Strong sales - product launch affected profitability

2/18/2016 3:59:00 PM

Navamedic ASA today announced the Company's fourth quarter and full year 2015 financial results. The Company's sales reach all time high levels both in the quarter and for the year, while profitability was affected by the introduction of Navamedic's new product Sippi.

Navamedic posted sales of NOK 65.4 million in the fourth quarter, compared to NOK 61.9 million in the last quarter of 2014. EBITDA for the quarter ended at NOK -0.1 million, compared to NOK 5.3 million the previous year. The Company's net result for the quarter came in at NOK -10.9 million, against NOK -2.2 million if the fourth quarter of 2014.
The reduction in Navamedic's profitability is mainly caused by the international launch of the Company's new urine monitoring system for intensive care patients, Sippi. The new product was launched in the third quarter, and was during the fourth quarter introduced in additional markets. Sippi is currently in test use by hospitals across nine European countries, and is expected to start generating revenues in 2016.
For the full year 2015, Navamedic had sales of NOK 248.3 million, which an 11 per cent increase from 2014. Affected by the acquisition of Observe Medical and the launch of its product Sippi, Navamedic's EBITDA ended at NOK 8.8 million, compared to the 2014 EBITDA of NOK 15.7 million. Net result for 2015 was NOK -10.9 million, against NOK -0.7 the previous year.
Going forward, Navamedic expects continued sales growth for its Nordic pharma and healthcare business. The Company's main priority in this business remains margin improvements. The new product Sippi is a potential game changer in the monitoring fluid balance in seriously ill patients. In parallel with the introduction of Sippi in additional markets, extensive product development is ongoing. During 2016, Sippi will be able to upload patient data automatically into the hospital's data system.
For further information, please contact CEO Tom Rönnlund, 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 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