OSLO, Norway, May 10, 2022 /PRNewswire/ -- Navamedic ASA (OSE: NAVA), a Nordic pharma company and reliable provider of high-quality products to hospitals and pharmacies, grew revenues with 7.4 percent in the first quarter of 2022 compared to the same period in 2021.
"We had a solid first quarter with continued growth driven by new product launches and strong development for existing products within medical nutrition, consumer health and branded generics. Our type of business will always experience some volatility in revenue growth from quarter to quarter due to pipeline effects, and in the first quarter, we experienced a temporary halt in the supply of our obesity product Mysimba. These supply challenges have been resolved and we will receive delivery of Mysimba in May. We are still on track to meeting our target of 20 percent annual organic growth for 2022 and onwards," said Kathrine Gamborg Andreassen, CEO of Navamedic.
Navamedic's 12 months rolling revenue grew 33 percent year on year to NOK 283 million in the first quarter, and the company has delivered positive rolling 12 months EBITDA for five consecutive quarters.
"We have proven our growth model over time and continue to deliver on our ambition to untap the full potential of our existing portfolio, enter into new distribution agreements, develop new brands and do bolt-on acquisitions of products and portfolios. Today we announce an updated mid-term ambition of becoming a NOK 1 billion revenue company," said Kathrine Gamborg Andreassen.
Navamedic's gross margin was 39.4 percent in the first quarter, unchanged compared to the same period in 2021. EBITDA was NOK -0.4 million compared to NOK 2.6 million in the first quarter last year. The reduced EBITDA was a result of increased marketing spend related to launches of new products.
"In the first quarter we successfully launched SmectaGO®, an innovative on-the-go product for treatment of diarrhea, and we target the launch of at least one new product in one of our countries in each launch window," said Kathrine Gamborg Andreassen.
Navamedic also continues to execute on its M&A strategy. In May 2022 the acquisition of Impolin AB was announced, reinforcing Navamedic's position in the market for obesity treatment. Impolin's portfolio consists of products with a strong position in Sweden, and Navamedic's ambition is to launch Modifast, a range of diet and meal replacement products, in Norway in 2023, followed by rollout in Finland and Denmark.
Navamedic is hosting a presentation of the first quarter 2022 financial results, Tuesday 10 May 2022 at 08.30 CEST. The presentation will be held at Haakon VII Gate 2 in Oslo as well as via webcast on www.navamedic.com/investors/financial-results under '2022'. 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 first quarter 2022 presentation on slide 26.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 680
Lars Hjarrand, CFO, Navamedic
Mobile: +47 917 62 842
Navamedic ASA is a Nordic full-service provider of high-quality products to hospitals and through pharmacies. Navamedic meets 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 considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Lars Hjarrand at the time and date set out above.
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