Navamedics revenues up 17% in Q4 2020
February 18, 2021Navamedic ASA said Thursday it grew revenues by 17% in the fourth quarter of 2020 compared to the same quarter last year, as it reported revenues of NOK 55.3 million in the fourth quarter of 2020 with an EBITDA of negative NOK 3.7 (€5.4) million driven by both new product launches and investments in further growth initiatives.
The company reiterates its mid- to long-term ambition of building a NOK 500 (€48) million company.
Kathrine Gamborg Andreassen, Chief Executive Officer of Navamedic ASA, said the fourth quarter of 2020 displayed strong growth and brought up new products. Highlighted growth drivers were still Mysimba and Alflorex. There was an uptake of newly added products such as ThermaCare developed as planned. “During 2020, we have made strategically important investments in our organization and platform. These investments will be key as we embark on 2021 and continue to launch new products and push for continued growth in our existing portfolio.”
Gamborg further said that as the Covid-19 pandemic is evolving, Navamedic is monitoring the situation closely. She said they will evaluate measures to limit effects on supply and demand going forward.
“In the fourth quarter, we experienced volatility for Imdur caused by an out of stock situation. The impact was however offset by strong performance in our consumer health, medical nutrition and specialty pharma product categories,” she said.
Navamedic’s Cysticina launch
Shortly after the quarter, Navamedic launched Cysticina in Norway, a nonprescription drug for treatment of symptoms of urinary infection. The company estimates an addressable Norwegian market of NOK 100 million, with no real nonprescription alternatives available in Norwergian pharmacies.
“Urinary infection is a troublesome and unfortunately returning problem for women, and we are pleased to introduce Cysticina as the first real nonsubscription alternative for treatment of urinary infection symptoms. Women’s health is key to us and we plan to launch more products in this area going forward,” said Gamborg Andreassen.