Navamedic Q4 and Full Year 2024: Continued growth in a year with investments in new growth initiatives
OSLO, Norway, Feb. 12, 2025 /PRNewswire/ -- For the full year 2024, Navamedic ASA (OSE: NAVA), a Nordic pharma company and reliable provider of high-quality products to hospitals and pharmacies, delivered revenues of NOK 531.3, which is 3.8 per cent up from 2023. Adjusted EBITDA amounted to NOK 46.6 million, compared to NOK 51.5 million last year. Gross margin ended at 39.3 per cent, up from 38.9 per cent in 2023.
The results are largely explained by strong growth in the Consumer Health segment and the NOK 22.7 million milestone payment following the agreement with Orion Corporation to market and sell Flexilev® and OraFID® in Europe. Additionally, the Hospital segment has performed well throughout the year, whilst the Prescription Drugs (RX) segment has delivered lower sales.
"The past year has been transformative for Navamedic. We have invested in several growth initiatives such as marketing campaigns for Mysimba® and Eroxon®, regulatory investments for new products and upcoming launches, as well as streamlined the organisation for future growth. As a result, we have an even stronger and diversified product portfolio and a highly capable team.
"In addition, we have several exciting product launches coming up in 2025 across all segments with Eroxon®, Flexilev® in OraFID® and new medical nutrition and antibiotic products," said Kathrine Gamborg Andreassen, CEO of Navamedic.
Key figures and category update for the fourth quarter of 2024
Navamedic delivered revenues of NOK 131.2 million in the fourth quarter, which is 4.7 per cent up from the corresponding quarter in 2023. Adjusted EBITDA amounted to negative NOK 3.2 million, compared to NOK 7.9 million last year. Gross margin ended at 33.7 per cent, down from 36.5 per cent in the fourth quarter of 2023. Operating results (EBIT) for the fourth quarter of 2024 amounted to negative NOK 14.4 million, compared to NOK 0.9 million in 2023. Operating costs ended at NOK 47.4 million, compared to NOK 37.8 million last year. Net financial items ended at negative NOK 7.4 and profit before tax was negative NOK 21.8 million.
The negative EBITDA in the quarter was impacted by marketing spending, regulatory investments, and some one-off COGS items.
As part of the Prescription Drugs (RX) category, sales of Mysimba® increased by 8 per cent quarter-over-quarter (QoQ), whilst Imdur® delivered lower sales due to it being out-of-stock. Nitrolingual® saw lower sales because of increased market competition. Forlax® had a strong quarter and was up 39 per cent year-over-year (YoY) and 54 per cent QoQ. Flexilev® has had a strong year with a 48 per cent increase YoY, whilst the quarter has seen a 32 per cent decrease in sales.
The Consumer Health business area delivered more than 20 per cent growth YoY. With the launch of Eroxon® in Finland in November, Navamedic has invested in successful promotional activities. Eroxon® is expected to be launched in Denmark in Q2 2025. Modifast continues to deliver strong sales and experienced a 21 per cent increase in sales YoY. ThermaCare, Absolut Torr, GeloRevoice stand out with strong sales figures both YoY and QoQ.
The Hospital category delivered steady results in the quarter and Navamedic is expecting new and innovative product launches for both Medical Nutrition and Antibiotics in 2025. The additional tender wins for the antibiotic's portfolio in 2024 are expected to drive income growth as of the first quarter of 2025. Moving forward, Navamedic will continue to expand and secure market access for new antibiotics in the Nordics and the Netherlands and consider new opportunities for market expansion in additional Northern European countries.
Outlook
Navamedic continues to see strong growth and new expansion opportunities and reiterates its mid-term ambition of building a NOK 1 billion revenue company.
"Though the fourth quarter has been more challenging than previous quarters, Navamedic has ended 2024 in a strong position. We have a diversified portfolio in place with several high performing products. With new product launches in the pipeline, we are confident that we will achieve strong results in the coming quarters," Andreassen concluded.
Presentation
Navamedic will present the results for the fourth quarter and full year 2024 at 08.30 today. CEO Kathrine Gamborg Andreassen and CFO Lars Hjarrand will host the presentation, which will take place at Haakon VIIs gate 2 in Oslo. It will be webcast at the following link: https://navamedic.com/investors/financial-results/
Note: EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section in the attached presentation.
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 Nordic pharmaceutical company dedicated to enhancing people's quality of life by being a reliable supplier of high-quality prescription, consumer health, and hospital products to hospitals and pharmacies. Our growing product portfolio has been carefully selected to meet current public health concerns, such as obesity, Parkinson's disease, antibiotics and metabolism, to empower people to live healthier and more fulfilling lives.
What sets us apart is our deep-rooted commitment to understanding the needs and requirements of the countries where we are present. Our local insight and competence enable us to understand the specific needs of each country where we operate and ultimately to gain market access. This makes us a preferred partner for international companies expanding their footprint across the Nordics and Benelux regions, through either in-licensing or out-licensing. Navamedic has been listed on the Oslo Stock Exchange since 2006 (ticker: NAVA) and is headquartered in Oslo, Norway.
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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The following files are available for download:
Navamedic Q4 2024 presentation |
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