Navamedic: Q3 2016 Results
(Thomson Reuters ONE) -
Oslo, 11 November 2016 - Navamedic ASA (OSE: NAVA), reported revenues of NOK
65.2 million in the third quarter of 2016 (NOK 61.5 million in Q3 2015), and an
EBITDA of NOK 1.8 million (NOK 1.5 million in Q3 2015). The company initiated
the long-term strategic partnership with TopRidge Pharma in the period, with the
distribution of Imdur® commencing in the Nordic Markets. The development and
commercialisation of Sippi® continues to be on-track.
The third quarter marked the start of Navamedic's long term partnership with Top
Ridge Pharma Limited, as distribution of Imdur to customers in the Nordic region
was initiated. This is the first major product to launch under the collaboration
and Navamedic is working diligently to expand to additional markets. Sales
revenue continued to perform well, up six percent compared to previous year.
Group EBITDA performance was, as expected, weighed by costs associated with the
launch of Sippi, while the base business in Pharma and Healthcare products
returned a positive EBITDA. In Q3, Navamedic moved the wireless communication
version of Sippi into production, expected to contribute with accelerated sales
uptake in the years to come", says Tom Rönnlund, Chief Executive Officer of
Navamedic.
Revenues in the third quarter of 2016 ended at NOK 65.2 million, compared to NOK
61.5 million in the third quarter of 2015, and with an EBITDA of NOK 1.8
million, up from NOK 1.5 million in Q3 2015. The Q3 2016 financial performance
reflects the high activity within business development, future growth
initiatives and the continued commercialisation of Sippi®.
In September, the distribution of angina prevention medicine Imdur® (isosorbide
mononitrate) commenced in Norway, Denmark, Sweden, Finland and Iceland. The
strategic partnership and long-term distribution agreement represents
significant opportunities for Navamedic's continued development, as future
products planned for launch in Europe by TopRidge Pharma and its parent company,
will be offered on a first rights basis. The agreement is expected to contribute
with annual, future revenues of NOK 70-100 million.
During the third quarter, Navamedic continued the development and
commercialisation of its proprietary urine measurement system, Sippi®, with new
milestones reached with regards to the product's wireless capabilities, positive
feedback from key institutions and prospect customers, as well as initiation of
several important clinical studies.
"Navamedic aims to bring Sippi to additional European and other selected
international markets, and will work jointly with TopRidge Pharma on plans for a
future introduction of Sippi in China. Simultaneously, Navamedic is preparing to
introduce Sippi in the U.S., which is currently scheduled for late 2017", says
Rönnlund.
For further information, please contact:
Tom Rönnlund, CEO, Navamedic. Telephone +46 727 320 321.
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 of 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 information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.
Navamedic ASA Q3 2016 Presentation:
http://hugin.info/136020/R/2056251/770182.pdf
Navamedic ASA Q3 2016 Report:
http://hugin.info/136020/R/2056251/770183.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Navamedic ASA via GlobeNewswire
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