Slide 1: Q1 25 Presentation
gentian Q1 25 Presentation 7 May 2025
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: Gentian Diagnostics at a glance
Gentian Diagnostics at a glance Sales revenue and CAGR A MedTech company targeting $1.8Bn serviceable MNOK 160 diagnostic market with 5-10% annual growth 152 140 135 Focused strategy, lean business model & 120 +26% appealing value proposition 100 102 Industry-leading capabilities - strong focus on i
Slide 5: Appealing value proposition
Appealing value proposition Value proposition Many clinically relevant diagnostic biomarkers are available only on slow and inefficient platforms By leveraging existing, open-channel instrumentation, Gentian converts these tests to high-throughput analysers Faster results → better treatment decision
Slide 6: Lean business model
Lean business model Partnerships with global IVD companies OEM partnerships to secure broad roll-out and acceptance of product Distributors in select markets In selected markets we do not serve directly Direct end-users Large central laboratories in selected markets * IVD = in-vitro diagnostic
Slide 7: Focused strategy targeting large, existing market with our world-leading knowledge on PETIA
Focused strategy targeting large, existing market with our world-leading knowledge on PETIA* Focused strategy Highly specialised with PETIA assays on high volume diagnostic segments. Addressing customer needs with world- class R&D, production, clinical data generation and regulatory support. Leverag
Slide 8: Key disease areas: inflammation & infection, kidney disease, heart failure
Key disease areas: inflammation & infection, kidney disease, heart failure ESTABLISHED PRODUCTS IN MARKET IN PRODUCT DEVELOPMENT DEVELOPMENT Inflammation Pancreas Inflammation Cardiac Kidney disease Inflammation Kidney disease & infection deficiency & infection disease & nutrition Cystatin C Canine
Slide 9: Key drivers for long-term growth and value creation
Key drivers for long-term growth and value creation Five 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 new high-impact diagnostic tests to market Tar
Slide 10: Highlights
Highlights
Slide 11: 1Q highlights: Record sales and profitability improvements
1Q highlights: Record sales and profitability improvements 1Q25 financials and key milestones Additional highlights ▪ Gentian’s business in China recovering well from H2 ‘24 Sales Gross margin softness (impact of Value Based Pricing tendering) MNOK 44.5 64% ▪ Cystatin C had the highest quarterly res
Slide 12: Both the US and Asia growing by ~30% followed by Europe
Both the US and Asia growing by ~30% followed by Europe Highlights Sales revenue - geographic split ▪ Record sales with 16% growth (13% organic) vs. 1Q24. MNOK 1Q25 1Q24 2024 ▪ Growth from all products and all geographic markets. 3.8 2.9 12.2 US ▪ Sales of Cystatin C increased 18% in 1Q25 compared t
Slide 13: Stable cost development
Stable cost development Operating expenses MNOK 1Q25 1Q24 2024 OPEX Capitalised R&D expenses Sales and marketing expenses 6.1 6.4 28.1 Administration expenses 6.3 6.0 21.7 2 3 Research and development 1 2 5.1 6.1 21.9 expenses 3 Total 17.5 18.5 71.7 19 20 ▪ Operating expenses ended at NOK 17.5 milli
Slide 14: Strong gross margin improvement crossing 60%
Strong gross margin improvement crossing 60% Gross and EBITDA margin % . ▪ Gross margin increase factors: ▪ Strong operational performance ▪ Cost improvement initiatives 70% 64% ▪ Productivity gains from scale advantages 57% 56% 60% 53% 53% 52% 50% 46% 42% 40% 31% ▪ EBITDA margin increase factors: 3
Slide 15: Significant EBITDA improvement
Significant EBITDA improvement EBITDA development (MNOK) ▪ Significant EBITDA improvement in 1Q25 24,7 to NOK 14.0 million vs 4.8 million in 1Q24 14,0 ▪ Scale effects are materializing on current revenue level 3,3 -13,0 -15,5 2021 2022 2023 2024 2025 YTD
Slide 16: Solid cash position
Solid cash position 1Q25 balance sheet and cash flow Capital priorities ▪ NOK 4.0 million increase in cash from 31 December 2024 Cash Capex ▪ Solid cash position of 88.7 million MNOK 88.7 MNOK 2.0 MNOK 85.6 in 1Q24 MNOK 3.2 in 1Q24 ▪ No interest-bearing debt ▪ Long-term net working capital/sales ass
Slide 17: Product update
Product update
Slide 18: Cystatin C
Cystatin C Record sales with growth coming from all markets Sales of Cystatin C last 2 years (MNOK) Growth: +19% ▪ Cystatin C had the highest quarterly result ever driven by strong China and US sales. 17,7 16,5 ▪ Good momentum in China with a solid 14,9 13,6 14,0 13,3 13,4 orderbook for Q2. 12,2 ▪ R
