Genetic Analysis (GEAN) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales reached NOK 2.4 million, down 27% year-over-year due to partner inventory adjustments.

• Gross margin improved to 84% from 77% last year, driven by product mix and manufacturing efficiencies.

• EBITDA loss narrowed to NOK -3.1 million from NOK -4.2 million, reflecting cost savings and reduced R&D spend.

• Major commercial entry into China with the GA-map® Dysbiosis Test and strategic partnership with Thalys Medical Technology Group.

• Directed share issue of NOK 12.8 million post-quarter, strengthening the balance sheet and enabling further commercialization.

Financial highlights

• Operating income for Q1 2025 was NOK 4.0 million, down from NOK 4.8 million year-over-year.

• Net loss improved to NOK -4.6 million from NOK -5.8 million in Q1 2024.

• Total assets at quarter-end were NOK 38.2 million, with an equity ratio of 47% (down from 60%).

• Earnings per share was NOK -0.09, compared to NOK -0.14 last year.

• Cash and cash equivalents stood at NOK 10.7 million at quarter-end, with a subsequent NOK 12.8 million capital raise.

Outlook and guidance

• Positive market trends in microbiome diagnostics expected to drive future sales growth.

• Expansion of customer base and new collaborations anticipated to increase recurring revenues.

• Launch of new products, including the GA-map® MHI marker in the US and tailored tests for China, expected to support growth.