Today, 6th November 2020, Navamedic presented the third quarter of 2020 results in webcast presentation online. The company’s revenues grew by 16% compared to the same quarter last year and reported EBITDA of NOK 3.8 million. Navamedic has a strong product pipeline and will launch products in at least one country in each launch window going forward.
Revenues in the third quarter of 2020 were NOK 56.8 million (48.8 million in the third quarter of 2019). The gross margin was 31.0% (30.6%), while the EBITDA was NOK 3.8 million (0.2). Result before tax in the third quarter of 2020 was negative NOK 0.2 million (-2.5). Navamedic will launch products in at least one country in each launch window going forward. The company targets 20% annual growth from 2021 and reiterates its mid- to long-term ambition of building a NOK 500 million company with strong gross margins and underlying profitability.
“In the third quarter of 2020, we delivered strong growth driven by both the addition of new products such as ThermaCare and positive performance in the underlying portfolio. Mysimba continued to stand out among our growth drivers, displaying strong performance in Norway and Sweden in particular. We are also pleased to see the positive development of Alflorex, with listing in pharmacies and drug stores in the Netherlands as a clear example of our go-to-market strengths,” says Kathrine Gamborg Andreassen, CEO of Navamedic.
Andreassen further adds; “During the period, we also experienced the expected development towards normal trading across our product categories after a second quarter more affected by the Covid-19 situation. We continue to monitor the situation closely and will continuously evaluate measures to limit effects on supply and demand going forward.”
In the quarter, Navamedic launched MyControl, a patient support program and information platform for obesity. The launch is an important milestone in the company’s work to build awareness and knowledge about diseases and treatments among health care professionals and patients.
“MyControl is an ambitious and innovative initiative to contribute to positive outcomes for obesity patients. The program and information platform highlight the complexity surrounding this disease and offer both healthcare professionals and patients a treatment option complementing and strengthening a regular treatment protocol,” says Gamborg Andreassen, CEO of Navamedic.
