Navamedic (NAVA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached 137.9 MNOK, up 4.5% year-over-year, driven by the Addiction portfolio acquisition and growth in Prescription Drugs, offset by declines in Consumer Health and Hospital segments.

• Gross margin decreased to 39.5% from 40.7% in Q1 2025, reflecting product mix and inventory write-offs in the Hospital segment.

• Adjusted EBITDA was 12.5 MNOK (margin 9.1%), slightly down from 12.8 MNOK in Q1 2025.

• Net loss for the quarter was -0.1 MNOK, a significant improvement from -7.5 MNOK in Q1 2025.

• Launched Flexilev in OraFID in Finland and prepared for Virono launch in Sweden and Finland.

Financial highlights

• Revenue: 137.9 MNOK (+4.5% YoY); Gross profit: 54.4 MNOK (39.5% margin).

• Adjusted EBITDA: 12.5 MNOK (9.1% margin); Operating profit (EBIT): 1.8 MNOK, down from 9.2 MNOK due to higher amortization.

• Net financial income improved to 0.8 MNOK from negative 11.0 MNOK, mainly due to fair value changes in Observe Medical ASA shares.

• Net cash from operating activities: 1.3 MNOK; cash balance at quarter-end: 67.1 MNOK.

Outlook and guidance

• Modest revenue growth expected for 2026, with full-year contribution from the Addiction portfolio and Flexilev launch partly offset by brand phase-outs and obesity market competition.

• Gross margins anticipated to improve moderately due to favorable product mix and cost discipline, supporting EBITDA growth.

• Continued focus on market expansion for Flexilev, Ventizolve, and in-licensing/M&A opportunities.