OSLO, Norway, Feb. 18, 2021 /PRNewswire/ -- Navamedic ASA (OSE: NAVA) grew revenues by 17% in the fourth quarter of 2020 compared to the same quarter last year. The company reported revenues of NOK 55.3 million in the fourth quarter of 2020 with an EBITDA of negative NOK 3.7 million driven by both new product launches and investments in further growth initiatives. The company reiterates its mid- to long-term ambition of building a NOK 500 million company.
"The fourth quarter of 2020 displayed strong growth in our underlying portfolio and new products introduced during the second half of the year. Key growth drivers continued to be Mysimba and Alflorex, while we were also pleased that the uptake of newly added products such as ThermaCare developed as planned. During 2020, we have made strategically important investments in our organisation and platform. These investments will be key as we embark on 2021 and continue to launch new products and push for continued growth in our existing portfolio," says Kathrine Gamborg Andreassen, Chief Executive Officer of Navamedic ASA, and continues.
"The Covid-19 pandemic is evolving. We are monitoring the situation closely and will continuously evaluate measures to limit effects on supply and demand going forward. In the fourth quarter, we experienced volatility for Imdur caused by an out of stock situation. The impact was however offset by strong performance in our consumer health, medical nutrition and specialty pharma product categories."
Shortly after the quarter, Navamedic launched Cysticina in Norway, a nonprescription drug for treatment of symptoms of urinary infection. The company estimates an addressable Norwegian market of NOK 100 million, with no real nonprescription alternatives available in Norwergian pharmacies.
"Urinary infection is a troublesome and unfortunately returning problem for women, and we are pleased to introduce Cysticina as the first real nonsubscription alternative for treatment of urinary infection symptoms. Women's health is key to us and we plan to launch more products in this area going forward," says Gamborg Andreassen.
Revenues in the fourth quarter of 2020 were NOK 55.3 million (47.3 million in the fourth quarter of 2019). The gross margin was 40.4% (29.7%), while the EBITDA was negative NOK 3.7 million (-8.0). In full-year 2020, revenues increased by 11% to NOK 209.9 million (188.8), while EBITDA came in at negative NOK 1.3 million (-6.5). 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.
Navamedic is hosting a webcast presentation of the fourth quarter 2020 financial results, Thursday 18 February at 08.30 CET. Due to the Covid-19 situation, the presentation will only be held as a live webcast, on www.navamedic.com/investors/financial-results. Representatives from Navamedic will be CEO Kathrine Gamborg Andreassen and CFO Lars Hjarrand.
EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the attached fourth quarter 2020 presentation on slide 22.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 680
E-mail: kathrine@navamedic.com
Lars Hjarrand, CFO, Navamedic
Mobile: +47 917 62 842
E-mail: lars.hjarrand@navamedic.com
Navamedic ASA is a Nordic pharma company and reliable provider of high-quality products, delivered to hospitals and through pharmacies, meeting the specific needs of patients and consumers by leveraging its highly scalable market access platform, leading category competence and local knowledge. Navamedic is present in all the Nordic countries, the Baltics and Benelux, with sales representation in the UK and Greece. Navamedic is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange (ticker: NAVA). For more information, please visit www.navamedic.com
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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