Gentian Diagnostics (GENT) Q2 2025 earnings summary

Executive summary

• Q2 2025 sales reached NOK 43.6 million, up 14% year-over-year, with strong growth in the US and Asia and continued profitability.

• Cystatin C was the main growth driver, with 31% growth in Q2 2025, especially in the US and China, while fCAL turbo declined 15% due to order phasing.

• EBITDA for Q2 2025 was NOK 1.7 million (down from NOK 6.8 million in Q2 2024); H1 2025 EBITDA was NOK 15.7 million, up from NOK 11.6 million in H1 2024.

• Gross margin dropped to 44% in Q2 2025 (from 57% in Q2 2024) due to one-off production and raw material issues, but production stabilized by June.

• NT-proBNP assay development advanced, targeting research-use launch in H2 2025 and commercial launch in 2026.

Financial highlights

• Q2 2025 revenue: NOK 43.6 million (+14% YoY); H1 2025 revenue: NOK 88.1 million (+15% YoY, 13% organic).

• US sales up 156% year-over-year in Q2 2025 (57% adjusted for warehouse shift); Asia up 43%; Europe down 7%.

• Cystatin C sales reached NOK 17.4 million in Q2 2025 (+31%); fCAL turbo sales fell 15% to NOK 12.8 million.

• EBITDA for Q2 2025: NOK 1.7 million; H1 2025 EBITDA: NOK 15.7 million (vs. NOK 11.6 million in H1 2024).

• Cash and cash equivalents at quarter end: NOK 80.2 million; equity ratio 85.4%.

Outlook and guidance

• Cystatin C expected to continue strong performance, with a solid Q3 order book and new US customers.

• fCAL turbo outlook for 2025 remains unchanged despite a soft Q2; new distribution agreements expected to boost H2 sales.

• NT-proBNP assay on track for research-use launch in H2 2025 and commercial launch in 2026.

• Gross margin target of 55–60% maintained as production stabilizes.

• Targets disease groups with a total addressable market of USD 5.9 billion, growing 5–10% annually.