Navamedic reached another all time high
(Thomson Reuters ONE) -
Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today
announced its fourth quarter and 2011 full year results. Sales reached yet
another all time high in the fourth quarter and profit margins improved
significantly. Navamedic also made its debut in the generic pharmaceuticals
market in the quarter.
"The combination of increasing sales and profitability in our traditional
business area while we move into the new and exciting generics segment confirms
that Navamedic's strategy is proving successful," said CEO Olof Milveden.
Navamedic sales in the fourth quarter were NOK 19.2 million, which is a 22 per
cent growth over the previous year's fourth quarter. Sales were mainly
attributable to the Vitaflo business area, however the new Generics business
area posted sales for the first time with revenues of NOK 0.1 million.
While Vitaflo profitability continues to improve, Navamedic's group results are
affected by costs related to the build-up of its new generics business. The
Group's EBITDA came in at NOK 0.3 for the quarter, a significant improvement
over the corresponding quarter last year.
Navamedic launched its two first generic drugs in the fourth quarter and is well
underway towards building a position in this fast growing segment. The Company
currently has 11 generic products filed for approval and expects to launch eight
of these in the market during 2012. Generics developing costs and capitalised
investments in the business area totalled NOK 5.7 million in the fourth quarter.
The Vitaflo business area, which is a distributor of health care products and
patented drugs in the Nordic markets, experienced high sales growth also in the
fourth quarter. Profitability continued to improve and the EBITDA margin reached
10 per cent in the fourth quarter.
For the full year, Navamedic's sales grew by almost 30 per cent and reached NOK
71.3 million. EBITDA after generics development costs came in at NOK -2.6
million, a significant improvement over the previous year's EBITDA of NOK -6.5
million.
Navamedic forecasts continued double digit sales growth and attractive margins
in its Vitaflo business area. As generics products are rolled out during 2012,
the Company expects profitability also in this area towards the end of the year.
For further information, please call Olof Milveden, CEO, telephone
+46 733 463 736 or Bjørn Lindholt, CFO, telephone +47 9300 6601.
Navamedic ASA is a Norwegian pharmaceutical products company. Through its
subsidiary Vitaflo Scandinavia the Company is a distributor of a broad range of
nutrition and pharmaceutical products in the Nordic markets. Navamedic is
currently building up a generic pharmaceutical business for the Nordic, Dutch
and Belgian markets based on its partnership with Aspen Healthcare of South
Africa. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Navamedic ASA Q4 2011 Presentation:
http://hugin.info/136020/R/1584403/495681.pdf
Navamedic ASA Q4 2011 Report :
http://hugin.info/136020/R/1584403/495679.pdf
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originality of the information contained therein.
Source: Navamedic ASA via Thomson Reuters ONE
[HUG#1584403]
Unternehmensinformation / Kurzprofil:
Datum: 09.02.2012 - 19:33 Uhr
Sprache: Deutsch
News-ID 113102
Anzahl Zeichen: 4096
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