OSLO,
Norway, Aug. 12, 2022 /PRNewswire/
-- Navamedic ASA (OSE: NAVA), a Nordic pharma company and
reliable provider of high-quality products to hospitals and
pharmacies, grew revenues by 67.2 percent in Q2 2022 compared to
the same period in 2021 to NOK 110.4
million, driven by growth in the company's key business
areas. Navamedic reiterates its mid- to long-term ambition of
building a NOK 1 billion company.
"We are pleased to report record-high revenues and continued
strengthening of our profits and cash flow in the second quarter.
This was a result of strong growth across several key
products, particularly the obesity drug Mysimba. We have continued
to progress well along our strategic path through the strengthening
of our existing portfolio by leveraging our strong market position
and by adding distribution and marketing rights for attractive
products. Furthermore, we have strengthened our platform through
M&A with the acquisition of Impolin," says Kathrine Gamborg Andreassen, CEO of
Navamedic.
Navamedic's gross margin was 44.8 percent in Q2 2022, up from
39.3 percent in the same period in 2021. EBITDA was NOK 23.7 million compared to NOK 4.3 million in the second quarter of last
year. Operating profit (EBIT) was NOK 21.9
million compared to NOK 2.9
million in the same quarter in 2021.
"Even though the second quarter of 2022 was a great quarter for
Navamedic, we have only just started on our value creation journey.
We are planning several product launches in the months to come, and
we have a good pipeline of potential new distribution and marketing
partnerships and acquisitions," says Gamborg Andreassen.
In August 2022, Navamedic signed
an agreement with Vectans Pharma, which gives Navamedic the
exclusive right to market and sell an innovative muco-adhesive
buccal tablet for single-dose treatment of cold sores in the Nordic
and Benelux regions.
"This is a great example of how we can utilize our strong
presence and in-depth competence in our markets to broaden our
portfolio through partnerships with international pharma companies.
Navamedic has a competent and highly motivated team and an
excellent product portfolio, and the momentum we currently have
makes me confident that we will reach our mid-term revenue target
of NOK 1 billion, including carefully
selected acquisitions," says Gamborg Andreassen.
Navamedic will hold a presentation of the second quarter and
first half 2022 financial results, Friday 12 August at 08.30 CET.
The presentation will be held at Haakon VIIs gate 2 in Oslo as well as via 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 second quarter and first half
2022 presentation on slide 25.
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 full-service provider of high-quality
products to hospitals and through pharmacies. Navamedic meets 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 considered to be inside information pursuant
to the EU Market Abuse Regulation article 7 and is subject to the
disclosure requirements pursuant to section 5-12 of the Norwegian
Securities Trading Act. This stock exchange announcement was
published by Lars Hjarrand at the time and date set out above.
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/navamedic-asa/r/navamedic-asa--q2-and-first-half-2022-financial-results,c3613078
The following files are available for download:
https://mb.cision.com/Main/17619/3613078/1613877.pdf
Navamedic ASA Q2 2022
Presentation
https://mb.cision.com/Public/17619/3613078/9b0fedf9dafeb68f.pdf
Navamedic ASA Q2 and 1H 2022 Report