Slide 1: Q4 22 Presentation
Q4 22 Presentation February 16th, 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 The growing diagnostic market puts increasing pressure on laboratories. Still, many of the existing, clinically relevant biomarkers are only available on slow and inefficient platforms. By converting biomarkers to the most efficient automated, hig
Slide 4: Introduction
7“, e troduction
Slide 5: 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 6: 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 7: USD 1.8bn global serviceable market estimated to grow by 5-10% annually
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 8: Progress made on NT-proBNP
Progress made on NT-proBNP • No new technical challenges identified • Tested additional clinical samples using the working prototype which confirmed the hypothesis that the glycosylation of the NT-proBNP molecule can lead to an underestimation of true NT-proBNP concentrations • A simpler and more ef
Slide 9: 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 Hilja Erling Njaal Markus Alexandra Torsten Anne-Mette Jack Ibert Sundrehagen Kind Jaquemar Havelka Knüttel Horsrud Akre Andreassen 25+ years’ experience from Erling Sundrehagen, co- 20+ years
Slide 10: Solid progress on sales growth and partnerships with leading global diagnostic companies
Solid progress on sales growth and partnerships with leading global diagnostic companies Total revenue and CAGR Partnerships prove viability of go-to-market model 120 112 100 NOKm +27% Global distribution agreement for 100 GCAL®, initial roll-out in Europe 80 79 60 Long-standing commercial partnersh
Slide 11: Financial review
Financial review
Slide 12: Increased distribution supporting long-term growth
Increased distribution supporting long-term growth 4Q22 financials and key milestone Highlights Sales Gross margin • Sales of MNOK 27.9 in Q4 22, up 28% (23% organic growth) from MNOK 27.9 50% 4Q21 +28% vs 4Q21 48% in 4Q21 • Full-year sales revenue increased 22% to MNOK 101.6 (21% organic growth) in
Slide 13: Continued high sales growth in line with target
Continued high sales growth in line with target Sales - geographic split • 4Q22 sales up 28% (+23% organic) vs 4Q21, in line with the target of 20%+ annual sales growth from established products MNOK 4Q22 4Q21 2022 2021 • Growth was mainly driven by increased demand for inflammation US 1.1 0.5 6.5 2
Slide 14: Stable cost development
Stable cost development NOKm MNOK 4Q22 4Q21 2022 2021 Sales and marketing 6.3 4.1 21.5 15.1 expenses 4 Administration expenses 5.8 13.3 28.0 32.8 1 Research and 2 6.4 5.5 22.8 24.4 1 development expenses 2 Total 18.5 22.9 72.3 72.3 23 • Total other operating expenses after capitalisation of R&D expe
Slide 15: Investing to scale
Investing to scale 4Q22 balance sheet and cash flow Capital priorities Cash Capex • OPEX of MNOK 72.3* and capex of MNOK 14.8 in 2022 MNOK 81.6 MNOK 1.1 • OPEX will increase as total number of products are MNOK 114.9 in 4Q21 MNOK 2.6 in 4Q21 launched and sales grow – limited increase in capex • Cost
Slide 16: Summary and outlook
Summary and outlook
Slide 17: 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 Revenue NOK 1b
Slide 18: Several de-risking milestones expected next 12-18 months
Several de-risking milestones expected next 12-18 months ESTABLISHED PRODUCTS GCAL NT-PROBNP PIPELINE Targeting additional large and Clinical studies confirming Successful optimisation of the Finalise proof of concept of two medium size commercial patient outcomes and assay new projects partners glo
Slide 19: Q&A
Q&A
Slide 20: Appendix
Appendix
Slide 21: Gentian Diagnostics develops and supplies innovative and efficient reagents for the clinical diagnostics market
Gentian Diagnostics develops and supplies innovative and efficient reagents for the clinical diagnostics market Sales office, Sweden • Gentian serves the global market for human and veterinary clinical diagnostic tests HQ, Norway • Expertise and focus within immunochemistry, specifically in the dise
Slide 22: How Gentian contributes to efficient diagnostics for better treatment decisions
How Gentian contributes to efficient diagnostics for better treatment decisions The industry challenge Gentian’s solution High-value benefits A growing diagnostics market puts increasing Particle-enhanced turbidimetric 3-10x higher throughput significantly pressure on clinical laboratory efficiency
Slide 23: Combining avian antibodies and PETIA enables fast results and improved lab productivity
Combining avian antibodies and PETIA enables fast results and improved lab productivity Avian antibodies PETIA Avoiding interference enables Removing separation conversion to PETIA steps increases throughput and reduces cost Antibodies: Proteins used by the immune system to identify Immunoassays: Bi
Slide 24: Structured approach to product development
Structured approach to product development Phases PROOF OF CONCEPT OPTIMISATION VERIFICATION VALIDATION LAUNCH Key actions Technical feasibility Prototype developed Prototype formally Final product tested Product made available demonstrated, project and risk assessment evaluated against against cust
Slide 25: Diversified sales model to ensure broad market access and maximize penetration
Diversified sales model to ensure broad market access and maximize penetration Global diagnostics companies Specialized/local distributors Healthcare providers • Gentian’s main strategy to secure broad roll-out • Accelerating time to revenue and awareness • Direct sales to select end-users and key o
Slide 26: P&L highlights
P&L highlights MNOK 4Q22 4Q21 2022 2021 Sales 27.9 21.7 101.6 83.1 Other revenues 3.0 3.2 10.3 16.9 Total revenues 30.1 24.9 111.9 100.0 COGS -13.8 -10.6 -52.6 -43.2 Employee benefit expenses -10.3 -12.3 -40.9 -39.5 D&A -2.8 -1.0 -10.2 -7.4 Other OPEX -8.2 -10.6 -31.4 -32.8 EBITDA -1.5 -8.5 -13.0 -1
Slide 27: Cash flow highlights
Cash flow highlights MNOK 4Q22 4Q21 2022 2021 Operating activities -10.5 -13.1 -15.5 -27.1 Investing activities -1.1 -2.6 -14.8 -12.8 Financing activities -0.1 -0.1 -2.7 -3.1 Changes in cash and cash equivalent -12.4 -16.5 -33.0 -43.0 Cash and cash equivalent at the beginning of period 93.9 131.3 11
Slide 28: Gentian board
Gentian board Tomas Espen T. Tomas Kari E. Susanne Fredrik Monika Frank Settevik Jørgensen Kramar Krogstad Stuffers Thoresen Neuman Frantzen Chair of Board member Board member Board member Board member Board member Board member Board member the Board Tomas Settevik has Espen Tidemann Mr. Kramar has
Slide 29: 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 Life Sciences AS 1 214 702 7.88 % Verdipapirfondet Delphi Nordic 973 999 6.32 % Safrino AS 800 000 5.19 % Skandinaviska Enskilda Banken AB 492 150 3.19 % Salix AS 363 235 2.36 % Verdip