Navamedic ASA: Q3 2017 results
(Thomson Reuters ONE) -
Oslo, November 10, 2017 - Navamedic ASA (OSE: NAVA), reported revenues of NOK
44.9 million in the third quarter of 2017, down from NOK 65.2 million in the
same period in 2016, following the planned discontinuation of the Aspen
agreement. Excluding Aspen, the revenues for the quarter was up 52% to NOK 43
million. Navamedic is also reviewing strategic alternatives, including
partnering and co-investments, to accelerate and leverage the Sippi® growth
opportunity.
"The third quarter marks the first period following the discontinuation of the
Aspen agreement, which is reflected in the quarterly revenues. The underlying
growth in our portfolio, excluding Aspen, is solid with overall revenues up 52
per cent. We continue our sales and marketing activities for new products added
during the last year, which are all progressing according to plan. We are also
working continuously to strengthen the portfolio with additional products and
partnerships. During the quarter, we entered into a long-term agreement with
bene-Arzneimittel for the launch and commercialisation of ELMIRON, the currently
only EU-approved oral medication to treat adults with bladder pain syndrome. We
look forward to continuing our work on the pipeline of new and exciting products
and scheduled launches," says Tom Rönnlund, Chief Executive Officer of
Navamedic.
Revenues in the third quarter of 2017 were NOK 44.9 million, a decrease from
NOK 65.2 million in the corresponding quarter of last year. EBITDA for the
quarter was positive at NOK 0.6 million (NOK 1.8 million in Q3 2016), despite
the revenue decrease from the discontinued Aspen agreement and reflects the
company's preparations for the post-Aspen portfolio and reduction of cost base.
EBITDA for the first nine months was NOK 9.4 million (NOK 2.3 million in Q3
2016). The underlying positive portfolio development, excluding Aspen products,
was mainly driven by expanded distribution of Imdur®, as well as other
prioritised brands.
"The company is in the process of identifying several new and interesting
products for the Nordic market and will continue to strengthen its product
portfolio with additional products and partnerships. We are working on a
pipeline of new and exciting products with launches scheduled for the coming
6-24 months, bringing the company back on a growth track in the medium-term
perspective. Two recent examples of this pipeline are Mysimba and ELMIRON,
representing a combined annual peak sales potential of NOK 100-150 million
provided positive reimbursement approvals by authorities, " says Rönnlund.
Navamedic is developing its proprietary product, Sippi®, offering a new standard
for urine monitoring in hospitals by enabling automated digital measurement,
where the continued development of the Sippi® product family creates
opportunities for multiple future revenue streams.
The development process has been prolonged, mainly due to the finalisation of
the wireless communication platform between Sippi(®) and Patient Data Management
Systems (PDMS) in the hospitals. Navamedic has now finalised the work with two
PDMS-suppliers, currently undergoing clinical evaluations at Intensive Care
Units, and is developing the necessary communication protocols in close
cooperation with other PDMS-suppliers.
"The Sippi product family holds significant future revenue potential for
Navamedic and the interest for the technology and related patents is high, also
beyond the healthcare sector. To accelerate and leverage the Sippi growth
opportunity the company is reviewing strategic alternatives for the Medtech
business area, including partnering and co-investments," 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).
Navamedic ASA report Q3 2017:
http://hugin.info/136020/R/2148795/824495.pdf
Navamedic ASA presentation Q3 2017:
http://hugin.info/136020/R/2148795/824522.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: 10.11.2017 - 06:59 Uhr
Sprache: Deutsch
News-ID 567590
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