New all time high for Navamedic
(Thomson Reuters ONE) -
Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today
announced its second quarter and first half quarter 2012 results. Sales reached
yet another all time high and the Company's continues to improve its bottom
line.
Navamedic's results remain affected by the build-up of the Company's new generic
drugs business area. However, this is increasingly offset by the growth and
improved profitability in the Vitaflo business area.
Navamedic's sales in the second quarter were NOK 22.7 million, mainly
attributable to the Vitaflo business. Sales grew by 25 per cent compared to the
first quarter 2011. The growth is both organic and fuelled by several new
products. The Group's EBITDA result for the quarter was NOK 0.4 million, up from
NOK -1.1 million in last year's first quarter. Earnings before taxes ended at
NOK -1.2 million compared to NOK -1.7 last year.
The Vitaflo business area continued its strong performance also in the second
quarter. Profits improved and the business area posted an EBITDA margin of 11
per cent, which is a significant improvement from last year.
For the first half of 2012, Navamedic sales grew by 24 per cent to NOK 43.4
million. Group EBITDA for the quarter ended at NOK 0.5 million, up from NOK -2.0
million. Pre-tax earnings came in at NOK -2.8 million in the first half, against
NOK -4.9 million last year.
"The development in the second quarter reconfirms the viability of our strategy.
Vitaflo's growth and improved profitability is carrying even more of the
development costs in our generics business area. We will this month expand our
generics portfolio and expect to have nine generic products in the market by
year-end. While Vitaflo is expected to continue its positive development also in
the second half of 2012, we anticipate that generics will start to build revenue
from the first quarter next year," said Navamedic CEO Olof Milveden.
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.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Navamedic ASA via Thomson Reuters ONE
[HUG#1635777]
Unternehmensinformation / Kurzprofil:
Datum: 23.08.2012 - 18:43 Uhr
Sprache: Deutsch
News-ID 177266
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"New all time high for Navamedic"
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