Gentian Diagnostics (GENT) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 sales of NOK 42.6 million, up 14% year-over-year, and full-year sales of NOK 152.1 million, up 13%, with positive net profit in all quarters and the board proposing the first-ever dividend.

• EBITDA improved to NOK 8.1 million in Q4 and NOK 24.7 million for the year, compared to NOK 3.3 million in 2023.

• Gross margin rose to 56% in Q4 (from 43%) and averaged 54% for the year (up from 47%).

• Net profit for 2024 was NOK 45.3 million, including NOK 25.2 million from tax loss carryforward capitalization.

• Focused on high-growth diagnostic markets with a lean business model and strong in-house R&D.

Financial highlights

• U.S. sales doubled in Q4 2024 and grew 39% for the year; Europe sales up 22% in Q4 and 25% for the year; Asia (mainly China) saw a 30% revenue decline.

• fCALⓇ turbo sales increased 34% in Q4 and 42% for the year, becoming the largest product at NOK 61.3 million.

• Operating expenses remained stable at NOK 80 million for both 2023 and 2024.

• Cash and cash equivalents at year-end: NOK 84.7 million; equity ratio: 84.5%.

• No interest-bearing debt; free cash flow was NOK -8.5 million in Q4 due to increased receivables.

Outlook and guidance

• Targeting gross margin above 60% and long-term EBITDA margin of 40%.

• NT-proBNP research-use-only product launch planned for H2 2025, with commercial launch (CE mark) expected next year.

• Serviceable market estimated at USD 1.8 billion, growing 5–10% annually over the next 4–6 years.

• U.S. and Europe remain primary growth markets; optimistic about recovery in China.

• Focus on expanding product portfolio and securing one new global contract per year.