Navamedic ASA Achieves Record Quarter with Over 50% Growth

Navamedic ASA, a Nordic pharmaceutical company known for providing high-quality products to hospitals and pharmacies, has announced its financial results for the third quarter of 2023. The company has reported strong growth across its three core product areas: Prescription Drugs (RX), Consumer Health, and Hospital. This performance has led to another record quarter for Navamedic, with revenues totaling NOK 141 million, representing a significant year-over-year increase of 51.9%.

However, it’s worth noting that the company’s gross margin for the quarter was 37.6%, down from 42.5% in the third quarter of 2022. Despite this, the adjusted EBITDA (EBITDA less acquisition cost) increased to NOK 17.4 million, up from NOK 12.7 million in the same quarter of the previous year. Operating results (EBIT) amounted to NOK 12.7 million, compared to NOK 10.9 million during the same period last year.

Kathrine Gamborg Andreassen, the CEO of Navamedic, expressed satisfaction with the company’s performance and its consistent execution of its strategic plan. She highlighted the impact of the products acquired through Impolin and emphasized Navamedic’s broad customer base across its product areas. The company’s diversified product portfolio allows it to address various illnesses and disorders, ranging from Parkinson’s disease and obesity to gastro and pain.

Navamedic is actively working toward its goal of becoming a NOK 1 billion revenue company, with plans for continued growth through mergers and acquisitions (M&A) and the exploration of in-licensing and out-licensing opportunities for products and brands. Additionally, Navamedic is looking to expand its presence in global markets.

The acquisition of Sensidose AB has allowed Navamedic to establish a commercial strategy for Flexilev (Myfid), which includes a commercial launch in Norway and Denmark. Flexilev (Myfid) is authorized for marketing in 10 countries and is reimbursed in all the Nordic countries.

Navamedic will present its third-quarter 2023 results, and the presentation will be available via webcast. The company is committed to further growth and expansion in the healthcare market.

For additional information, you can 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

About Navamedic: Navamedic ASA is a comprehensive provider of high-quality healthcare products to hospitals and pharmacies. The company meets the specific medical needs of patients and consumers by leveraging its scalable market access platform, category expertise, and local knowledge. Navamedic operates in the Nordic countries, the Baltics, and Benelux, with sales representation in the UK and Greece. The company is headquartered in Oslo, Norway, and is listed on the Oslo Stock Exchange under the ticker symbol NAVA.

Related posts:

Bristol Myers Revise 2023 Outlook After Revenue Decline Lupin Achieves Satisfactory VAI Status from FDA for Its Indian Facility Despite Identified Deficiencies West Pharmaceutical Services Boosts 2023 Profit Forecast Amidst Shifting Market Dynamics Harmony Biosciences Expands with $200 Million Zynerba Acquisition