Sales record for Navamedics Vitaflo business
(Thomson Reuters ONE) -
Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today
announced its fourth quarter and full year 2010 results. The Company's sales in
the Vitaflo business area were record high last year while financial results
were affected by the development of Navamedic's new Generics Business Area and
non-recurring restructuring costs.
Navamedic's sales for the fourth quarter amounted to NOK 15.7 million in the
fourth quarter, a 14 per cent increase over the same quarter in 2009. Full year
sales were NOK 55.1 million, up 5 per cent from the previous year. Adjusted for
divestment of a single product group, sales growth in the current product
portfolio was more than 20 per cent in 2010.
Navamedic's EBITDA for the fourth quarter ended at NOK -2.0 million compared to
NOK -0.3 million in the last quarter of 2009. For the full year 2010 EBITDA came
in at NOK -6.5 million, compared to NOK -2.5 the previous year. The 2010
financial results include non-recurring restructuring costs of NOK 1.0 million
and NOK 9.3 million of costs related to developing the new Generics Business
Area. Also in this area, additional NOK 1.6 million was invested in developing
the business.
"2010 represented a turning point for our Vitaflo business. The turnaround of
the business area was completed and the product base significantly expanded. We
move into 2011 with an optimal cost base, enabling us to increase our profit
margin as we continue to expand the business," said CEO Olof Milveden.
Navamedic aims for the first product release in its new Generic Business Area
towards the end of 2011, based on the Company's cooperation with Aspen
Healthcare, one of the world's largest manufacturers of generic drugs. Navamedic
will continue to invest in the development of this business area, targeting a
position among the top five generic drug companies in the Nordic region.
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 acc. to §5-12 vphl
(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#1485339]
Unternehmensinformation / Kurzprofil:
Datum: 03.02.2011 - 23:31 Uhr
Sprache: Deutsch
News-ID 51068
Anzahl Zeichen: 3430
contact information:
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Kategorie:
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