Navamedic (NAVA) Q2 2025 earnings summary

Executive summary

• Achieved stable growth in H1 2025, with strategic initiatives and acquisitions supporting expansion.

• Revenue for H1 2025 was 269.3 MNOK, down from 277.2 MNOK; excluding a 22.7 MNOK license fee in 2024, revenue grew 5.8% YoY.

• Closed acquisition of dne pharma, strengthening position in addiction and pain therapies.

• First approval of OraFID® as primary package for Flexilev®, with commercial launch planned for Q4 2025.

• EBITDA for H1 2025 was 22.9 MNOK, up 24.5% YoY when excluding the 2024 license fee.

Financial highlights

• Q2 2025 revenue was 137.3 MNOK, down 12.2% YoY; up 2.8% YoY when adjusted for a prior license fee.

• Gross margin in H1 2025 was 39.0% (42.9% in H1 2024; 37.8% excluding license fee).

• Q2 EBITDA was 10.1 MNOK (7.4% margin); H1 EBITDA at 22.9 MNOK (8.5% margin), both above 2024 when excluding one-time items.

• H1 2025 net loss was 9.0 MNOK, compared to a net profit of 17.9 MNOK in H1 2024 (minus 5.7 MNOK excluding license fee).

• Cash and cash equivalents stood at 42.7 MNOK at the end of H1 2025, up 2.3 MNOK from previous quarter.

Outlook and guidance

• Strategic levers in place for continued growth, including portfolio expansion, licensing, and M&A.

• Anticipated commercial launch of Flexilev® in OraFID® across the Nordics in Q4 2025.

• Ambition to reach NOK 1 billion in revenue through profitable, sustainable growth is reiterated.

• Board expects positive development to continue in H2 2025.