Sales growth and expansion for Navamedic
(Thomson Reuters ONE) -
Navamedic ASA (OSE: NAVA) today announced the Company's third quarter 2015
financial results. Navamedic's Pharma and Healthcare business saw sales growth
and improved profitability. The Company acquired Observe Medical International
AB (OM) in the quarter, forming a Medtech business unit engaged in launching
Sippi(®) - an innovative automated digital urine measurement device with global
sales potential.
Navamedic grew total sales by 4% in the quarter, to NOK 61.5 million (NOK 58.8
million). The Company's Pharma and Healthcare Business grew EBITDA in the
quarter to NOK 5.1 million (NOK 4.6 million), while the consolidated Group
EBITDA for the quarter was NOK 1.5 million (NOK 4.6 million). The Group EBITDA
was affected by one-off acquisition related costs and operational costs in the
Medtech business, costs totaling NOK 3.6 million in the quarter. The Group
earnings before taxes for the third quarter 2015 ended at NOK -2.3 million (NOK
1.9 million).
For the first nine months of 2015, sales grew by 13% to NOK 183.0 million (NOK
161.1 million). EBITDA for the first nine months was NOK 8.9 million (NOK 10.5
million). Earnings before taxes for the first nine months came in at NOK 0.3
million (NOK 2.3 million).
"We are pleased to see our business return to revenue growth and improving
margins in our Pharma and Healthcare business in Q3. With the acquisition of OM
we are executing on our strategy of portfolio-expansion. Our quarter three Group
margins were as expected affected by acquisition costs and the operational costs
in the Medtech business, but we have the financial strength to execute on the
Sippi(®) launch and drive the development in our Pharma and Healthcare business
simultaneously" said Navamedic CEO Tom Rönnlund
The digital Sippi® system has the potential to replace traditional manual urine
measurement systems in a global NOK 2 billion market. Sippi(®) has clinically
proven advantages over existing manual systems in time saving potential for the
healthcare personnel, improving accuracy of readings and patient safety
benefits. A comprehensive development program in clinical and product
development was initiated in the quarter and Navamedic is planning to launch the
product in additional markets throughout 2016. Navamedic targets a positive cash
flow in its Medtech business in 2017.
"Following the acquisition of Observe Medical in August, we are successfully
executing on the launch plan which is progressing in line with our expectations.
We are getting positive user experiences and are focusing our efforts in
securing additional distributors in European countries to offer this innovation
to additional markets." Tom Rönnlund continued.
For further information, please contact CEO Tom Rönnlund, telephone
+46 727 320 321 or CFO Bjørn Lindholt, telephone +47 9300 6601.
Navamedic ASA is a Norwegian medtech and pharmaceutical products company,
delivering products to patients, hospitals and pharmacies in the Nordic and
Benelux markets. The Group's Medtech business has developed and is currently
introducing the next generation digital urine meter Sippi ®. Navamedic's Pharma
and Healthcare business is a distributor of products supplied by a number of
pharmaceutical manufacturers. Navamedic is listed on the Oslo Stock Exchange
(ticker: NAVA).
www.navamedic.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1962684]
Unternehmensinformation / Kurzprofil:
Datum: 30.10.2015 - 07:01 Uhr
Sprache: Deutsch
News-ID 430671
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Kategorie:
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