Gentian Diagnostics Asa · OSL:GENT
Gentian Diagnostics Asa — Q4 2024 Earnings Presentation
36 slides from Gentian Diagnostics Asa's earnings presentation, Feb 12, 2025
Slide 1: Q4 24 Presentation
Q4 24 Presentation 12 February 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: 4Q highlights: Record sales and profitability improvements
4Q highlights: Record sales and profitability improvements 4Q24 financials and key milestones Additional highlights Sales of fCAL® turbo increased 34% in 4Q24 compared to 4Q23 Sales Gross margin The NT-proBNP assay development progressed as planned MNOK 42.6 56% and further studies indicated com
Slide 12: Full year 2024: Net profit positive in all quarters - initial dividend proposed
Full year 2024: Net profit positive in all quarters - initial dividend proposed Full year 2024 financials and key milestones Additional highlights Net profit of NOK 45.3 million including capitalisation of tax loss carried forward of NOK 25.2 million Sales Gross margin The board proposes a divid
Slide 13: Strong sales performance in Europe and continued US growth
Strong sales performance in Europe and continued US growth Highlights Sales revenue - geographic split Sales of fCAL® turbo increased 34% in 4Q24 compared to MNOK 4Q24 4Q23 2024 2023 4Q23, and 42% in 2024 vs 2023 US 4.1 2.0 12.2 8.7 Strong US sales growth of 101% in 4Q24 and 39% for the full yea
Slide 14: Stable cost development
Stable cost development OPEX Capitalised R&D expenses Operating expenses MNOK 4Q24 4Q23 2024 2023 1 Sales and marketing 9.0 6.1 28.0 23.1 expenses Administration 5.4 5.4 21.7 25.1 expenses 2 3 1 Research and 4.3 14.7 20.9 36.1 3 development expenses Total 18.7 26.1 70.6 84.2 26 18 18 19 15 Operati
Slide 15: Strong margin improvement
Strong margin improvement Gross and EBITDA margin % Gross margin increase factors: Favourable product mix 57% 56% Cost improvement initiatives 53% 53% 52% 49% Productivity gains 46% 42% EBITDA margin increase factors: Higher revenue base 18% 19% 15% Improved gross margin 11% 12% Stab
Slide 16: Significant EBITDA improvement
Significant EBITDA improvement EBITDA development (MNOK) Significant EBITDA improvement in 2024 to 24.7 NOK 24.7 million vs 3.3 million in total for 2023 Scale effects are starting to materialize on current revenue level 3.3 -13.0 -15.5 2021 2022 2023 2024
Slide 17: Solid cash position
Solid cash position 4Q24 balance sheet and cash flow Capital priorities Initial dividend of NOK 0.40 per share proposed by the board Cash Capex Cash flow in 4Q24 influenced by an MNOK 84.7 MNOK 3.3 increase in receivables, up from the MNOK 87.6 in 4Q23 MNOK 1.5 in 4Q23 unusually low level in 3Q
Slide 18: Product update
Product update
Slide 19: Cystatin C
Cystatin C Strongly influenced by soft sales in China Sales of Cystatin C last 2 years (MNOK) Growth: -4% 16.5 Market growth driven by new KDIGO guidelines, 13.6 14.0 14.9 with increasing demand for Cystatin C testing 13.3 13.4 12.2 Full year sales decreased by 10% 9.4 9.0 Good product demand
Slide 20: fCAL turbo
fCAL® turbo Continued adoption in central laboratory environments Sales of fCAL® turbo last 2 years (MNOK) Growth: +34% Sales growth of 34% in 4Q24 compared to 4Q23 18.3 13.6 13.7 15.0 14.3 Full year sales growth of 42% in 2024 11.7 12.0 9.5 8.1 Record sales driven by growing demand for fecal
Slide 21: Other products
