Navamedic ASA: Significant growth across the business
OSLO, Norway, Aug. 11, 2023 /PRNewswire/ -- 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 second quarter and first half of 2023. Having experienced strong growth across the business, Navamedic grew its revenues for the first half of 2023 by 41.7 per cent, amounting to NOK 245.7 million.
For the first half of 2023, the gross margin was 40.9 per cent, down from 42.9 per cent last year. Adjusted EBITDA (EBITDA less acquisition cost) was NOK 26.3 million, up from NOK 23.3 million in the corresponding period last year, while the operating result (EBIT) for the first half of 2023 was NOK 9.9 million, compared to NOK 19.6 million in the same period last year. The result is mainly explained by significant investments in marketing activities, higher personnel expenses due to the Impolin acquisition, and M&A-related expenses in the second quarter of 2023.
Revenues for the second quarter of 2023 was NOK 124 million, gross margin was 40.4 per cent, and adjusted EBITDA for the quarter amounted to NOK 10.5 million compared to NOK 23.7 million in 2022. The operating result (EBIT) for the second quarter was negative NOK 4.0 million, compared to NOK 21.9 million last year.
"Since kicking off Navamedic's growth strategy in 2019, we have steadily been delivering on our goals. The first half of 2023 has been no exception. It has also been a period where we experienced a lot of market activity in some of our core treatment areas, ultimately yielding positive outcomes for Navamedic.
"We can look back at a successful first half of the year, having delivered on our M&A strategy in parallel with product launches and marketing campaigns. As we look forward, Navamedic is in an excellent position to achieve its ambitious growth targets and to continue delivering high-quality products to hospitals and pharmacies," commented Kathrine Gamborg Andreassen, CEO of Navamedic.
In the period, Navamedic launched an offer for all shares and completed the acquisition of Sensidose AB, a Sweden-based pharmaceutical company that sell drugs (Flexilev) in combination with an innovative device for individual dosing for patients with advanced Parkinson's disease. The addition of Sensidose broadens Navamedic's RX portfolio and opens up for Navamedic to take up market share in the European neurology treatment area.
Navamedic will now ramp up commercial efforts by adding Flexilev to its marketing and distribution channels, starting with the Nordics and a product launch in Finland. Navamedic will also explore additional European markets and consider opportunities outside of Europe.
On Friday, 11 August 2023, Navamedic will host a presentation starting at 08.30 CEST. The presentation will take place at Haakon VIIs gate 2 in Oslo, and will be available to follow via webcast at the following link: https://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 second-quarter presentation on slide 24.
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 full-service provider of high-quality healthcare products to hospitals and pharmacies. Navamedic meets the specific medical 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 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 Q2 H1 2023 report
Navamedic Q2 2023 Presentation
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