Gentian Diagnostics (GENT) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 sales of NOK 49.8 million, up 14% year-over-year (20% organic growth), with strong US (+45%) and European (+21%) performance offsetting softness in China.

• First half 2026 sales reached NOK 93.7 million, up 6% (12% organic), driven by robust product momentum.

• Gross margin improved to 55% in Q2 2026, up from 44% last year.

• Implemented a new R&D strategy to accelerate product launches, prioritize capital allocation, and manage risk.

• Announced partnership with Essange Reagents for assay development and expanded pipeline opportunities.

Financial highlights

• Q2 2026 EBITDA margin improved to 16.3% (NOK 8.1 million), up from 1.7% last year.

• H1 2026 EBITDA margin at 13.1%, slightly down from 15.7% last year.

• Free cash flow was NOK -3.3 million in Q2 2026, mainly due to working capital movements.

• Cash and cash equivalents at June 30, 2026: NOK 79.3 million, stable year-over-year despite NOK 9.3 million dividend paid.

• No R&D expenses capitalized in H1 2026; all booked through P&L.

Outlook and guidance

• Confident in full-year growth, with strong momentum in US and Europe and positive sales outlook driven by new accounts and partnerships.

• Gross margin ambition maintained at 55–60% despite currency headwinds.

• R&D spending to remain stable at NOK 5–7 million per quarter, targeting >20% return on capital employed for new projects.

• Focus on expanding commercial partnerships, regulatory approvals, and clinical validation for GCAL.

• Pipeline milestones include proof-of-concept for new projects and continued high-sensitivity technology development.