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Navamedic ASA – results for the second quarter of 2020 and first half 2020

20th August, 2020

20 august 2020, Navamedic presented the results for the second quarter of 2020 and the first half of 2020. The company grew revenues by 5.5% in the first half of 2020 compared to the same period last year. Navamedic continued to strengthen its growth platform in the period and reiterates its mid- to long-term ambition of building a NOK 500 million company.

Navamedic reported revenues of NOK 42.1 million in the second quarter of 2020, down from NOK 47.2 million in the corresponding quarter last year. The EBITDA came in at NOK -2.1 million (MNOK 0.9 in Q2 2019), mainly affected by Covid-19. The gross margin was 34.8% (34.4% in Q2 2019).

In the first half of 2020, revenues increased to NOK 97.8 million (MNOK 92.7 in the first half of 2019), while EBITDA was NOK -1.4 million (MNOK 1.4 first half of 2019).

“In the first half of the year, we took important steps as a pureplay Nordic pharma company targeting growth in Northern Europe. We continued to grow our portfolio of existing products, added exciting new products to our pharmacy and hospital offering, and expanded products to new geographies. We are pleased to see the uptake of products like Mysimba and Alflorex, both solid examples of our portfolio’s attractiveness, the value of our local expertise and strong relationships with customers and patients,” says Kathrine Gamborg Andreassen, CEO of Navamedic.

Gamborg Andreassen further adds; “During the period, we have also worked to manage the Covid-19 situation and limit effects on supply and demand as a result of the pandemic. In the second quarter, we experienced some lower sales across our product categories, and volatility for Imdur®. We took immediate action to handle the situation, in parallel to making strategically important growth investments in our organization and platform. We are overall pleased to see that our efforts have paid off.”

One of the key events in the period was the acquisition of marketing authorizations for a series of antibiotics for hospital use in the Nordics, in a transaction which was completed on 4 August 2020. The transaction adds a tender -based annual turnover of approximately NOK 25 million to Navamedic’s portfolio and marks the beginning of a long-term collaboration with a solid European supplier. Another important event was the signing of a long-term exclusive distribution agreement for ThermaCare® in the Nordics and in the strategically important Dutch market.

“We execute on our growth strategy by securing and increasing value through ownership to products and brands, and we will launch products in at least one country in each launch window going forward. We are continuing our growth journey with a mid- to long-term ambition of building a NOK 500 million company with strong gross margins and underlying profitability,” says Kathrine Gamborg Andreassen, CEO of Navamedic.

See 2H 2020 report at the company webpage
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