Gentian Diagnostics (GENT) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 sales of NOK 44.5 million, up 16% year-over-year, with broad-based growth across all products and regions and 13% organic growth.

• EBITDA rose to NOK 14.0 million from NOK 4.8 million in Q1 2024, and gross margin improved to 64% from 53%, reflecting significant profitability improvement.

• Strong recovery in Asia, especially China (+30%), and robust direct sales growth in the U.S. (+31%).

• Cystatin C posted record sales of NOK 17.7 million, up 18% year-over-year, with strong demand in China and the US.

• Beckman Coulter launched GCAL, expanding market access; Japanese patent for NT-proBNP assay accepted.

Financial highlights

• Revenue increased 16% year-over-year to NOK 44.5 million; organic growth was 13%.

• EBITDA margin improved to 31% in Q1 2025 from 12% in Q1 2024.

• Gross margin reached 64% in Q1 2025, surpassing 60% for the first time, driven by cost improvements and scale.

• Net profit increased to NOK 7.8 million from NOK 4.2 million in Q1 2024.

• Cash and cash equivalents at NOK 88.7 million as of March 31, 2025, with no interest-bearing debt.

Outlook and guidance

• Positive outlook for 2025, with continued growth expected across all product lines and geographies.

• Ambitious annual growth target of 20%+ and long-term EBITDA margin goal of 40%.

• Gross margin expected to stabilize around 60%, with cost increases of 5-10% anticipated due to wage growth.

• NT-proBNP assay development progressing, with research-use-only launch targeted for H2 2025 and full commercial launch in 2026.

• Key milestones in the next 12 months include new commercial partnerships, regulatory approvals, and product launches.