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.
"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).