Navamedic reduces its Q1 loss compared to last year

Navamedic, a Norwegian medtech and pharmaceutical products company, has reported loss before tax of €0.3 million for the first quarter of 2017, which is increase compared to €0.7 million for the same period last year.

The company said that the positive change is a result of lower operating costs and amortization expense.

Tom Rönnlund, Chief Executive Officer of Navamedic commented: “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.”