Other products Sales of other products category last 2 years (MNOK) Growth: +22% Q4 sales of NOK 6.2 million, up 22% compared to Q4 last year 6.2 5.4 Full year sales of NOK 21.8 million, a growth 4.7 4.6 5.1 5.2 5.1 of 17% in 2024 4.3 4.3 Category comprise cCRP, fPELA, GCAL and RBP Sales of
Slide 22: Third-party products
Third-party products Stabilised sales in line with previous quarters Sales of third-party products last 2 years (MNOK) Growth: -1% Q4 sales down 1% compared to Q4 last year 5.8 4.8 4.7 4.7 4.6 4.3 Full year sales growth of 8% in 2024 3.6 2.9 2.4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024
Slide 23: Strong sales growth in the US
Strong sales growth in the US Sales by region last 2 years (MNOK) US sales more than doubled in 4Q24 vs 4Q23 and +39% in 2024 vs 2023 US 4.1 Asia 2.0 2.9 2.8 Europe 6.2 2.8 1.9 8.9 7.7 6.9 2.4 China weighed on sales to Asia - 2.0 5.9 3.0 early signs of recovery 1.1 7.3 11.5 7.3 32.4 Europe sales up
Slide 24: R&D update and summary
R&D update and summary
Slide 25: NT-proBNP development proceeding as planned
NT-proBNP development proceeding as planned Further studies indicate comparable performance to existing market leading assays 4Q highlights: The assay development progressed as planned and further studies indicated comparable performance to existing market leading assays Collaborations with clin
Slide 26: Q&A
Q&A
Slide 27: Appendix
Appendix
Slide 28: P&L highlights
P&L highlights MNOK 4Q24 4Q23 2024 2023 Sales 42.6 37.5 152.1 135.2 Cost of goods sold -18.8 -21.5 -69.3 -70.9 Gross profit 23.8 15.9 82.8 64.2 Other revenues 1.8 0.3 4.6 7.2 R&D expenses -5.3 -14.7 -21.9 -36.1 Sales and marketing expenses -9.1 -6.1 -28.1 -23.1 Administrative expenses -5.4 -5.4 -21.
Slide 29: Balance sheet highlights
Balance sheet highlights MNOK 2024 2023 Inventory 45.9 37.1 Accounts- and other receivables 31.3 17.0 Cash and cash equivalents 84.7 87.6 Total non-current assets 67.7 39.3 Total assets 229.7 181.0 Total paid-in equity 316.3 313.7 Total retained equity -122.2 -167.0 Total equity 194.1 146.6 Total no
Slide 30: Cash flow highlights
Cash flow highlights MNOK 4Q24 4Q23 2024 2023 Operating activities -4.1 13.7 13.5 15.5 Investing activities -3.3 -1.5 -11.0 -4.9 Financing activities -1.2 -1.2 -5.0 -4.6 Changes in cash and cash -8.5 11.0 -2.4 6.0 equivalent Cash and cash equivalent at the 93.8 76.4 87.6 81.6 beginning of period Cas
Slide 31: 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 32: 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 33: Dedicated and experienced management team
Dedicated and experienced management team CEO CFO & COO CCO CSO CTO VP R&D VP QA & RA VP BD Matti Njaal Markus Dr. Alexandra Dr. Frank Dr. Torsten Anne-Mette Jack Heinonen Kind Jaquemar Havelka Frantzen Knüttel Horsrud Akre Andreassen 20+ years of relevant industry experience across management posit
Slide 34: Board of directors
Board of directors Hilja Espen T. Jørgensen Kari E. Kjersti Fredrik Ibert Krogstad Grimsrud Thoresen Board member Chair of Board member Board member Board member the Board Espen Tidemann Jørgensen is Hilja Ibert has 25+ years of currently Portfolio Manager of Kari Krogstad has Kjersti Grimsrud is cu
Slide 35: Top 20 shareholders
Top 20 shareholders Shareholder No of shares % Vatne Equity AS 2 110 224 13.68 % Kvantia AS 1 803 368 11.69 % Holta Invest AS 1 228 502 7.97 % Verdipapirfondet Delphi Nordic 697 006 4.52 % Safrino AS 649 700 4.21 % Carpe Diem Afseth AS 578 189 3.75 % J.P. Morgan SE 523 631 3.40 % Verdipapirfondet De
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