Navamedic — Earnings Release 2010

Feb 3, 2011

Fourth quarter results 2010

Financial results

Navamedic`s fourth quarter 2010 revenues ended at NOK 15.7 million compared with

NOK 13.8 million in the same period of 2009. The quarter represented an all-time

high in terms of sales for Vitaflo AB. Revenues for the full year came in at NOK

55.1 million compared to NOK 52.6 million in 2009.

EBITDA for the fourth quarter reached NOK -2.0 million, compared to NOK -0.3

million in the same period of 2009. The EBITDA result included non-recurring

items of NOK 0.8 million. In the Generic Business Area NOK 3.0 million in

business development cost and NOK 1.6 million in capitalised investments were

booked.

EBITDA for the year ended at NOK -6.5 million compared to NOK -2.5 million in

2009. 2010 full year figures included non-recurring costs of NOK 1.0 million. In

the Generic Business Area NOK 9.3 million in development cost and NOK 1.6

million in capitalised investments were booked.

Net cash derived from operations was NOK -5.2 million in the fourth quarter of

2010, compared to NOK -0.4 million in the fourth quarter of 2009. Net cash from

operations for the full year 2010 was NOK -11.7 million against NOK 0.7 million

the previous year.

Key financial indicators 2010 vs. 2009

+---------------+-----------------+------------------+--------+

|   | Group | Group | Group |

+---------------+--------+--------+---------+--------+--------+

| (in NOK '000) | Q4 | Q4 | YTD | YTD | FY |

| | | | | | |

| | 2010 | 2009 | 2010 | 2009 | 2009 |

+---------------+--------+--------+---------+--------+--------+

| Revenues | 15 682 | 13 804 | 55 092 | 52 593 | 52 593 |

+---------------+--------+--------+---------+--------+--------+

| Gross Profit | 6 139 | 4 821 | 22 104 | 20 630 | 20 630 |

| | | | | | |

| Gross margin | 39 % | 35 % | 40 % | 39 % | 39 % |

+---------------+--------+--------+---------+--------+--------+

| EBITDA | -2 005 | -277 | -6 494 | -2 508 | -2 508 |

+---------------+--------+--------+---------+--------+--------+

| EBIT | -5 644 | -2 018 | -15 126 | -9 995 | -9 995 |

+---------------+--------+--------+---------+--------+--------+

Contact:

Bjorn Lindholt, CFO

Tel.: +47 67112542

This information is subject of the disclosure requirements acc. to §5-12

vphl(Norwegian Securities Trading Act)

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