Navamedic (NAVA) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached NOK 156.3 million, up 26.2% year-over-year, driven by growth across all business areas and a milestone payment from Orion Corporation.

• H1 2024 revenue totaled NOK 277.2 million, up 12.8% year-over-year, with strong performance across RX, Consumer, and Hospital segments.

• Net profit for Q2 was NOK 20.3 million, a significant turnaround from a loss in Q2 2023.

• EBITDA reached NOK 41.1 million in H1 2024, up from adjusted EBITDA of NOK 26.3 million in H1 2023.

• The company continues to execute its growth strategy, leveraging a scalable platform, M&A, and new partnerships.

Financial highlights

• Q2 2024 gross margin was 46.1%, up from 40.4% in Q2 2023, aided by milestone revenues and product mix.

• Adjusted EBITDA for Q2 was NOK 32.7 million, up from NOK 10.5 million in Q2 2023.

• H1 2024 net profit was NOK 18.7 million, compared to a net loss of NOK 2.6 million in H1 2023.

• Cash at period end was NOK 28.3 million.

• Total assets increased to NOK 547.4 million at 30 June 2024, mainly due to receivables from the Orion milestone fee.

Outlook and guidance

• Management reiterates the ambition to build a NOK 1 billion revenue company and become a leading Nordic pharmaceutical company.

• Board expects continued positive development in H2 2024, with growth from product launches, licensing, and acquisitions.

• Focus remains on strengthening the core business, expanding market access, and increasing value through acquisitions and product portfolio management.

• Plans to launch Eroxon® in Finland by end-2024 and Denmark in spring 2025; regulatory filings for Flexilev® in 10 European countries.