Gentian Diagnostics (GENT) Q3 2025 earnings summary

Executive summary

• Q3 2025 sales reached NOK 41.8 million, up 28% year-over-year, with strong growth in the U.S. and recovery in China; YTD sales were NOK 129.9 million, up 19%.

• EBITDA for Q3 2025 was NOK 8.4 million, up from NOK 5.0 million in Q3 2024; YTD EBITDA reached NOK 24.1 million, up from NOK 16.5 million.

• Cystatin C sales grew 73% in Q3 2025, with robust adoption, especially in the U.S.; fCAL turbo sales rose 11%.

• NT-proBNP assay advanced to final verification, with commercial launch targeted for Q4 2026 and research-use-only version by end-2025.

• Major IVD company partnership project moved from proof-of-concept to optimization; JIA COMPASS study for GCAL in juvenile idiopathic arthritis enrolled 70 patients.

Financial highlights

• Q3 2025 sales: NOK 41.8 million (+28% YoY); YTD sales: NOK 129.9 million (+19% YoY).

• EBITDA for Q3: NOK 8.4 million; YTD EBITDA: NOK 24.1 million (+46% YoY).

• Gross margin recovered to 56% in Q3 2025, up from 52% in Q3 2024.

• Net profit for Q3 2025 was NOK 4.0 million; YTD net profit was NOK 9.8 million.

• Cash and cash equivalents stood at NOK 86.6 million at quarter-end; equity ratio was 86.8%.

Outlook and guidance

• U.S. market expected to remain a key growth driver, with less than 10% hospital adoption of Cystatin C, indicating significant potential.

• Full commercial launch of NT-proBNP assay expected in Q4 2026, with research-use-only version by end-2025.

• Cautious outlook for China and Asia due to regulatory changes ("unbundling" and VBP), but no major decline expected.

• Company aims to grow gross margin to 60%+ and achieve long-term EBITDA margins of 40%.

• The addressable market for targeted disease groups is estimated at USD 5.9 billion, growing 5-10% annually.