OSLO, Norway, Nov. 6, 2020 /PRNewswire/ -- Navamedic ASA (OSE: NAVA) grew revenues by 16% in the third quarter of 2020 compared to the same quarter last year. The company reported revenues of NOK 56.8 million in the third quarter of 2020 with an EBITDA of NOK 3.8 million, driven by both new products and underlying growth. Navamedic will launch products in at least one country in each launch window going forward, and targets 20% annual growth from 2021. The company reiterates its mid- to long-term ambition of building a NOK 500 million company.
"In the third quarter of 2020, we delivered strong growth driven by both the addition of new products such as ThermaCare and positive performance in the underlying portfolio. Mysimba continued to stand out among our growth drivers, displaying strong performance in Norway and Sweden in particular. We are also pleased to see the positive development of Alflorex, with listing in pharmacies and drug stores in the Netherlands as a clear example of our go-to-market strengths," says Kathrine Gamborg Andreassen, Chief Executive Officer of Navamedic, and continues.
"During the period, we also experienced the expected development towards normal trading across our product categories after a second quarter more affected by the Covid-19 situation. We continue to monitor the situation closely and will continuously evaluate measures to limit effects on supply and demand going forward."
In the quarter, Navamedic launched MyControl, a patient support program and information platform for obesity. The launch is an important milestone in the company's work to build awareness and knowledge about diseases and treatments among health care professionals and patients.
"MyControl is an ambitious and innovative initiative to contribute to positive outcomes for obesity patients. The program and information platform highlight the complexity surrounding this disease and offer both healthcare professionals and patients a treatment option complementing and strengthening a regular treatment protocol," says Gamborg Andreassen.
Revenues in the third quarter of 2020 were NOK 56.8 million (48.8 million in the third quarter of 2019). The gross margin was 31.0% (30.6%), while the EBITDA was NOK 3.8 million (0.2). Result before tax in the third quarter of 2020 was negative NOK 0.2 million (-2.5). 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 third quarter 2020 financial results, Friday 6 November 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 third quarter 2020 presentation on slide 22.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 680
Lars Hjarrand, CFO, Navamedic
Mobile: +47 917 62 842
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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SOURCE Navamedic ASA