Slide 19: fCAL turbo
fCAL® turbo Continued adoption in central laboratory environments Sales of fCAL® turbo last 2 years (MNOK) Growth: +8% ▪ After record high Q4, fCAL grew +8% in 1Q25 18,3 compared to 1Q24. 15,0 14,3 14,8 ▪ Sales driven by growing demand for fecal 13,6 13,7 12,0 calprotectin testing and market share g
Slide 20: Other products delivering 33% YoY growth
Other products* delivering 33% YoY growth Sales of other products last 2 years (MNOK) Growth: 33% ▪ Q1 sales of NOK 6.9 million, up 33% compared to Q1 last year 6,9 6,2 ▪ fPELA, cCRP and GCAL experienced high 5,1 5,2 5,4 5,1 double-digit growth in Q1 ‘25 vs. Q1 ‘24. 4,7 4,6 4,3 ▪ Pivoting our GCAL f
Slide 21: Third-party products
Third-party products High single digit growth in Q1 2025 Sales of third-party products last 2 years (MNOK) Growth: 9% ▪ Q1 sales up by 9% compared to Q1 last year. ▪ Increased presence in Finland and Denmark 5,8 ▪ Conversion of home-brew assays to IVDR 5,1 4,8 4,7 4,6 4,7 certified assays 4,3 3,6 ▪
Slide 22: All regions delivering good growth – Asia back on track after soft H2 2024
All regions delivering good growth – Asia back on track after soft H2 2024 Sales by region last 2 years (MNOK) US sales +31% vs. Q1 2024 with a second strong quarter in a row. Constantly adding new customers US especially for Cyc C. Asia 3,8 4,1 Europe 2,9 2,8 Sales to Asia grew by 30% driven by 2,0
Slide 23: R&D update and summary
R&D update and summary
Slide 24: NT-proBNP development proceeding as planned
NT-proBNP development proceeding as planned A Total NT-proBNP calibration option selected for further development 1Q highlights: ▪ Based on expert opinions and preliminary clinical evaluation, a calibration strategy has been decided, and the company continues with the development of an assay detecti
Slide 25: Q&A
Q&A
Slide 26: Appendix
Appendix
Slide 27: P&L highlights
P&L highlights MNOK 1Q25 1Q24 2024 Sales 44.5 38.5 152.1 Cost of goods sold -16.1 -18.2 -69.3 Gross profit 28.4 20.3 82.8 Other revenues 0.9 0.8 4.6 R&D expenses -5.1 -6.1 -21.9 Sales and marketing expenses -6.1 -6.4 -28.1 Administrative expenses -6.3 -6.0 -21.7 Operating profit 11.7 2.6 15.7 Net fi
Slide 28: Balance sheet highlights
Balance sheet highlights MNOK 1Q25 1Q24 2024 Inventory 52.3 36.6 45.9 Accounts- and other receivables 29.6 22.8 31.3 Cash and cash equivalents 88.7 85.6 84.7 Total non-current assets 65.3 41.6 67.7 Total assets 235.9 186.6 229.7 Total paid-in equity 317.2 314.5 316.3 Total retained equity -113.8 -16
Slide 29: Cash flow highlights
Cash flow highlights MNOK 1Q25 1Q24 2024 Operating activities 6.6 2.6 13.5 Investing activities -2.0 -3.2 -11.0 Financing activities -1.3 -1.2 -5.0 Changes in cash and cash 3.3 -1.8 -2.4 equivalent Cash and cash equivalent at the 84.7 87.6 87.6 beginning of period Cash and cash equivalent at the 88.
Slide 30: Achieved 26% p.a. sales growth last six years
Achieved 26% p.a. sales growth last six years Sales revenue and CAGR Partnerships prove viability of go-to-market model NOKm 160 152 140 +26% Global distribution agreement for 135 120 GCAL®, initial roll-out in Europe 100 102 80 Long-standing commercial 83 partnership for Cystatin C 60 63 40 48 Part
Slide 31: 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 2,220 240* ~25% 30-50%
Slide 32: Dedicated and experienced management team
Dedicated and experienced management team CEO CFO & COO CCO CSO CTO VP R&D VP QA & RA Matti Njaal Markus Dr. Alexandra Dr. Frank Dr. Torsten Anne-Mette Heinonen Kind Jaquemar Havelka Frantzen Knüttel Horsrud Akre 20+ years of relevant industry experience across management positions Track record from
Slide 33: Board of directors
Board of directors Hilja Kari E. Kjersti Runar Christian Ibert Krogstad Grimsrud Vatne Åbyholm Chair of Board member Board member Board member Board member the Board Dr. Hilja Ibert has more than 25 Kari Krogstad has Kjersti Grimsrud is currently President and Mr. Vatne is the principal and owner of
Slide 34: Top shareholders
Top 20 shareholders Shareholder No of shares % Vatne Equity AS 2 110 224 13.68 % Kvantia AS 1 803 368 11.69 % Carpe Diem Afseth AS 721 907 4.68 % Verdipapirfondet Delphi Nordic 697 006 4.52 % Safrino AS 649 700 4.21 % Insr ASA 614 251 3.98 % Norda ASA 614 251 3.98 % J.P. Morgan SE 523 631 3.40 % Ver
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