Navamedic ASA: Q4 2022 financial results

Oslo, 16 February 2023 – 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 fourth quarter of 2022. In the period, Navamedic delivered another quarter with solid growth across its portfolio, resulting in a 29 per cent increase in revenues to NOK 116.0 million compared to the same quarter in 2021. For the full year of 2022, revenues amounted to NOK 382.1 million, up 37 per cent compared to 2021.

“The fourth quarter completed an eventful year for Navamedic. Product launches, increased campaign activities and M&A agreements can summarise the past twelve months. We started the year by acquiring Swedish-based Impolin AB, significantly strengthening our obesity product portfolio. Later in the year, we acquired the rights to sell and market a unique single-dose treatment for cold sores from our partner, Vectans Pharma. Finally, nearing the end of the year, we added a highly complementary and innovative ready-to-use antibiotic product to our antibiotics portfolio.

 

“As we enter 2023, we have a strong and scalable foundation in place to become a leading Nordic pharma company. Moving forward, we will continue utilizing our strengths by applying our strong local knowledge and competence across the regulatory, marketing, and sales landscapes. I look forward to keeping the market updated on our growth initiatives in the coming months,” commented Kathrine Gamborg Andreassen, CEO of Navamedic.

 

In the fourth quarter of 2022, Navamedic’s gross margin was 42.9 per cent, an increase from 41.9 per cent in 2021. For the full year, the company’s gross margin was 42.8 per cent compared to 40.1 per cent in 2021. Operating profit (EBIT) amounted to NOK 13.9 million compared to NOK 5.1 million in 2021. Correspondingly, EBIT for the full year reached NOK 44.4 million compared to NOK 11.5 million in 2021.

 

During the final quarter of 2022, Navamedic announced it had signed an agreement with InfoRLife SA to acquire an antibiotic product for hospital use. The agreement gives Navamedic the rights and Marketing Authorizations for ready-to-administer Clindamycin bags. This innovative product complements Navamedic’s antibiotics portfolio, which continues to secure long-term tenders. Navamedic also markets Clindamycin ampoules as part of its broader portfolio of antibiotics initially acquired from ACS Dobfar in 2020.

 

Navamedic also launched Modifast in Norway towards the end of the fourth quarter through Farmasiet.no. Modifast is a range of low-calorie diet meals providing 800-1200 calories per day if all regular food is replaced.

 

Navamedic has also experienced continued strong demand for its obesity product Mysimba, which drove growth in the Specialty Pharma segment in the fourth quarter of 2022 and the full year.

 

Navamedic will host a presentation on Thursday,16 February, starting at 08.30 CET. The presentation will take place at Dronning Eufemias Gate 16 in Oslo, and will be available to follow via webcast at the following link: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230216_6

Representatives from Navamedic’s management team, CEO Kathrine Gamborg Andreassen and CFO Lars Hjarrand will host the presentation.

The presentation will also be made available at www.navamedic.com/investors/financial-results.

 

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 30.

 

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]

 

 

 

 

About Navamedic

 

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 www.navamedic.com.

 

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.