Strong growth for Navamedic

Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, announced its first quarter 2013 results today. Following a 65 per cent sales growth, Navamedic posted sales income of NOK 34.0 million in the quarter.

"We were successful on a number of fronts in the first quarter. Sales volumes grew for our existing products while several new products were introduced.  We saw the results of price increases and managed a strong presence into the Belgian market. All of these factors contributed to the positive development," said Navamedic's CEO Olof Milveden.

EBITDA for the first quarter was NOK 3.5 million, compared to 0.1 million Q1 2012. The first quarter EBITDA included a one-off royalty payment of NOK 2.6 million related to the sale of Navamedic's Glucomed business four years ago. The Company's net result for the quarter ended at NOK 1.4 million, compared to NOK -1.0 million in the first quarter 2012..

Pharma Products is Navamedic's largest business segment, representing 75 per cent of total sales. The Pharma segment more than doubled its sales in the first quarter compared to last year, and had an EBITDA margin of 3.2 percent, against 0.8 per cent in last year's first quarter. Sales and results for Navamedic's two other business segments, Medical Nutrition and Consumer Care, were at par with the previous year.

Navamedic's roll-out of new generic pharmaceuticals gained momentum in 2013. Eight new products have had their initial launch so far this year. Navamedic also made a successful entry into Belgium in the first quarter, launching a total of ten branded generic products in this market. While Sweden remains Navamedic's single largest market in terms of sales, Belgium came in as the second largest market in the first quarter.

Navamedic expects to continue growing a broader and even more robust portfolio of healthcare products during 2013. The markets have in general responded well to the Company's product introductions, and Navamedic has succeeded in establishing revenues in all of its defined markets in the Nordic and Benelux regions. More than 100 products are currently in the market, and the number is expected to increase further during 2013. The Company maintains its target for a positive net result in the second half of 2013.

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, marketing and distributing more than 100 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).