Oslo, 11 November 2016 - Navamedic ASA (OSE: NAVA), reported revenues of NOK 65.2 million in the third quarter of 2016 (NOK 61.5 million in Q3 2015), and an EBITDA of NOK 1.8 million (NOK 1.5 million in Q3 2015). The company initiated the long-term strategic partnership with TopRidge Pharma in the period, with the distribution of Imdur® commencing in the Nordic Markets. The development and commercialisation of Sippi® continues to be on-track.
The third quarter marked the start of Navamedic's long term partnership with Top Ridge Pharma Limited, as distribution of Imdur to customers in the Nordic region was initiated. This is the first major product to launch under the collaboration and Navamedic is working diligently to expand to additional markets. Sales revenue continued to perform well, up six percent compared to previous year. Group EBITDA performance was, as expected, weighed by costs associated with the launch of Sippi, while the base business in Pharma and Healthcare products returned a positive EBITDA. In Q3, Navamedic moved the wireless communication version of Sippi into production, expected to contribute with accelerated sales uptake in the years to come", says Tom Rönnlund, Chief Executive Officer of Navamedic.
Revenues in the third quarter of 2016 ended at NOK 65.2 million, compared to NOK 61.5 million in the third quarter of 2015, and with an EBITDA of NOK 1.8 million, up from NOK 1.5 million in Q3 2015. The Q3 2016 financial performance reflects the high activity within business development, future growth initiatives and the continued commercialisation of Sippi®.
In September, the distribution of angina prevention medicine Imdur® (isosorbide mononitrate) commenced in Norway, Denmark, Sweden, Finland and Iceland. The strategic partnership and long-term distribution agreement represents significant opportunities for Navamedic's continued development, as future products planned for launch in Europe by TopRidge Pharma and its parent company, will be offered on a first rights basis. The agreement is expected to contribute with annual, future revenues of NOK 70-100 million.
During the third quarter, Navamedic continued the development and commercialisation of its proprietary urine measurement system, Sippi®, with new milestones reached with regards to the product's wireless capabilities, positive feedback from key institutions and prospect customers, as well as initiation of several important clinical studies.
"Navamedic aims to bring Sippi to additional European and other selected international markets, and will work jointly with TopRidge Pharma on plans for a future introduction of Sippi in China. Simultaneously, Navamedic is preparing to introduce Sippi in the U.S., which is currently scheduled for late 2017", 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 to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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