New all time high for Navamedic

Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today announced its second quarter and first half quarter 2012 results. Sales reached yet another all time high and the Company's continues to improve its bottom line.

Navamedic's results remain affected by the build-up of the Company's new generic drugs business area. However, this is increasingly offset by the growth and improved profitability in the Vitaflo business area.

Navamedic's sales in the second quarter were NOK 22.7 million, mainly attributable to the Vitaflo business. Sales grew by 25 per cent compared to the first quarter 2011. The growth is both organic and fuelled by several new products. The Group's EBITDA result for the quarter was NOK 0.4 million, up from NOK -1.1 million in last year's first quarter. Earnings before taxes ended at NOK -1.2 million compared to NOK -1.7 last year.

The Vitaflo business area continued its strong performance also in the second quarter. Profits improved and the business area posted an EBITDA margin of 11 per cent, which is a significant improvement from last year.

For the first half of 2012, Navamedic sales grew by 24 per cent to NOK 43.4 million. Group EBITDA for the quarter ended at NOK 0.5 million, up from NOK -2.0 million. Pre-tax earnings came in at NOK -2.8 million in the first half, against NOK -4.9 million last year.

"The development in the second quarter reconfirms the viability of our strategy. Vitaflo's growth and improved profitability is carrying even more of the development costs in our generics business area. We will this month expand our generics portfolio and expect to have nine generic products in the market by year-end. While Vitaflo is expected to continue its positive development also in the second half of 2012, we anticipate that generics will start to build revenue from the first quarter next year," said Navamedic CEO Olof Milveden.

For further information, please call Olof Milveden, CEO, telephone +46 733 463 736 or Bjørn Lindholt, CFO, telephone +47 9300 6601.

Navamedic ASA is a Norwegian pharmaceutical products company. Through its subsidiary Vitaflo Scandinavia the Company is a distributor of a broad range of nutrition and pharmaceutical products in the Nordic markets. Navamedic is currently building up a generic pharmaceutical business for the Nordic, Dutch and Belgian markets based on its partnership with Aspen Healthcare of South Africa. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.