Navamedic ASA (OSE: NAVA), a Nordic pharma company and reliable provider of high-quality products to hospitals and pharmacies, grew revenues by 67.2 percent in Q2 2022 compared to the same period in 2021 to NOK 110.4 million, driven by growth in the company’s key business areas. Navamedic reiterates its mid- to long-term ambition of building a NOK 1 billion company.
“We are pleased to report record-high revenues and continued strengthening of our profits and cash flow in the second quarter. This was a result of strong growth across several key products, particularly the obesity drug Mysimba. We have continued to progress well along our strategic path through the strengthening of our existing portfolio by leveraging our strong market position and by adding distribution and marketing rights for attractive products. Furthermore, we have strengthened our platform through M&A with the acquisition of Impolin,” says Kathrine Gamborg Andreassen, CEO of Navamedic.
Navamedic’s gross margin was 44.8 percent in Q2 2022, up from 39.3 percent in the same period in 2021. EBITDA was NOK 23.7 million compared to NOK 4.3 million in the second quarter of last year. Operating profit (EBIT) was NOK 21.9 million compared to NOK 2.9 million in the same quarter in 2021.
“Even though the second quarter of 2022 was a great quarter for Navamedic, we have only just started on our value creation journey. We are planning several product launches in the months to come, and we have a good pipeline of potential new distribution and marketing partnerships and acquisitions,” says Gamborg Andreassen.
In August 2022, Navamedic signed an agreement with Vectans Pharma, which gives Navamedic the exclusive right to market and sell an innovative muco-adhesive buccal tablet for single-dose treatment of cold sores in the Nordic and Benelux regions.
“This is a great example of how we can utilize our strong presence and in-depth competence in our markets to broaden our portfolio through partnerships with international pharma companies. Navamedic has a competent and highly motivated team and an excellent product portfolio, and the momentum we currently have makes me confident that we will reach our mid-term revenue target of NOK 1 billion, including carefully selected acquisitions,” says Gamborg Andreassen.
