Navamedic ASA: Q3 2021 financial results

OSLO, Norway, Nov. 4, 2021 /PRNewswire/ -- Navamedic ASA (OSE: NAVA) grew revenues by 12% in the third quarter of 2021 compared to the same quarter last year. The company reported revenues of NOK 63.6 million in the third quarter of 2021 with an EBITDA of NOK 3.7 million, driven by underlying growth in the portfolio and Mysimba® in particular. The company reiterates its mid-term ambition of building a NOK 500 million company through organic growth.

"Our portfolio of specialty pharma and consumer health products continue to grow with particularly strong performance for the obesity medicine Mysimba, which grew by 77% in the third quarter. We expect the high demand for Mysimba to continue going forward, further fueled by the conditional reimbursement in Finland and roll-out of our successful patient support program, helping obesity patients across the Nordics to succeed in their treatment," says Kathrine Gamborg Andreassen, Chief Executive Officer of Navamedic ASA, and continues.

"We are also pleased to see the strong performance of our portfolio of antibiotics products, displaying solid traction on tenders compared to plan with new tenders won in several countries."

Revenues in the third quarter of 2021 were NOK 63.6 million (NOK 56.8 million in the third quarter of 2020). The gross margin was 38.9% (31%), while the EBITDA was NOK 3.7 million (3.8). In YTD 2021, revenues grew by 21.8% compared to the same period last year, up from NOK 154.6 million to NOK 188.3 million, while EBITDA was NOK 10.6 million, up from NOK 2.4 million in the same period last year. Navamedic will launch products in at least one country in each launch window going forward. The company targets 20% annual growth from 2021 and reiterates its mid-term ambition of building a NOK 500 million company through organic growth with strong gross margins and underlying profitability.

Navamedic is hosting a webcast presentation of the third quarter 2021 financial results, Thursday 4 November at 08.45 CET. The presentation will be held at Sparebank 1 Markets in Olav V's gate 5 in Oslo as well as via webcast on www.navamedic.com/investors/financial-results under `2021'. Representatives from Navamedic will be CEO Kathrine Gamborg Andreassen and CFO Lars Hjarrand.

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 third quarter 2021 presentation on slide 22.

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

Navamedic ASA is a Nordic pharma company and reliable provider of high-quality products, delivered to hospitals and through pharmacies, meeting the specific 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.

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