Navamedic (NAVA) Q4 2024 earnings summary

Executive summary

• 2024 revenue reached NOK 531.3 million, up 3.8% year-over-year, driven by Consumer Health growth and a NOK 22.7 million milestone payment from the Orion agreement, as well as Hospital segment and FlexilevⓇ out-licensing.

• Strategic focus shifted to growth of main brands, own products, and out-licensing, with continued investment in future growth initiatives.

• Ambition to build a NOK 1 billion revenue company through profitable growth and M&A.

• Adjusted EBITDA for 2024 was NOK 46.6 million, down from NOK 51.5 million last year; gross margin improved to 39.3% from 38.9%.

• Q4 2024 revenue was NOK 131.2 million, up 4.7% year-over-year; adjusted EBITDA was negative NOK 3.2 million, impacted by marketing, regulatory investments, and one-off COGS items.

Financial highlights

• Full-year revenue NOK 531.3 million, up 3.8%; Q4 revenue NOK 131.2 million, up 4.7%.

• Full-year gross margin increased to 39.3% from 38.9%; Q4 gross margin declined to 33.7% from 36.5% due to one-offs.

• Q4 EBITDA was negative NOK 3.2 million (vs. NOK 7.9 million in Q4 2023); full-year EBITDA NOK 46.6 million (vs. NOK 51.6 million in 2023).

• Net profit for 2024 was NOK 1.3 million; Q4 net loss was NOK 20.2 million.

• Cash at year-end was NOK 36.3 million; equity ratio at 48.9%.

Outlook and guidance

• Focus on untapping growth potential of main brands, launching new products, and expanding market reach.

• Continued investment in M&A and out-licensing to drive future growth.

• Commercial rollout of FlexilevⓇ and OraFIDⓇ expected in H2 2025; new product launches in Medical Nutrition and antibiotics planned for 2025.

• Expects income growth in 2025 from new product launches and additional antibiotic tender wins.

• Confident in achieving strong results in coming quarters due to a diversified portfolio and upcoming launches.