Navamedic (NAVA) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues reached 138.9 MNOK, up 12.9% year-over-year, with growth across all business areas and the integration of the dne Pharma acquisition progressing as planned.

• Completed acquisition of dne Pharma business in July, adding 10.6 MNOK in Rx revenues and expanding the portfolio into addiction treatment.

• Gross margin improved to 37.5% from 37.1% in Q3 2024, driven by product mix and currency effects.

• Adjusted EBITDA (excluding transaction costs) rose to 11.3 MNOK from 8.6 MNOK in Q3 2024.

• Rights issue completed in October, raising 130 MNOK to support the dne acquisition.

Financial highlights

• Operating revenues for Q3 2025 were 138.9 MNOK, up from 123.1 MNOK in Q3 2024.

• Operating costs were 40.8 MNOK, up from 37.1 MNOK year-over-year.

• EBIT for Q3 2025 was negative 0.2 MNOK, mainly due to amortization of acquired intangible assets.

• Net financial items were negative 3.6 MNOK, mainly due to interest, currency, and Observe Medical loans/shares.

• Cash at quarter-end was 51.7 MNOK, up from 46.5 MNOK a year earlier.

Outlook and guidance

• Commercial launch of Flexilev in OraFID across the Nordics planned for Q4 2025, with further European expansion through a license and supply agreement.

• Equity ratio expected to recover in Q4 after bridge financing for the dne acquisition.

• Growth strategy focuses on unlocking existing product potential, outlicensing, further M&A, and building towards a 1 billion NOK revenue ambition.

• Continued growth and expansion opportunities, especially in addiction treatment and antibiotics portfolios.