Genetic Analysis (GEAN) Q4 2024 earnings summary

Executive summary

• Achieved record sales in Q4 2024, with NOK 6.2 million, up 63% year-over-year; full-year sales up 12% (25% adjusted for discontinued instrument sales).

• First-ever positive EBITDA in Q4 at NOK 0.4 million, driven by strong reagent kit sales and cost reductions.

• Signed a key agreement with Ferring Pharmaceuticals to co-develop and commercialize a new microbiome-based diagnostic test, expanding market reach, especially in the US.

• Continued cost optimization and strategic financing initiatives to support growth and innovation.

Financial highlights

• Q4 2024 operating income: NOK 7.3 million (NOK 6.4 million in Q4 2023); full-year: NOK 20.7 million (NOK 23.2 million in 2023).

• Q4 sales: NOK 6.2 million (NOK 3.8 million); full-year sales: NOK 15.9 million (NOK 14.1 million).

• Q4 EBITDA: NOK 0.4 million (NOK -5.6 million); full-year EBITDA: NOK -9.0 million (NOK -18.3 million).

• Q4 net loss: NOK -0.9 million (NOK -6.7 million); full-year net loss: NOK -14.8 million (NOK -23.8 million).

• Gross margin improved to 80% YTD (from 69%); operating costs reduced 37% in Q4 and 26% YTD.

Outlook and guidance

• Positive market trends in microbiome diagnostics expected to continue, with new product launches and global expansion anticipated to drive future growth.

• Board acknowledges uncertainty regarding 12-month cash reserves; strategic financing alternatives under consideration.