Moss, 5 May 2023
Gentian Diagnostics ASA, a fast-growing developer and manufacturer of diagnostic tests, today announced its results for the first quarter of 2023.
Record sales of MNOK 31.4, up 53% from 1Q22, with organic growth of 40%. All products and geographic areas demonstrated positive sales development in 1Q23 compared to 1Q22.
Demand for Cystatin C in China has stabilised after the end of the corona-related lock-down.
New diagnostic guidelines in the US and co-marketing efforts with commercial partner Beckman Coulter resulted in new customers for Cystatin C in the US and in Europe.
Further results from scientific studies confirmed the clinical relevance and benefits of GCAL for the early detection and severity assessment of infections.
EBITDA was MNOK -0.5 in 1Q23 versus MNOK -4.2 in 1Q22. R&D costs were MNOK 6.6 in the quarter.
“The global demand for diagnostics continues to be robust even in uncertain times, driven by a growing and ageing population. We are continuously innovating diagnostic efficiency to get faster patient results and increase clinical efficiency, and the market response is a clear signal that we are adding real value to our customers. I’m particularly pleased that we deliver growth across all products, all geographies and all sales channels,” says CEO Hilja Ibert of Gentian Diagnostics.
Gentian converts existing biomarkers to the most efficient automated, high-throughput analysers, which contributes to saving costs and protecting life. The company’s go-to-market strategy has proven successful with annual sales growth averaging 28% over the past four years. Gentian’s five revenue-generating products are sold in Europe, the US and Asia. In addition, the company invests in product development with the current pipeline comprising NT-proBNP in product development and further two undisclosed projects in the proof-of-concept phase.
The webcast will be available on the company’s IR website after the presentation.
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