For the first half of 2023, the gross margin was 40.9%, down from 42.9% last year. Adjusted EBITDA (EBITDA less acquisition cost) was MNOK 26.3, up from MNOK 23.3 in the corresponding period last year, while the operating result (EBIT) for the first half of 2023 was MNOK 9.9, compared to MNOK 19.6 in the same period last year. The result is mainly explained by significant investments in marketing activities, higher personnel expenses due to the Impolin acquisition, and M&A-related expenses in the second quarter of 2023.
Revenues for the second quarter of 2023 was MNOK 124, gross margin was 40.4%, and adjusted EBITDA for the quarter amounted to MNOK 10.5 compared to MNOK 23.7 in 2022. The operating result (EBIT) for the second quarter was negative MNOK 4.0, compared to MNOK 21.9 last year.
“Since kicking off Navamedic’s growth strategy in 2019, we have steadily been delivering on our goals. The first half of 2023 has been no exception. It has also been a period where we experienced a lot of market activity in some of our core treatment areas, ultimately yielding positive outcomes for Navamedic.
“We can look back at a successful first half of the year, having delivered on our M&A strategy in parallel with product launches and marketing campaigns. As we look forward, Navamedic is in an excellent position to achieve its ambitious growth targets and to continue delivering high-quality products to hospitals and pharmacies,” commented Kathrine Gamborg Andreassen, CEO of Navamedic.
In the period, Navamedic launched an offer for all shares and completed the acquisition of Sensidose AB, a Sweden-based pharmaceutical company that sell drugs (Flexilev) in combination with an innovative device for individual dosing for patients with advanced Parkinson’s disease. The addition of Sensidose broadens Navamedic’s RX portfolio and opens up for Navamedic to take up market share in the European neurology treatment area.
Navamedic will now ramp up commercial efforts by adding Flexilev to its marketing and distribution channels, starting with the Nordics and a product launch in Finland. Navamedic will also explore additional European markets and consider opportunities outside of Europe.
