Navamedic ASA Q1 2023: Another strong quarter

In the first quarter of 2023, Navamedic’s gross margin was 41.3 per cent, an increase from 39.4 per cent from the corresponding quarter in 2022. EBITDA for the quarter was NOK 15.8 million compared to NOK -0.4 million in the first quarter of 2022. Operating profit (EBIT) amounted to NOK 13.9 million compared to NOK -2.2 million in the same quarter last year. Additionally, Navamedic achieved organic growth of 70.5 per cent compared to the first quarter of 2022.

“We have had a strong start to 2023, and we are now well on our way to becoming a NOK 1 billion company. Our growth is driven by the successful build-up of our diversified product categories, and we have experienced continued demand for products across our business areas,” commented Kathrine Gamborg Andreassen, CEO of Navamedic.

Increased demand has resulted in revenue growth across the company’s three core business areas: Prescription drugs (RX), Consumer Health and Hospital.

At the end of the period and in line with Navamedic’s M&A strategy, the company announced it had submitted a recommended cash offer to acquire all shares in Sweden-based Sensidose AB, a pharmaceutical company targeting patients with advanced Parkinson’s disease. Sensidose AB sells drugs in combination with an innovative medical device for individual dosing. As of 10 May, Navamedic held
6.9 million (57.9 per cent) shares in Sensidose AB and 426,577 warrants of series TO 1.

Post-period, Navamedic acquired the rights to distribute and sell Alflorex®, an over-the-counter product for irritable bowel syndrome (IBS), in Sweden. The agreement follows Navamedic’s initial agreement with Novozymes in 2019, and with additional rights to distribute Alflorex® in Sweden, Navamedic has increased its market share in Sweden.