OSLO, Norway, May 11, 2021 /PRNewswire/ -- Navamedic ASA (OSE: NAVA) grew revenues by 5.4% in the first quarter of 2021 compared to the same quarter last year. The company reported revenues of NOK 58.6 million in the first quarter of 2021 with an EBITDA of NOK 2.6 million, driven by both new products, underlying growth and an improved revenue mix. The company reiterates its mid- to long-term ambition of building a NOK 500 million company.
"In the first quarter of 2021, we continued to deliver growth in our underlying portfolio. The rapid growth of specialty pharma product Mysimba and the consumer health products Alflorex and ThermaCare stand out as valued proofpoints of Navamedic's position in prioritized areas such as gastro, obesity and other lifestyle related issues, says Kathrine Gamborg Andreassen, Chief Executive Officer of Navamedic ASA, and continues.
"The accelerated growth in these areas comes as a result of targeted investments in our platform, patient support programs, local category expertise and customer and stakeholder infrastructure. These investments will be key in 2021 as we continue to accelerate growth through launch of new products and push for growth in our existing portfolio."
Revenues in the first quarter of 2021 were NOK 58.6 million (55.6 million in the first quarter of 2020). The gross margin was 39.6% (28.3%), while the EBITDA was NOK 2.6 million (0.7). 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 first quarter 2021 financial results, Tuesday 11 May 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 first quarter 2021 presentation on slide 22.
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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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