Navamedic third quarter results 2010
(Thomson Reuters ONE) -
On track in developing the Generics Business Area
* MNOK 6.4 invested in 2010
* Regulatory expertise strengthened
* Moving towards first product launch end of 2011
Improved performance in the Vitaflo Scandinavia Business Area
* Sales at par with last year
* Operating costs reduced by 21% in 2010
* EBITDA improved in Q3; however, reduced gross margin.
* Product base expanded
Navamedic experienced a positive development in the third quarter. While
revenues were relatively stable, the Vitaflo Scandinavia Business Area
benefitted from a reduced operating costs and ended the quarter with a
improvement in EBITDA. The result for the quarter as well as for the first nine
months of the year was partly offset by the costs related to the ongoing build-
up of Navamedic's new Generics Business Area.
Navamedic`s third quarter revenues ended at MNOK 13.7 compared with MNOK 13.9 in
the same period of 2009. Revenue year to date ended at MNOK 39. 4 compared to
MNOK 38.8 year to date in 2009.
EBITDA reached MNOK -1.7 compared with MNOK 0,4 in the same period of 2009.
EBITDA for the first nine months of the year ended at MNOK - 4.5 compared to
MNOK -2.2 year to date in 2009.
Net cash derived from operations was MNOK - 3.2 in the third quarter of 2010,
compared to MNOK 36.6 in the third quarter of 2009 (Last year cash flow included
a NOK 40 million sale of the Company's Glucomed businesss). Net cash from
operations year to date 2010 was MNOK - 6.5 against MNOK 38.7 year to date 2009.
Key financial indicators 2010 vs. 2009
+---------------+-----------------+-----------------+--------+
| | Group | Group | Group |
+---------------+--------+--------+--------+--------+--------+
| (in NOK '000) | Q3 | Q3 | YTD | YTD | FY |
| | 2010 | 2009 | 2010 | 2009 | 2009 |
+---------------+--------+--------+--------+--------+--------+
| Revenues | 13 654 | 13 883 | 39 410 | 38 789 | 52 593 |
+---------------+--------+--------+--------+--------+--------+
| Gross Profit | 5 248 | 5 803 | 15 965 | 15 809 | 20 630 |
+---------------+--------+--------+--------+--------+--------+
| Gross margin | 38 % | 42 % | 41 % | 41 % | 39 % |
+---------------+--------+--------+--------+--------+--------+
| EBITDA | -1 722 | 389 | -4 489 | -2 231 | -2 508 |
+---------------+--------+--------+--------+--------+--------+
| EBIT | -3 389 | -1 309 | -9 482 | -7 977 | -9 995 |
+---------------+--------+--------+--------+--------+--------+
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1456237]
Navamedic ASA Q3 2010 report:
http://hugin.info/136020/R/1456237/396027.pdf
Navamedic ASA Q3 2010 presentation:
http://hugin.info/136020/R/1456237/396026.pdf
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originality of the information contained therein.
Source: Navamedic ASA via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 27.10.2010 - 22:17 Uhr
Sprache: Deutsch
News-ID 46771
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