Gentian Diagnostics Asa · OSL:GENT
Gentian Diagnostics Asa — Q4 2023 Earnings Presentation
25 slides from Gentian Diagnostics Asa's earnings presentation, Feb 9, 2024
Slide 1: Q4 23 Presentation
Q4 23 Presentation 9 February 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
Introduction
Slide 5: High-impact diagnostics with global commercial traction
High-impact diagnostics with global commercial traction Sales and R&D offices, Sweden HQ, Norway Sales office, US Rep. office, China Total revenue 2023 5Y-CAGR Oslo listing Market cap MNOK 142 30% OSE: GENT MNOK ~640 Note: Market cap as per close on 31 December 2023.
Slide 6: 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 7: 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 8: Strategy with focus on profitable sales growth
Strategy with focus on profitable sales growth 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 Entered partnership
Slide 9: Products targeting important disease groups
Products targeting important disease groups ESTABLISHED PRODUCTS IN MARKET IN PRODUCT DEVELOPMENT DEVELOPMENT Lifestyle Inflammation Pancreas Inflammation Cardiac Kidney disease Inflammation associated & infection deficiency & infection disease diseases Cystatin C Canine CRP fCAL® fPELA® RBP GCAL® N
Slide 10: Good progress made on NT-proBNP
Good progress made on NT-proBNP Successfully assessed the prototype’s initial clinical performance • Continued the noteworthy progress on the technical front, with the current prototype successfully reproducing results from earlier investigations. • Initial clinical performance of the prototype by u
Slide 11: 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 12: Achieved 30% p.a. sales growth last five years
Achieved 30% p.a. sales growth last five years 160 Sales revenue and CAGR Partnerships prove viability of go-to-market model NOKm 140 +30% 135 120 Global distribution agreement for GCAL®, initial roll-out in Europe 100 102 80 Long-standing commercial 83 partnership for Cystatin C 60 63 40 48 Partner
Slide 13: Long-term ambitions rooted in recent progress
Long-term ambitions rooted in recent progress 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 Bring a steady stream of new high-impact diagnostic tests to market revenue potential of NOKUnriske
Slide 14: Financial review
Financial review
Slide 15: Strong momentum and positive EBITDA in 2023
Strong momentum and positive EBITDA in 2023 4Q23 financials and key milestones Highlights • Sales of MNOK 37.5 in 4Q23, up 34% vs 4Q22 (23% organic growth) Full year sales of MNOK 135.2 in 2023, up 33% vs 2022 (21% organic Sales Gross margin growth) MNOK 37.5 45% • EBITDA of NOK -1.0 million in 4Q23
Slide 16: Continued high sales growth in line with target
Continued high sales growth in line with target Sales revenue - geographic split • Sales of MNOK 37.5 in 4Q23, up 34% vs 4Q22 (23% organic growth). MNOK 4Q23 4Q22 2023 2022 Revenue of MNOK 135.2 in 2023 up 33% vs 2022 (21% organic growth) US 2.0 1.1 8.7 6.5 • Revenue growth contribution was achieved
Slide 17: Stable cost development
Stable cost development MNOK OPEX Capitalised R&D expenses MNOK 4Q23 4Q22 2023 2022 Sales and marketing 5.9 6.3 22.5 21.5 expenses Administration expenses 5.3 5.8 24.8 28.0 2 1 1 Research and 1 7.0 6.4 25.0 26.0 1 development expenses Total 18.3 18.5 72.3 75.5 • Total other operating expenses before
Slide 18: Improved cash position
Improved cash position 4Q23 balance sheet and cash flow Capital priorities • Cash position increased by NOK 6.0 million in 2023 Cash Capex • Net working capital of 21% at 31.12.2023 compared MNOK 87.6 MNOK 1.5 to 35% 31.12.2022 MNOK 81.6 in 4Q22 MNOK 1.1 in 4Q22 • Long-term net working capital/sales
Slide 19: Q&A
Q&A
Slide 20: Appendix
Appendix
Slide 21: P&L highlights
P&L highlights MNOK 4Q23 4Q22 2023 2022 Sales 37.5 27.9 135.2 101.6 Other revenues 0.3 3.0 7.2 10.3 Total revenues 37.8 30.9 142.3 111.9 COGS -20.5 -13.8 -66.8 -52.6 Employee benefit expenses -11.1 -10.3 -46.5 -40.9 D&A -2.4 -2.8 -9.6 -10.2 Other OPEX -7.2 -8.2 -25.8 -31.4 EBITDA -1.0 -1.5 3.3 -13.0
Slide 22: Cash flow highlights
Cash flow highlights MNOK 4Q23 4Q22 2023 2022 Operating activities 13.7 -10.5 15.5 -14.0 Investing activities -1.5 -1.1 -4.9 -14.7 Financing activities -1.2 -0.8 -4.6 -4.3 Changes in cash and cash equivalent 11.0 -12.4 6.0 -32.9 Cash and cash equivalent at the beginning of period 76.4 93.9 81.6 114.
Slide 23: 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 24: Board of directors
Board of directors Tomas Espen T. Kari E. Kjersti Fredrik Monika Settevik Jørgensen Krogstad Grimsrud Thoresen Neuman Chair of Board member Board member Board member Board member Board member the Board Tomas Settevik has Espen Tidemann Kari Krogstad has Kjersti Grimsrud is Fredrik Thoresen is a Moni
Slide 25: 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 959 272 6.22 % Safrino AS 749 700 4.86 % Carpe Diem Afseth AS 548 389 3.56 % Skandinaviska Enskilda Banken AB 436 251 2.83 % V