Navamedic reported revenues of NOK 45.5 million in the first quarter of 2019, up 6.6% from the same period in 2018, and improved EBITDA of NOK -2.0 million (-5.0). During the first quarter of 2019, the new Board of Directors and the new CEO of Navamedic started implementing the growth strategy and see a strong potential in the company's highly scalable market access platform.
“We have initiated the implementation of the new growth strategy and see a great potential in leveraging Navamedic’s highly scalable pharma market access platform. In the first quarter of 2019, the company continued to show growth driven by the strong momentum in our Obesity category, and we are looking forward to continue driving growth in our current product portfolio, in addition to introducing new products and to explore the arising M&A opportunities,” says Kathrine Gamborg Andreassen, Chief Executive Officer of Navamedic.
Revenues in the first quarter of 2019 were NOK 45.5 million, up from NOK 42.6 million in the corresponding quarter last year. The gross margin decreased to 27.2%, down from 30.3%, following changes in the product mix. The EBITDA improved to NOK -2.0 million (-5.0) and the result before tax ended at NOK -5.1 million (-7.6).
“We had another solid quarter for our anti-obesity product Mysimba, displaying a tripling in sales, broad media coverage and strong patient feedback. We expect this development to continue. The impressive Mysimba results highlight how we are creating value for pharma companies seeking market access to hospitals, pharmacies and patients in the Nordics,” says Gamborg Andreassen.
Gamborg Andreassen was appointed CEO, effective 1 January 2019, following investment firm Reiten & Co entering the company as anchor investors and the election of a new Board of Directors.
Navamedic is also commercialising Sippi®, a new system for digital, wireless, urine measurement, with a global market potential. The proprietary Sippi® technology represents significant long-term revenue opportunities for Navamedic.
“The Board and main owners see a strong medium-term potential in the highly scalable market access platform, and we target to become a leading Nordic pharmaceutical company,” Gamborg Andreassen concludes.