Navamedic ASA: Trading Update
OSLO, Norway, July 4, 2022 /PRNewswire/ -- Navamedic ASA (OSE: NAVA) today announces a trading update based on updated estimated revenue growth in excess of 30% organic growth for the first half of 2022. The high revenue growth is a result of a strong June 2022 and is driven by significant demand for Mysimba as well as other key products in the portfolio.
As the company's preliminary consolidated financial results for the second quarter of 2022 (and hence first half of the year) represent a noticeable improvement compared to expectations, the company has decided to provide a trading update based on estimated organic revenue growth for the first half of 2022 in excess of 30%. As this estimate includes only organic growth, it does not take into account any revenues from the announced acquisition of Impolin AB, which was completed on 1 June 2022. There is reason to believe that a portion of the growth to a certain degree is related to stock-up at the wholesalers.
"The accelerated revenue growth in June implies that the second quarter was record strong for Navamedic, with more than NOK 100 million in quarterly revenues for the first time. During the first few months of 2022 one of our most important products, the obesity drug product, was out of stock due to supply chain issues outside of Navamedic's control. We are happy that we once again were able to supply Mysimba to wholesalers as of early June, which contributed to the strong quarter," says Kathrine Gamborg Andreassen, Chief Executive Officer of Navamedic ASA.
Navamedic emphasizes that the financial statements for Q2 2022 are yet to be closed, that the revenue growth indicated thus at this stage is an estimate, and that the final numbers will be communicated in connection with Navamedic's presentation of the Q2 results on August 12, 2022.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The information was submitted for publication, through Newsweb by Lars Hjarrand at 19.24 hrs CET on 4 July 2022.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 680
Lars Hjarrand, CFO, Navamedic
Mobile: +47 917 62 842
Navamedic ASA is a Nordic pharma company and reliable provider of high-quality products, delivered to hospitals and through pharmacies, meeting the specific needs of patients and consumers by leveraging its highly scalable market access platform, leading category competence and local knowledge. Navamedic is present in all the Nordic countries, the Baltics and Benelux, with sales representation in the UK and Greece. Navamedic is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange (ticker: NAVA). For more information, please visitwww.navamedic.com
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