Navamedic ASA: Q4 2021 financial results
Oslo, 17 February 2022 - Navamedic ASA (OSE: NAVA) grew revenues by 63% in the fourth quarter of 2021 compared to the same quarter last year. The company reported revenues of NOK 90.2 million in the fourth quarter of 2021 with an EBITDA of NOK 7.6 million, driven by underlying growth in the portfolio and Mysimba® in particular. The company reiterates its mid-term ambition of building a NOK 500 million company through organic growth.
“The fourth quarter of 2021 was strong for Navamedic, resulting in a full year growth of 33%, compared to our targeted growth rate of 20%. We have seen an increased demand for our products driven by successful development of categories and branded products particularly within Consumer Health and Specialty Pharma. The latter is now our largest product area, following a growth of 142 percent in revenue in the fourth quarter 2021 compared to the same period in 2020. This was largely a result of the impressing development of Mysimba, helping obesity patients across the Nordics to succeed in their treatment. We are also pleased to see the strong performance of our portfolio of antibiotics products,” says Kathrine Gamborg Andreassen, Chief Executive Officer of Navamedic ASA, and continues:
"The strong growth in the fourth quarter has reinforced our confidence in the communicated target of 20% annual organic growth and the mid-term ambition of building a NOK 500 million company, as we continue to accelerate growth through launch of new products and push for growth in our existing portfolio. We target the launch of new products in at least one country in each launch window going forward.”
Navamedic has recently announced the launch of SmectaGO® and Forlax®, adding to a growing portfolio in the gastro segment.
“This is a good example of how we drive category growth within consumer health. Gastro is an underdeveloped segment in the Nordics, even though a large portion of the population has gastro related problems. Hence, we see a significant potential in growing awareness of the potential treatments and strengthening our brand positions,” says Kathrine Gamborg Andreassen.
Revenues in the fourth quarter of 2021 were NOK 90.2 million (NOK 55.3 million in the fourth quarter of 2020). The gross margin was 41.9% (40.4%), while the EBITDA was NOK 7.6 million (negative 3.7 million). For the full year 2021, revenues grew by 32.7% compared to last year, up from NOK 209.8 million to NOK 278.4 million, while EBITDA was NOK 18.2 million, up from negative NOK 1.3 million last year.
Navamedic is hosting a presentation of the fourth quarter 2021 financial results, Thursday 17 February 2022 at 08.45 CET. The presentation will be held at Sparebank 1 Markets in Olav V's gate 5 in Oslo as well as via webcast on www.navamedic.com/investors/financial-results under '2021'. 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 fourth quarter 2021 presentation on slide 24.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 680
E-mail: [email protected]
Lars Hjarrand, CFO, Navamedic
Mobile: +47 917 62 842
E-mail: [email protected]
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 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.