Gentian Diagnostics (GENT) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly sales of NOK 46.6 million in Q4 2025, up 9% year-over-year, and full-year sales of NOK 176.5 million, a 16% increase over 2024, with 17% organic growth and strong profitability improvements.

• EBITDA reached NOK 10.5 million in Q4 2025 and NOK 34.6 million for the year, up 40% year-over-year.

• Cystatin C sales grew 32% for the year, with strong momentum in the US (146% growth) and China, and better-than-expected performance despite local cost containment.

• Announced an exclusive partnership with a leading global diagnostics company for a new assay, targeting commercial launch in H2 2027.

• Board proposes a dividend of NOK 0.60 per share, up 50% from the previous year, reflecting strong cash position and earnings.

Financial highlights

• Gross margin improved to 58% in Q4 2025 and 56% for the year, approaching the long-term target of 60%.

• Net profit for FY25 was NOK 13.3 million, lower than 2024 due to a one-time tax effect in 2024.

• Cash position at year-end was NOK 105.9 million, up from NOK 84.7 million, with no interest-bearing debt and an equity ratio near 80%.

• Free cash flow in Q4 2025 was NOK 20.1 million, up from NOK -8.5 million in Q4 2024.

• 81% of Q4 2025 sales came from long-term contracts.

Outlook and guidance

• Positive outlook for 2026, especially for Cystatin C and fCAL turbo, with continued investments in US expansion and R&D.

• Sustained growth expected for Cystatin C in the US and China, with cautious outlook for China due to market reforms.

• Expectation of continued profitable growth and new product launches, including a new partner-developed assay.

• Revised NT-proBNP assay development timeline to be presented in Q2 2026 after assay redesign.

• Ambition to maintain gross margin in the 55%-60% range at current revenue levels.