Genetic Analysis (GEAN) Q2 2025 earnings summary

Executive summary

• Total sales in Q2 2025 reached NOK 5.9 million, up 34% year-over-year, with strong US sales driving growth.

• EBITDA turned positive at NOK 0.5 million in Q2 2025, compared to NOK -3.4 million in Q2 2024.

• Net loss narrowed to NOK -1.0 million in Q2 2025 from NOK -4.8 million in Q2 2024.

• Successful capital raise of NOK 16.9 million, supported by major shareholders and Bio-Rad Inc.

• Launch of new products in China and the US, including the GA-mapⓇ Dysbiosis Test and MHI GutHealth test.

Financial highlights

• Operating income in Q2 2025 was NOK 7.2 million, up from NOK 5.0 million in Q2 2024.

• Gross margin decreased to 74% in Q2 2025 due to US import duties; adjusted margin would have been 82%.

• H1 2025 sales totaled NOK 8.3 million, up from NOK 7.7 million in H1 2024.

• Cash and cash equivalents at period end were NOK 25.0 million, up from NOK 7.0 million a year earlier.

• Equity ratio at 59.5% at the end of Q2 2025.

Outlook and guidance

• Continued positive trend in the microbiome market, with new product launches and growing customer base.

• Ongoing collaborations with global corporations and expansion into new markets expected to drive future growth.

• Anticipated strong sales growth supported by FDA approvals and increased awareness of microbiome's role in health.