Navamedic ASA: Record high quarter with above 50 percent growth

OSLO, Norway, Nov. 1, 2023 /PRNewswire/ -- 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 third quarter of 2023. With growth across the company's three core product areas, Prescription Drugs (RX), Consumer Health and Hospital, year to date, Navamedic has delivered another record quarter. Revenues for the third quarter amounted to NOK 141 million, corresponding to a 51.9 per cent increase Year-over-Year.

The company's gross margin was 37.6 per cent, down from 42.5 per cent in the third quarter of 2022. Adjusted EBITDA (EBITDA less acquisition cost) amounted to NOK 17.4 million, up from NOK 12.7 million in the corresponding quarter of 2022. Operating results (EBIT) amounted to NOK 12.7 million, compared to NOK 10.9 million in the same period last year.

"Over the last few months, we have demonstrated that consistent and disciplined execution of our strategy can produce significant revenue growth. It is also the first quarter where we see the YoY effect of the products acquired through Impolin. With a broad customer base across our three product areas, we have managed to maintain growth and gain traction in new and existing markets. Today's broad product portfolio also enable us to offer treatments to patients suffering from a variety of illnesses and disorders, from Parkinson's disease and obesity to gastro and pain," commented Kathrine Gamborg Andreassen, CEO of Navamedic.

During the quarter, Navamedic has shown that the path to becoming a NOK 1 billion revenue company is within reach. Moving forward, the company plans to continue growing through M&A and to proactively seek opportunities to secure and increase the portfolio value through the in-licensing and out-licensing of products and brands whilst exploring growth opportunities in additional markets worldwide.

Following the acquisition of Sensidose AB, the company has established a commercial strategy for Flexilev (Myfid), starting with a commercial launch in Norway and Denmark. Flexilev (Myfid) currently has marketing authorisation in a total of 10 countries and is reimbursed in all of the Nordic countries. 

Navamedic will present the third quarter 2023 results at 08.30 today. The presentation will take place at Haakon VIIs gate 2 in Oslo, and will be available to follow via webcast at the following link:  https://navamedic.com/investors/financial-results/

Representatives from Navamedic's management team, CEO Kathrine Gamborg Andreassen and CFO Lars Hjarrand will host the presentation.

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 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

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 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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