"Navamedic had a strong finish to the year with significant sales growth driven by recently commenced distribution of Imdur®, and continued strong performance for our other prioritised brands. Following our partnership with TopRidge Pharma, we initiated sales of Imdur in the Nordic markets late in the third quarter, and commenced distribution in the Netherlands, Estonia, Latvia and Lithuania during the fourth quarter. Consequently, we recorded all-time high sales, both in the quarter, as well as for the full year. Our Pharma and Healthcare business area provided a solid EBITDA contribution to the Group, while we made significant progress with our propriety med-tech product Sippi, for which we are entering the final development of the wireless communication software needed to fully automate patient monitoring of urine volumes in intensive care wards", says Tom Rönnlund, Chief Executive Officer of Navamedic.
Revenues in the fourth quarter of 2017 ended at NOK 81.6 million, compared to NOK
65.4 million in the fourth quarter of 2016, and with an EBITDA of NOK 5.7
million, up from NOK -0.1 million in Q4 2015. The Q4 2016 financial performance is a reflection of the Group's strategy to build a stronger and more profitable business, driving necessary transformative actions and activities in current operations.
During the quarter, the distribution of angina prevention medicine Imdur® (isosorbide
mononitrate) was expanded from the Nordics to the Netherlands and the Baltic states. The product was a key revenue driver for Navamedic in the period, and the strategic partnership and long-term distribution agreement with Top Ridge Pharma Ltd. represents significant opportunities for Navamedic's future growth.
Navamedic continued the development and commercialisation of its proprietary urine measurement system, Sippi®, throughout the quarter. New milestones reached in the period includes the production of the first batch of Sippi® BLE with wireless communication capabilities, which is now in stock, and being granted the first EU patent for Sippcoat(TM) technology, using silicone oil in urine handling systems.
"Navamedic is fully engaged in development that will ensure full automation and digitalization of urine volume monitoring, which represents significant long-term revenue potential for Navamedic. The Group is preparing to introduce Sippi in the U.S., which is currently scheduled for late 2017, and is also leveraging on its solid partnership with TopRidge Pharma on plans for a future introduction of Sippi in China," 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).
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Navamedic ASA via Globenewswire