Gentian Diagnostics Asa · OSL:GENT
Gentian Diagnostics Asa — Q3 2025 Earnings Presentation
35 slides from Gentian Diagnostics Asa's earnings presentation, Oct 23, 2025
Slide 1: 3Q25 Presentation
3Q25 Presentation 23 October 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: 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 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
Focused strategy targeting large, existing market with our world-leading knowledge and broad customer support Focused strategy Gentian targets several unmet needs: 1. New and upcoming diagnostic biomarkers 2. Gaps in companies’ current portfolio 3. Quality, supply or regulatory compliance issues wit
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: Key drivers for long-term growth and value creation
Key drivers for long-term growth and value creation Five established products with solid growth potential 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 Targeting NO
Slide 10: Highlights
Highlights
Slide 11: 3Q highlights: Strong overall performance with especially high growth in the US
3Q highlights: Strong overall performance with especially high growth in the US – gross margin back on track 3Q25 financials and key milestones Additional highlights ▪ YTD 2025 sales of NOK 129.9 million up 19% (19% organic growth) versus 2024. Sales Sales to the US ▪ EBITDA of NOK 24.1 million for
Slide 12: Strong momentum in the USA continue
Strong momentum in the USA continue Highlights Sales revenue - geographic split MNOK 3Q25 3Q24 YTD25 YTD24 2024 ▪ US sales from NOK 2.4 million in Q3 2024 to NOK 10.8 million in Q3 2025. However, sales are positively impacted due to a US 10.8 2.4 21.7 8.1 12.2 warehouse shift for one of our customer
Slide 13: Stable cost development
Stable cost development Operating expenses OPEX Capitalised R&D expenses MNOK 3Q25 3Q24 YTD25 YTD24 2024 Sales and marketing 7.3 6.4 20.6 18.8 28.1 2 expenses 3 1 Administration expenses 5.0 3.8 18.1 16.2 21.7 3 2 Research and 6.1 5.5 16.8 15.7 21.9 development expenses 20 21 Total 18.4 15.3 55.5 50
Slide 14: Gross margin back on track
Gross margin back on track Gross and EBITDA margin % . ▪ Gross margin back to normal level as the 70% production issues we experienced in 2Q25 60% 64% were quickly resolved. 57% 56% 56% 50% 53% 52% ▪ Operations ran smoothly in 3Q25. 44% 40% 42% ▪ Ambition of gross margin in the 55%-60% 30% 31% area
Slide 15: Continued EBITDA improvement
Continued EBITDA improvement EBITDA development (MNOK) 24.7 24.1 ▪ EBITDA YTD 2025 of NOK 24.1 million vs 16.5 million in the same period last year. 3.3 -13.0 -15.5 2021 2022 2023 2024 2025 YTD
Slide 16: 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 17: Product update
Product update
Slide 18: Cystatin C
Cystatin C 73% growth from continued US momentum Sales of Cystatin C (MNOK) Growth: +73% 17.7 17.4 ▪ YTD growth +36%. Sales of first three quarters 16.5 14.9 15.5 equal to FY 2024. 14.0 13.3 13.4 ▪ In the US we start to see the impact of new customers (>30) contributing to growth. NOK 2.3 9.0 millio
Slide 19: fCAL turbo
fCAL® turbo Second highest quarter closes YoY gap to 2024 Sales of fCAL® turbo (MNOK) Growth: 11% ▪ fCAL turbo sales grew by 11% to NOK 15.9 18.3 million in 3Q25, resulting in its second highest 15.9 quarterly sales. 15.0 14.8 13.6 13.7 14.3 ▪ Year to date, fCAL turbo sales have recovered 12.8 from
Slide 20: Other Products
Other Products 37% growth in Q3 especially driven by fPELA Sales of other products (MNOK) Growth: 37% 7.1 6.9 7.0 ▪ The other products category grew by 37% 6.2 compared to 3Q24 generating sales of NOK 5.1 5.2 5.4 5.1 7.0 million vs. NOK 5.1 million in 3Q24. 4.6 ▪ YTD sales ended at NOK 21.0 million
Slide 21: Third-party products
Third-party products Record sales in Q2 impacted the Q3 performance Sales of third-party products (MNOK) ▪ After very strong sales in Q2, our third-party products experienced declining sales in 3Q25 Growth: -22% vs. previous year (-22%). ▪ Lower quarterly sales reflect a temporary dip 6.4 driven by
Slide 22: 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 23: R&D update and summary
R&D update and summary
Slide 24: R&D Update
R&D Update R&D Spend break-down ▪ The yet undisclosed development project for a major IVD company entered successfully to the next MNOK 3Q25 3Q24 YTD25 YTD24 development phase (from proof-of-concept to Technical and Clinical optimization). The assay is being tested on multiple support 2.9 2.2 7.6 7.
Slide 25: Gentian's next generation NT-proBNP – commercial launch targeted for 2026
Gentian’s next generation NT-proBNP – commercial launch targeted for 2026 Assay development advancing towards final validation phase Third quarter highlights: ▪ Throughout the third quarter, Gentian made significant efforts in advancing the NT-proBNP project, moving it closer to the final phase of v
Slide 26: Q&A
Q&A
Slide 27: Appendix
Appendix
Slide 28: 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 29: 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 30: 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 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: Dedicated and experienced management team
Dedicated and experienced management team CEO CFO & COO CGO 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 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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