Navamedic ASA: Q3 2022 financial results
OSLO, Norway, Nov. 1, 2022 /PRNewswire/ -- Oslo, 1 November 2022 - 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 2022. In the period, Navamedic achieved solid growth across its portfolio, resulting in a 46 per cent increase in revenues to NOK 92.8 million compared with the same quarter in 2021. Navamedic reiterates its mid- to long-term ambition of building a NOK 1 billion company.
"Looking back at another successful quarter, I am pleased to see that our strategic efforts to strengthen the existing business are showing results. There has been a lot of activity in the period, resulting in double-digit growth across our portfolio areas. We launched ForlaxGo® in September, an innovative gastro product across the Nordics. Revenues from Specialty Pharma (obesity and urology products) reached NOK 34.9 million in the quarter and remains our largest business area with Mysimba® driving the growth," commented Kathrine Gamborg Andreassen, CEO of Navamedic.
In the third quarter of 2022, Navamedic's gross margin was 42.5 per cent compared to 38.9 per cent in the corresponding quarter in 2021. EBITDA for the quarter was NOK 12.7 million compared to NOK 3.7 million in the third quarter of 2021. Operating profit (EBIT) reached NOK 10.8 million compared to NOK 2.2 million in the same quarter last year.
In August, Navamedic announced it had signed an exclusive agreement with Vectans Pharma to market and sell an innovative and unique muco-adhesive buccal tablet as a single-dose treatment of cold sores (herpes labialis) in the Nordic and Benelux regions. The first commercial sale is expected to take place in the first half of 2024.
Following the launch of SmectaGo® in February this year, Navamedic has seen an increase in pharmacy chains purchasing the product. In October, Navamedic announced the launch of ForlaxGO®, an innovative on-the-go product for treating constipation, in pharmacies in Norway and Sweden. The product is expected to be launched in Finland and Denmark in Q4-2022/Q1-2023. This is the second product launch stemming from Navamedic's long-term agreement with Ipsen Consumer HealthCare, where Navamedic is the exclusive partner in the Nordics.
"The growth we have experienced in the quarter is a result of Navamedic continuing to deliver on its strategy. We acquired additional product rights in the quarter and initiated the launch of a new product across our core markets. We have continued to refine the core business and increased revenues by 46 per cent, thereby strengthening our foundation for continued value creation," added Gamborg Andreassen.
Navamedic will host a presentation on Tuesday,1 November, at 08.30 CET. The presentation will take place at Haakon VIIs gate 2 in Oslo and will be streamed live via webcast via the following link, https://channel.royalcast.com/landingpage/hegnarmedia/20221101_4/
The presentation will also be made available at www.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 23.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Lars Hjarrand, CFO, Navamedic
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.
The following files are available for download:
Navamedic Q3 2022 Presentation
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