Navamedic ASA: Q4 2017 results
Oslo, February 15, 2018 - Navamedic ASA (OSE: NAVA), reported revenues of NOK 45.2 million in the fourth quarter of 2017, down from NOK 81.6 million in the same period in 2016, following the planned discontinuation of the Aspen agreement. Excluding Aspen, the revenues for the quarter was up 1% and the company added GoNitro® and Zorflex® to the pipeline for new high-potential launches during the quarter.
"The fourth quarter was an extremely busy period for Navamedic, with the important and successful Mysimba launch and the addition of GoNitro and Zorflex to our growth platform. We look forward to continuing our work on this pipeline of new and exciting products to bring the company back on a growth track, "says Tom Rönnlund, Chief Executive Officer of Navamedic.
Revenues in the fourth quarter of 2017 were NOK 45.2 million, a decrease from NOK 81.6 million in the corresponding quarter last year. The revenues increased by 1% excluding Aspen products. EBITDA for the quarter was NOK -2.4 million (NOK 5.7 million in Q4 2016). EBITDA for 2017 was NOK 7.0 million (NOK 8.0 million in 2016), despite the revenue decrease from the discontinued distribution agreement, reflecting the company's preparations for a new era of growth and reduction of cost base.
"We have undergone a significant transformation over the past two years, transitioning from high dependence on a single partner to building a strong base portfolio of license and distribution agreements with longer contractual periods, better gross margins and strong growth potential, as well as having streamlined operations and reduced operational expenses", says Rönnlund.
During the quarter, Navamedic entered into an agreement with G. Pohl-Boskamp GmbH & Co. for the commercialisation of GoNitro®, a new nitroglycerine sublingual powder formulation for acute relief of an attack or prophylaxis of angina pectoris. In addition, the company announced the agreement with Chemviron Carbon Ltd. (Chemviron) for the launch and commercialisation of Zorflex® wound care contact dressings in Sweden and Finland. Zorflex®, a naturally antimicrobial, 100 percent activated carbon wound contact dressing, helps accelerate treatment of a wide range of chronic and non-chronic wounds.
The key launch for the fourth quarter was Mysimba®, a centrally acting anti-obesity pharmaceutical believed to affect two separate areas of the brain, the hunger centre and the reward system, to reduce hunger and control cravings. The company made Mysimba® available in Nordic pharmacies in mid-November, coupled with high activity level across the Nordic region at medical congresses, symposiums and meetings, reaching thousands of treating clinicians.
"The launch of Mysimba have attracted strong clinical interest and positive initial sales, and we are very happy to see that patients in the Nordic region finally get access to a new treatment alternative for obesity. We are also simultaneously preparing the launch of Elmiron during the year. These two innovative products represent an annual peak sales opportunity of NOK 100-150 million in the Nordic region. Additionally, we are working on a pipeline of new and exciting original products, with launches scheduled for the coming 6-24 months, targeting to be back on a growth track in the medium term, "says Rönnlund
The company is hosting a presentation of the fourth quarter 2017 figures at Felix Konferansesenter, Aker Brygge, Oslo, Thursday 15 February. The presentation will start at 08.00. The presentation will be webcasted live on www.navamedic.com.
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 selected European 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.
http://www.globenewswire.com/NewsRoom/AttachmentNg/9536875d-1e79-4d06-8477-de73e4c10b19
