Slide 1: Q2 23 Presentation
Q2 23 Presentation August 24th, 2023
Slide 2: Important notice
Important notice This presentation has been prepared by and is the sole which are subject to risks, uncertainties and other factors with applicable laws and regulations. The Company require responsibility of Gentian Diagnostics ASA (the “Company” that may cause actual events to differ materially fro
Slide 3: Efficient diagnostics for better treatment decisions
Efficient diagnostics for better treatment decisions
Slide 4: Introduction
7“, e troduction
Slide 5: Gentian develops and manufactures innovative and efficient diagnostic tests
Gentian develops and manufactures innovative and efficient diagnostic tests IN VITRO DIAGNOSTICS (IVD) GENTIAN DIAGNOSTICS • Tests done on samples that have been • Focused on Immunoassay, the taken from the human body such as largest IVD segment, where an blood. IVD can detect diseases, antibody1 is
Slide 6: Attractive value proposition: fast results at lower cost
Attractive value proposition: fast results at lower cost The IVD market challenge Gentian’s solution High-value benefits Many of the existing, but clinically Gentian converts existing biomarkers relevant biomarkers are available only to the most efficient automated, high- Faster results leading to b
Slide 7: Portfolio of high-impact tests provides solid growth opportunity
Portfolio of high-impact tests provides solid growth opportunity 7* tests contributing Industry-leading to saving costs and team and knowhow protecting life Team with proven track- USD 1.8bn serviceable record and industry market with 5-10% annual expertise from market growth leading IVD companies E
Slide 8: Products targeting large and growing disease groups
Products targeting large and growing disease groups DISEASE GROUP PRODUCT APPLICATION ATTRACTIVE CLINICAL BENEFITS Kidney disease Cystatin C Early detection of reduced kidney function Preventing severe kidney failure Inflammation Fast diagnosis of inflammatory bowel disease Reducing time-consuming a
Slide 9: Strong momentum for cystatin C
Strong momentum for cystatin C Driven by support from the healthcare community and updates in recommendations • Increased use of cystatin C recommended in updated guidelines from global reputable foundations and healthcare scientists • Updated recommendations reports: • Increased accuracy in diagnos
Slide 10: Positive market development for GCAL
Positive market development for GCAL® The market development of GCAL® continued to develop positively, driven by a growing body of scientific evidence supporting the relevance of the immunoassay: • Data from the CASCADE study (Calprotectin in Acute Infections and Sepsis for Prognosis, Characterizati
Slide 11: Progress made on NT-proBNP
Progress made on NT-proBNP • Gentian’s NT-proBNP assay is currently in the optimization phase of development and aims to be the first turbidimetric in vitro diagnostic test for the quantitative measurement of NT-proBNP. • During the second quarter, the prototype stability has been extended and the p
Slide 12: USD 1.8bn global serviceable market estimated to grow by 5-10% annually next 4-6 years
USD 1.8bn global serviceable market estimated to grow by 5-10% annually next 4-6 years Serviceable Market Total Addressable Total Serviceable Target market share, Gentian’s annual growth rate, Market, USDm Market, USDm unrisked revenue take next 4-6 years Established products 2,200 220 ~25% 30-50% 5
Slide 13: Delivered 28% sales growth last four years
