Gentian Diagnostics : 30 April 2024 - Quarterly Presentation - Q1 2024

Q1 24 Presentation

30 April 2024

Important notice

This presentation has been prepared by and is the sole responsibility of Gentian Diagnostics ASA (the "Company" or "Gentian"). The presentation is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The information herein and any other material discussed is subject to change.

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Efficient diagnostics for better treatment decisions

Attractive value proposition: fast results at lower cost

The IVD market challenge

Many of the existing, but clinically relevant biomarkers are available only on slow and inefficient platforms

• Hours from initiation of analysis to results
• Low throughput

Gentian's solution

Gentian converts existing biomarkers to the most efficient automated, high- throughput analysers

• 10 minutes from initiation of analysis to results
• High throughput

High-value benefits

Faster results leading to better treatment decisions

3-10x higher throughput, improving laboratory productivity and cost-efficiency

Strategy with focus on profitable sales growth

7* tests contributing to saving costs and protecting life

USD 1.8bn serviceable market with 5-10% annual growth

Entered partnerships with 5 major global IVD companies

Scalable, lean and flexible commercial model

*5 established tests, 1 in market development and further 1 in product development.

Industry-leading team and knowhow

Team with proven track- record and industry expertise from market leading IVD companies

~30% average annual sales growth 2019-23

2 'blockbuster' tests in market and product development

High-impact diagnostics with global commercial traction

Sales and R&D offices, Sweden

HQ, Norway

Sales office, US	Rep. office, China

Total revenue 2023	5Y-CAGR	Oslo listing	Market cap
MNOK 142	30%	OSE: GENT	MNOK ~600

Note: Market cap as per close on 31 March 2024.

Highlights

Strong momentum and positive EBITDA

1Q24 financials and key milestones

Sales	Gross margin
MNOK 38.5	53%
+22% vs 1Q23	49% in 1Q23

EBITDA	NT-proBNP
MNOK 4.8	development in
MNOK -0.5 in 1Q23	final stages of
	optimisation

Highlights

• Record sales of MNOK 38.5 in 1Q24, up 22% vs 1Q23 (19% organic growth)
• EBITDA of NOK 4.8 million in 1Q24 versus NOK -0.5 million in 1Q23
• Gross margin of 53% positively influenced by favourable product mix and finalisation of integration with Getica AB, which was acquired in July 2023
• Sales of fCAL® turbo increased 44% in 1Q24 compared to 1Q23
• Continued solid development for third party sales which increased 31% in 1Q24 compared to 1Q23
• New KDIGO Guidelines issued during 1Q24 recommends increased use of Cystatin C
• Significant advancements achieved in the technical development and production upscaling of the NT-proBNP assay

Continued high sales growth in line with target

Highlights

• Sales of MNOK 38.5 in 1Q24, up 22% vs 1Q23 (19% organic growth)
• Revenue growth contribution was achieved by all products and via all sales channels in the first quarter of 2024
• Sales of fCAL® turbo increased 44% in 1Q24 compared to 1Q23

Sales revenues (MNOK)

			37	39
	34
31		32
1Q23	2Q23	3Q23	4Q23	1Q24

Sales revenue - geographic split

MNOK	1Q24	1Q23	2023
US	2.9	2.0	8.7
Europe	27.9	22.1	92.8
Asia	7.7	7.3	33.7
Total	38.5	31.4	135.2

Sales revenue - product split

MNOK	1Q24	1Q23	2023
Cystatin C	14.9	13.6	56.3
fCAL® turbo	13.7	9.5	43.2
Third-party products	4.7	3.6	17.0
Other	5.2	4.7	18.6
Total	38.5	31.4	135.2

Stable cost development

Gross margin %

			49%	53%		53%
48%		46%		46%
				42%
	39%
Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
	2022				2023		2024

Operating expenses

MNOK	1Q24	1Q23	2023
Sales and marketing	6.4	5.4	23.1
expenses
Administration expenses	6.0	7.2	25.1
Research and
6.1	7.8	36.1
development expenses
Total	18.5	20.4	84.3

• Operating expenses ended at NOK 18.5 million in 1Q24 compared to NOK 20.4 million in 1Q23
• Capitalised R&D expenses was MNOK 2.5 in 1Q24 compared to MNOK 0.8 in 1Q23
• Integration of Getica AB finalised

Note: Operating expenses include depreciation