prescription drugs (RX), Consumer Health and Hospital.
At the end of the period and in line with Navamedic’s M&A strategy, the company announced it had submitted a recommended cash offer to acquire all shares in Sweden-based Sensidose AB, a pharmaceutical company targeting patients with advanced Parkinson’s disease. Sensidose AB sells drugs in combination with an innovative medical device for individual dosing. As of 10 May, Navamedic held 6.9 million (57.9 per cent) shares in Sensidose AB and 426,577 warrants of series TO 1.
Post-period, Navamedic acquired the rights to distribute and sell Alflorex®, an over-the-counter product for irritable bowel syndrome (IBS), in Sweden. The agreement follows Navamedic’s initial agreement with Novozymes in 2019, and with additional rights to distribute Alflorex® in Sweden, Navamedic has increased its market share in Sweden.
Navamedic will host a presentation on Thursday,11 May, starting at 08.30 CEST. The presentation will take place at Dronning Eufemias Gate 16 in Oslo, and will be available to follow via webcast at the following link: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230511_4
Representatives from Navamedic’s management team, CEO Kathrine Gamborg Andreassen and CFO Lars Hjarrand will host the presentation.
The presentation will also be made available at www.navamedic.com/investors/financial-results.
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 first quarter presentation on slide 26.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 680
E-mail: kathrine@navamedic.com
Lars Hjarrand, CFO, Navamedic
Mobile: +47 917 62 842
E-mail: lars.hjarrand@navamedic.com
About Navamedic
Navamedic ASA is a 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.