Delivered 28% sales growth last four years 120 Sales revenue and CAGR Partnerships prove viability of go-to-market model NOKm 100 102 +28% Global distribution agreement for 80 GCAL®, initial roll-out in Europe 83 60 63 Long-standing commercial partnership for Cystatin C 48 40 20 Partnership for fCAL
Slide 14: Long-term ambitions rooted in recent progress
Long-term ambitions rooted in recent progress Four established products with potential to grow 20%+ annually Prove clinical relevance of GCAL and bring NT-proBNP to market 7 products with combined net revenue potential of Bring a steady stream of high-impact diagnostic tests to market NOKUnrisked 1b
Slide 15: Financial review
Financial review
Slide 16: Increased distribution supporting long-term growth
Increased distribution supporting long-term growth 2Q23 financials and key milestones Highlights • Record sales of MNOK 34.2 in 2Q23, up 13% vs 2Q22. Revenue of MNOK 65.6 in 1H23 up 30% vs 1H22. Organic growth for the quarter Sales Gross margin was 2% in 2Q23 vs 2Q22 and 17% in 1H23 vs 1H22 • EBITDA
Slide 17: Continued high sales growth in line with target
Continued high sales growth in line with target Sales revenue - geographic split • 1H23 sales up 30% vs 1H22 (17% organic) and 2Q23 sales up 13% (2% MNOK 2Q23 2Q22 1H23 1H22 organic) vs 2Q22 US 2.8 1.5 4.8 2.8 • Revenue growth contribution was achieved by all products, in all regions and via all sal
Slide 18: Stable cost development
Stable cost development OPEX Capitalised R&D expenses MNOK 2Q23 2Q22 1H23 1H22 MNOK Sales and marketing 5.9 6.8 11.2 11.4 1 expenses 2 1 1 1 Administration expenses 6.0 7.6 13.2 14.3 Research and 5.7 5.3 12.4 9.7 development expenses Total 17.6 19.7 36.8 35.4 20 19 18 19 18 • Total other operating e
Slide 19: Investing to scale
Investing to scale 2Q23 balance sheet and cash flow Capital priorities • OPEX of MNOK 18.1* and capex of MNOK 1.1 Cash Capex in 2Q23 MNOK 80.7 MNOK 1.1 • OPEX will increase as total number of products are MNOK 92.1 in 2Q22 MNOK 8.4 in 2Q22 launched and sales grow – limited increase in capex • Cost b
Slide 20: Q&A
Q&A
Slide 21: Appendix
Appendix
Slide 22: P&L highlights
P&L highlights MNOK 2Q23 2Q22 1H23 1H22 Sales 34.2 30.1 65.6 50.7 Other revenues 2.0 2.8 4.1 5.3 Total revenues 36.2 32.9 69.8 56.0 COGS -14.9 -14.4 -29.9 -26.0 Employee benefit expenses -10.7 -11.6 -22.5 -20.1 D&A -2.4 -2.7 -4.8 -4.8 Other OPEX -4.6 -5.4 -9.5 -10.5 EBITDA 3.6 -1.2 3.1 -5.4 EBIT 1.2
Slide 23: Cash flow highlights
Cash flow highlights MNOK 2Q23 2Q22 1H23 1H22 Operating activities 7.1 1.0 3.8 -10.4 Investing activities -1.1 -8.4 -2.2 -10.6 Financing activities -1.2 -0.8 -2.3 -1.9 Changes in cash and cash equivalent 4.8 -8.1 -0.7 -22.9 Cash and cash equivalent at the beginning of period 76.0 100.2 81.6 114.9 Ca
Slide 24: Dedicated and experienced management team
Dedicated and experienced management team CEO Consulting Founder CFO & COO CCO CSO VP R&D VP QA & RA VP BD Dr. Hilja Dr. Erling Njaal Markus Dr. Alexandra Dr. Torsten Anne-Mette Jack Ibert Sundrehagen Kind Jaquemar Havelka Knüttel Horsrud Akre Andreassen 20+ years of relevant industry experience acr
Slide 25: Board of directors
Board of directors Tomas Espen T. Kari E. Kjersti Fredrik Monika Frank Settevik Jørgensen Krogstad Grimsrud Thoresen Neuman Frantzen Chair of Board member Board member Board member Board member Board member Board member the Board Tomas Settevik has Espen Tidemann Kari Krogstad has Kjersti Grimsrud i
Slide 26: Top 20 shareholders
Top 20 shareholders Shareholder No of shares % Vatne Equity AS 2 110 224 13.68 % Kvantia AS 1 623 368 10.53 % Holta Invest AS 1 228 502 7.97 % Verdipapirfondet Delphi Nordic 987 104 6.40 % Safrino AS 749 700 4.86 % Carpe Diem Afseth AS 536 589 3.48 % Skandinaviska Enskilda Banken AB 497 273 3.22 % V