Navamedic Q2 2014 results
Continued progress for Navamedic
Navamedic ASA (OSE: NAVA) today announced the Company's second quarter 2014 financial results. Navamedic continues its positive development, and posted all time high sales and improved profitability.
Navamedic's sales increased by 56 per cent compared to the second quarter last year, and ended at NOK 59.5 million. The growth was generated both organically and through the release of several new products.
The Company's EBITDA for the second quarter came in at NOK 3.0 million, compared to NOK 0.8 million last year. Net profit ended at NOK 0,4 million, against NOK -0.5 in last year's second quarter.
For the first half of 2014, Navamedic posted sales of NOK102.4 million, compared to NOK 72.1 million in the first six months last year. EBITDA for the first half was NOK 5.0 million, corresponding to an EBITDA margin of 4.9 per cent. Last year EBITDA was NOK 4.3 million in the first six months. Net profit for the first half this year was NOK 0,4 million, against NOK 0,9 million last year.
Navamedic renewed and expanded its partnership with pharma manufacturer Aspen in the second quarter. The new two year agreement holds improved financial terms for Navamedic and several new products.
The Company's strategy was redefined in the second quarter. Going forward, Navamedic will focus on a smaller number of strategic product groups, with products having attractive margin potential while also corresponding with Navamedic's core product expertise. Future growth will primarily come in the Company's Nordic home markets, while the business in the Benelux markets are to be held in a maintenance mode.
Navamedic's new strategy also includes acquisition of products where the Company through ownership of the product can control more of the value chain than in its current role as a pure distributor.
Navamedic forecasts continued sales growth in the second half of 2014, both organically and through the addition of new products. The Company expects profitability to further improve throughout the year.
For further information, please contact interim CEO Håkan Josephsson, telephone +46 706 742 533 or CFO Bjørn Lindholt, telephone +47 9300 6601.
Navamedic ASA is a Norwegian pharmaceutical products company, marketing and distributing more than 110 products in the Nordic and Benelux markets. The Company operates three business areas; Pharma Products, Medical Nutrition and Consumer Care based on its relationship with a number of pharmaceutical product manufacturers. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).