Gentian Diagnostics ASA, a fast-growing developer and manufacturer of diagnostic tests, today announces its results for the second quarter of 2021.
Record total revenues of NOK 31.5 million in Q2 2021. EBITDA was NOK -0.8 million including NOK 3.5 million in costs related to the transfer of listing to Oslo Børs.
Sales revenue was NOK 24.6 million, a 48 % growth compared to Q2 2020. Organic growth was 65%.
The Gentian share was successfully transferred to Oslo Børs on June 25th.
Development of the SARS COV-2 assay is on track for launch in Q4 2021 and recent market data confirms the need for such high throughput test.
”Gentian’s strong sales growth during the second quarter is the result of broad-based progress with commercial partners across our product portfolio, with particularly high demand from laboratories in Europe and Asia,” says Hilja Ibert, CEO of Gentian Diagnostics.
“Going forward, our top priorities are to further develop commercial partnerships around our established products, prove the clinical relevance of GCAL for sepsis and COVID-19 and bring our two products in development – SARS-COV-2 AB and NT-proBNP – successfully to market“, adds Ibert.
Strategy and outlook
The growing diagnostic market puts increasing pressure on laboratories. Still, many of the existing, clinically relevant biomarkers are only available on slow and inefficient platforms. Gentian converts such biomarkers to the most efficient automated, high-throughput analysers. The benefits include early diagnostic results enabling improved treatment decisions and a 3-10x increase in volume throughput, making Gentian’s offering an attractive solution to the increasing pressure on laboratory productivity.
Gentian’s product portfolio targets several large and growing disease areas such as infections and inflammation, kidney failure and congestive heart failure. Four tests are established, one in market development and two in product development. Gentian’s Total Serviceable Market is USD 1.3bn (2020) with an estimated annual growth rate of 8-9% over the next 5-7 years. Overall, Gentian has the ambition to generate an estimated annual revenue of NOK 1 billion in 5-7 years and a long-term EBITDA margin of 40%.