Gentian Diagnostics Asa · OSL:GENT
Gentian Diagnostics Asa — DNB Nordic Healthcare Conference 2025
24 slides from Gentian Diagnostics Asa's conference presentation, Nov 25, 2025
Slide 1: Gentian Diagnostics ASA Company Presentation
Gentian Diagnostics ASA Company Presentation Matti Heinonen, CEO DNB Nordic Healthcare Conference, November 25th, 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 in a nutshell
Gentian Diagnostics in a nutshell Sales revenue and CAGR 160 MNOK Med Tech company targeting a $2.2B serviceable diagnostic segment with 5-10% annual growth 152 140 135 120 +26% Appealing value proposition, lean business model & focused growth strategy 100 102 80 Industry-leading capabilities with s
Slide 5: Reached profitable growth with significant EBITDA improvement and solid cash position
Reached profitable growth with significant EBITDA improvement and solid cash position EBITDA development (MNOK) 24.7 24.1 Financial highlights Solid cash position of NOK 86.6 million (Q3 ’25) Fully funded long-term business plan 3.3 Equity ratio of 86.8% (Q3 ’25) Inaugural dividend of NOK 0.40/share
Slide 6: Appealing value proposition leveraging existing, open-channel instrumentation
Appealing value proposition leveraging existing, open-channel instrumentation Appealing value proposition Still, many clinically relevant diagnostic biomarkers are only available on slow and inefficient platforms. By leveraging existing, so-called open- channel instrumentation, Gentian converts thes
Slide 7: 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 8: Key disease areas: inflammation & infection, kidney disease, heart failure
Key disease areas: inflammation & infection, kidney disease, heart failure ESTABLISHED PRODUCTS IN MARKET LATE STAGE DEVELOPMENT DEVELOPMENT Pancreas Inflammation Kidney disease Inflammation Cardiac Kidney disease Inflammation deficiency & infection & nutrition & infection disease Cystatin C fCAL® f
Slide 9: Accelerating growth by strengthening strategic partnerships with leading IVD manufacturers
Accelerating growth by strengthening strategic partnerships with leading IVD manufacturers Sources of business Gentian targets several unmet needs: 1. New and upcoming diagnostic biomarkers 2. Gaps in companies’ current portfolio 3. Quality, supply or regulatory compliance issues with current 3rd pa
Slide 10: Gentian's long-term growth strategy
Gentian’s long-term growth strategy 3-5 years Explore the High-Sensitivity Technology (HST) to 1-3 years dramatically improve the sensitivity of PETIA Explore collaborations to adapt Gentian’s products to turbidimetric Now point-of-care platforms Maximize current portfolio ▪ Cys C opportunity ▪ GCAL
Slide 11: Cystatin C is our key revenue driver in the US with large untapped market potential
Cystatin C is our key revenue driver in the US with large untapped market potential US Cys C market 255 mUSD in 2024, projected to grow to 531 mUSD by 2034 (CAGR 7.6%)1 Currently only 7% of all hospitals running creatinine are requesting Cys C1 Recently updated KDIGO2 guidelines drive Cys C adoption
Slide 12: Gentian's next generation NT-proBNP – commercial launch targeted for 2026
Gentian’s next generation NT-proBNP – commercial launch targeted for 2026 The Gentian assay will be the first test of its kind available on high-throughput analyzers Potential unmet need • Up to 80% of NT-proBNP molecules may have sugar structures attached to them (glycosylation). • Current assays t
Slide 13: Summary: Gentian's key growth drivers and value creation
Summary: Gentian’s key growth drivers and value creation Maximize sales of our five established products Prove clinical relevance of GCAL® and launch NT-proBNP 7 products with combined net revenue potential of Develop and launch new assays while exploring new technologies Targeting NOK 1bn a service
Slide 14: Thank you for your attention!
Thank you for your attention!
Slide 15: Appendix
gentian Appendix
Slide 16: USD 2.2bn global serviceable market estimated to grow by 5-10% annually next 4-6 years
USD 2.2bn global serviceable market estimated to grow by 5-10% annually next 4-6 years Total Addressable Total Serviceable Target market share, Gentian’s Market, mUSD Market, mUSD unrisked revenue take Key growth drivers Cystatin C in new kidney disease guidelines. Established products 2.079 0.502*
Slide 17: Solid cash position
Solid cash position 3Q25 balance sheet and cash flow Capital priorities ▪ NOK 6.3 million increase in cash from 31 December 2024. Cash Capex ▪ Quarter end cash position of NOK 86.6 MNOK 86.6 MNOK 1.4 million MNOK 80.2 in 3Q24 MNOK 2.7 in 3Q24 ▪ Dividend of NOK 6.2 million paid in 2Q25. ▪ No interest
Slide 18: USA – Europe sales impacted by a warehouse shift in April
USA – Europe sales impacted by a warehouse shift in April. However, adjusted US growth YTD +165%. New accounts contributing to growth. • YTD sales to the US were NOK 21.7 million vs. NOK 8.1 million for the same period in Sales by region (MNOK) 2024 (NOK 8.3 million from the warehouse US shift). Asi
Slide 19: P&L highlights
P&L highlights MNOK 3Q25 3Q24 YTD25 YTD24 2024 Sales 41.8 32.7 129.9 109.5 152.1 Cost of goods sold -18.4 -15.7 -58.7 -50.5 -69.3 Gross profit 23.4 16.9 71.2 58.9 82.8 Other revenues 1.1 1.0 2.8 2.8 4.6 R&D expenses -6.1 -5.5 -17.8 -16.6 -21.9 Sales and marketing expenses -7.3 -6.1 -20.7 -18.9 -28.1
Slide 20: Balance sheet highlights
Balance sheet highlights MNOK 3Q25 3Q24 2024 Inventory 52.4 42.6 45.9 Accounts- and other receivables 33.0 11.1 31.3 Cash and cash equivalents 86.6 93.8 84.7 Total non-current assets 60.7 41.6 67.7 Total assets 232.7 189.1 229.7 Total paid-in equity 319.3 316.1 316.3 Total retained equity -117.3 -15
Slide 21: Cash flow highlights
Cash flow highlights MNOK 3Q25 3Q24 YTD25 YTD24 2024 Operating activities 8.9 16.4 16.5 17.5 13.5 Investing activities -1.4 -2.7 -5.9 -7.7 -11.0 Financing activities -1.3 -1.2 -10.0 -3.8 -5.0 Changes in cash and cash 6.3 12.5 0.6 6.1 -2.4 equivalent Cash and cash equivalent at the 80.2 81.0 84.7 87.
Slide 22: Dedicated and experienced management team
Dedicated and experienced management team CEO CFO & COO CGO CSO CTO VP R&D VP QA & RA VP Commercial Matti Njaal Markus Dr. Alexandra Dr. Frank Dr. Torsten Anne-Mette Hanne Kjellevold Heinonen Kind Jaquemar Havelka Frantzen Knüttel Horsrud Akre Kristiansen 20+ years of relevant industry experience ac
Slide 23: 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 24: 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 % Carpe Diem Afseth AS 842 521 5.46 % Norda ASA 716 099 4.64 % DNB Carnegie Investment Bank AB 685 046 4.44 % Safrino AS 649 700 4.21 % Insr ASA 614 251 3.98 % J.P. Morgan SE 523 631 3.40 % DN
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