(Oslo, 11 May 2016) Navamedic ASA (OSE: NAVA) reported revenues of NOK 60.8 million (61.8) in the first quarter of 2016, and a positive EBITDA of NOK 2.1 million (4.1). The company targets annual revenues of NOK 15-25 million from the Medtech Business area in 2018.
"Navamedic had a satisfactory first quarter, with gross margin improvement and underlying revenue growth of 16% in our Nordic distribution business, as well as delivery on key milestones with regards to the development and commercialisation of Sippi, our advanced digital urine volume measurement system," says Tom Rönnlund, Chief Executive Officer of Navamedic.
Revenues in the first quarter 2016 ended at NOK 60.8 million (61.8), with an EBITDA of NOK 2.1 million (4.1). The Q1 2016 revenue decline is mainly due to the loss of revenues from the Benelux region, while EBITDA in the quarter was affected by the business development activities and ongoing commercialisation of Sippi®.
Navamedic's development and commercialisation of Sippi® made important steps forward in the quarter, including the launch of wireless communication capabilities that allow transfer of data from Sippi® to a Patient Data Monitoring System (PDMS), and the signing of an agreement with Pennine Healthcare for distribution in the UK, Ireland, and Northern Ireland.
"Sippi is now in initial introduction phase in ten European markets, and we continue to evaluate new partners for further expansion. Although development and commercialisation will take time, Navamedic expects its medtech business to represent a major future opportunity for the company, with revenues in the range of NOK 15-25 million in 2018, provided successful entry of Sippi in targeted markets," says Rönnlund.
In the Pharma and Healthcare business area, Navamedic continues to broaden its portfolio of partnerships and products. During Q1 2016, the company expanded its cooperation with Pohl-Boskamp for distribution of Nitrolingual® pumpspray in the Nordic markets.
"Navamedic continues to work on additional launches for the coming year that, coupled with the inflow of new products in 2016, will help drive future growth," 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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.