Navamedic ASA: Q4 2016 results
(Thomson Reuters ONE) -
Oslo, 15 February 2017 - Navamedic ASA (OSE: NAVA), reported revenues of NOK
81.6 million in the fourth quarter of 2016 (NOK 65.4 million in Q4 2015), and an
EBITDA of NOK 5.7 million (NOK -0.1 million in Q4 2015). The company expanded
distribution of Imdur® to the Netherlands and the Baltic states, following a
strong quarter in the Nordic markets. The first Sippi® BLE (low-energy
Bluetooth) with wireless communication capabilities was produced in the quarter
and commercialisation continues to be on-track.
"Navamedic had a strong finish to the year with significant sales growth driven
by recently commenced distribution of Imdur®, and continued strong performance
for our other prioritised brands. Following our partnership with TopRidge
Pharma, we initiated sales of Imdur in the Nordic markets late in the third
quarter, and commenced distribution in the Netherlands, Estonia, Latvia and
Lithuania during the fourth quarter. Consequently, we recorded all-time high
sales, both in the quarter, as well as for the full year. Our Pharma and
Healthcare business area provided a solid EBITDA contribution to the Group,
while we made significant progress with our propriety med-tech product Sippi,
for which we are entering the final development of the wireless communication
software needed to fully automate patient monitoring of urine volumes in
intensive care wards", says Tom Rönnlund, Chief Executive Officer of Navamedic.
Revenues in the fourth quarter of 2017 ended at NOK 81.6 million, compared to
NOK
65.4 million in the fourth quarter of 2016, and with an EBITDA of NOK 5.7
million, up from NOK -0.1 million in Q4 2015. The Q4 2016 financial performance
is a reflection of the Group's strategy to build a stronger and more profitable
business, driving necessary transformative actions and activities in current
operations.
During the quarter, the distribution of angina prevention medicine Imdur®
(isosorbide
mononitrate) was expanded from the Nordics to the Netherlands and the Baltic
states. The product was a key revenue driver for Navamedic in the period, and
the strategic partnership and long-term distribution agreement with Top Ridge
Pharma Ltd. represents significant opportunities for Navamedic's future growth.
Navamedic continued the development and commercialisation of its proprietary
urine measurement system, Sippi®, throughout the quarter. New milestones reached
in the period includes the production of the first batch of Sippi® BLE with
wireless communication capabilities, which is now in stock, and being granted
the first EU patent for Sippcoat(TM) technology, using silicone oil in urine
handling systems.
"Navamedic is fully engaged in development that will ensure full automation and
digitalization of urine volume monitoring, which represents significant long-
term revenue potential for Navamedic. The Group is preparing to introduce Sippi
in the U.S., which is currently scheduled for late 2017, and is also leveraging
on its solid partnership with TopRidge Pharma on plans for a future introduction
of Sippi in China," 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).
Q4 2016 Presentation Navamedic ASA:
http://hugin.info/136020/R/2078592/782332.pdf
Q4 2016 Rapport Navamedic ASA:
http://hugin.info/136020/R/2078592/782315.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
Unternehmensinformation / Kurzprofil:
Datum: 15.02.2017 - 07:00 Uhr
Sprache: Deutsch
News-ID 524189
Anzahl Zeichen: 4731
contact information:
Town:
Lysaker
Kategorie:
Business News
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