Navamedic ASA: Q1 2017 results
(Thomson Reuters ONE) -
Oslo, 10 May 2017 - Navamedic ASA (OSE: NAVA), reported revenues of NOK 78.2
million in the first quarter of 2017 (NOK 60.8 million in Q1 2016), representing
a growth of 28.6%, in part due to a widened distribution across new European
markets under the partnership with TopRidge Pharma. The Sippi® commercialisation
continues to be on a good track and the company expects to enter an accelerated
growth path towards the long-term revenue potential of the proprietary urine
measurement system.
"Navamedic had a solid first quarter in 2017, with overall revenues up 28.6
percent compared to the same quarter last year. We continue to see strong
performance and developments, both within our Pharma and Healthcare products
business area, as well as with the continued development and expansion of the
Sippi-product family. Following the distribution launch of Imdur® last year, as
part of our partnership with TopRidge Pharma, the product has continued to be an
important revenue driver for the company, along with other prioritised brands.
During the quarter, we initiated sales of Imdur in the UK, Ireland, Malta and
Cyprus, and are now distributing the product in a total of thirteen markets
across Europe," says Tom Rönnlund, Chief Executive Officer of Navamedic.
Revenues in the first quarter of 2017 ended at NOK 78.2 million, compared to NOK
60.8 million in the first quarter of 2016, and with an EBITDA of NOK 3.3
million, up from NOK 2.1 million in Q1 2016.
Navamedic continued to expand the distribution of Imdur® (isosorbide
mononitrate) as part of the partnership with Top Ridge Pharma, and initiated
sales of the angina prevention medicine in four additional countries during the
first quarter, including the UK, Ireland, Malta and Cyprus. This is in addition
to the nine other markets initiated in 2016.
Navamedic continued the development and commercialisation of its proprietary
urine measurement system, Sippi®, throughout the quarter. Navamedic received
commitment from four hospitals to initiate patient tests with Sippi®-BLE (low-
energy Bluetooth) and the patient data monitoring system Centricity by GE
Healthcare, including three hospitals in Finland and one in Sweden. This is a
milestone within urine measurement and for intensive care units, as Sippi®
represents a unique opportunity with a digital urinometer to transfer the volume
data with wireless technology into the patient data monitoring system (PDMS).
The expansion of Sippi® in Europe is continuing according to plan, and during
the quarter, the company entered into an agreement with SIM Italia, one of the
leading distributors in Italy. Navamedic was also granted a European patent
securing the use of silicone oil in urine handling systems, which the company
believes extends the commercial potential for the Sippi® product family with the
opportunity to tap into a global market for urine collection bags.
"Navamedic remains committed to executing its strategy of ongoing
commercialisation and continued development of the Sippi product family,
creating opportunities for multiple revenue streams. The commercialisation
continues to be on a good track and based on the promising first quarter
developments and the multimarket growth platform in place for Sippi, we expect
to see higher sales in 2017 and 2018 and to enter onto an accelerated growth
path towards the long-term annual revenue potential of over NOK 250 million,"
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).
This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.
Navamedic ASA Q1 2017 Report:
http://hugin.info/136020/R/2103086/797699.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: 10.05.2017 - 07:01 Uhr
Sprache: Deutsch
News-ID 541391
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contact information:
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