Gentian Diagnostics ASA, a fast-growing developer and manufacturer of diagnostic tests, today announced its results for the third quarter of 2022.
Sales revenue of MNOK 23.1 in 3Q22, an increase of 34% (35% organic growth) vs 3Q21
Strong growth in the US enabled by recent distribution agreement •
Additional US distribution agreement for Cystatin C announced in August 2022 is expected to support revenue growth from 2023
IVDR certification achieved, demonstrating Gentian’s commitment to deliver safe and effective products
Good progress made on NT-proBNP, a working prototype has been developed from the new immunoparticle candidate
GCAL® is well received in the market and Siemens collaboration is developing positively
”The Gentian team delivered on several important milestones in the third quarter. Importantly, we achieved IVDR approval, while good progress was made for our two potential blockbuster products GCAL and NT-proBNP. For GCAL, we see broadening market interest in the product and sales are ticking up. This is a result of clinical studies proving the products’ value proposition, endorsements from key opinion leaders and successful marketing and sales efforts together with our commercial partners. Our established products continue to win market share, resulting in strong revenue growth. The common demand driver is a growing and aging population which increases the need for diagnostic tests in combination with a need for increased diagnostic efficiency which is a key advantage for Gentian’s immonuassays,” commented Hilja Ibert, CEO of Gentian Diagnostics.
NT-proBNP, the cardiac marker currently in product development, progressed positively. Initial results with the lead candidate proved to be reproducible, and as a result a working prototype has been established. Further, the establishment of the reference method at the first trial site has been accomplished as planned.
Additionally, one pipeline project was moved from the exploration phase to proof-of-concept, while the other project in proof-of-concept progressed well.
“Going forward, we will continue to mature our pipeline projects while expanding the market for the products already launched in line with our strategy for long-term growth, “adds Ibert.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act.
This stock exchange announcement was published by Njaal Kind, CFO at Gentian Diagnostics ASA, on 27 October 2022 at 08:00 CET.
Gentian Diagnostics (OSE: GENT), founded in 2001, develops and manufactures high-quality, in vitro diagnostic reagents. Gentian’s expertise and focus lies within immunochemistry, specifically infections, inflammations, kidney failures and congestive heart failures. By converting existing and clinically relevant biomarkers to the most efficient automated, high-throughput analysers, the company contributes to saving costs and protecting life. Gentian is based in Moss, Norway, serving the global human and veterinary diagnostics markets through sales and representative offices in Sweden, USA and China. For more information, please visit www.gentian.com.