OSLO, Norway, Feb. 18, 2021 /PRNewswire/ -- Navamedic ASA
(OSE: NAVA) grew revenues by 17% in the fourth quarter of 2020
compared to the same quarter last year. The company reported
revenues of NOK 55.3 million in the
fourth quarter of 2020 with an EBITDA of negative NOK 3.7 million driven by both new product
launches and investments in further growth initiatives. The company
reiterates its mid- to long-term ambition of building a
NOK 500 million company.
"The fourth quarter of 2020 displayed strong growth in our
underlying portfolio and new products introduced during the second
half of the year. Key growth drivers continued to be Mysimba and
Alflorex, while we were also pleased that the uptake of newly added
products such as ThermaCare developed as planned. During 2020, we
have made strategically important investments in our organisation
and platform. These investments will be key as we embark on 2021
and continue to launch new products and push for continued growth
in our existing portfolio," says Kathrine
Gamborg Andreassen, Chief Executive Officer of Navamedic
ASA, and continues.
"The Covid-19 pandemic is evolving. We are monitoring the
situation closely and will continuously evaluate measures to limit
effects on supply and demand going forward. In the fourth quarter,
we experienced volatility for Imdur caused by an out of stock
situation. The impact was however offset by strong performance in
our consumer health, medical nutrition and specialty pharma product
categories."
Shortly after the quarter, Navamedic launched Cysticina® in
Norway, a nonprescription drug for
treatment of symptoms of urinary infection. The company estimates
an addressable Norwegian market of NOK 100
million, with no real nonprescription alternatives available
in Norwergian pharmacies.
"Urinary infection is a troublesome and unfortunately returning
problem for women, and we are pleased to introduce Cysticina as the
first real nonsubscription alternative for treatment of urinary
infection symptoms. Women's health is key to us and we plan to
launch more products in this area going forward," says Gamborg
Andreassen.
Revenues in the fourth quarter of 2020 were NOK 55.3 million (47.3 million in the fourth
quarter of 2019). The gross margin was 40.4% (29.7%), while the
EBITDA was negative NOK 3.7 million
(-8.0). In full-year 2020, revenues increased by 11% to
NOK 209.9 million (188.8), while
EBITDA came in at negative NOK 1.3
million (-6.5). 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- to
long-term ambition of building a NOK 500
million company with strong gross margins and underlying
profitability.
Navamedic is hosting a webcast presentation of the fourth
quarter 2020 financial results, Thursday 18 February at 08.30 CET.
Due to the Covid-19 situation, the presentation will only be held
as a live webcast, on
www.navamedic.com/investors/financial-results. 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 fourth quarter 2020 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.
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/navamedic-asa/r/navamedic-asa--q4-2020-financial-results,c3289102
The following files are available for download:
https://mb.cision.com/Main/17619/3289102/1374678.pdf
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