Genetic Analysis (GEAN) Q3 2025 earnings summary

Executive summary

• Sales revenue in Q3 2025 was NOK 2.1 million, up 2.9% year-over-year and 6.1% at constant currency, with EBITDA at NOK -1.8 million, unchanged from last year.

• Gross margin declined to 64% from 76% due to new US import duties, but would have been 75% excluding these duties.

• Net loss for Q3 2025 was NOK -3.3 million, similar to NOK -3.2 million last year; YTD net loss improved to NOK -8.8 million from NOK -13.8 million.

• The company advanced its IBD Dx marker project to the validation phase and launched the GA-mapⓇ MHI GutHealth test in the US and globally.

• Pangea Lab in the US is now operational for the GA-mapⓇ MHI GutHealth test, expanding US market reach.

Financial highlights

• Operating income for Q3 2025 was NOK 3.2 million, down from NOK 3.6 million year-over-year.

• YTD sales revenue reached NOK 10.4 million, up 7% (9% at constant currency) from NOK 9.7 million last year.

• Gross margin for Q3 2025 was 64%, negatively impacted by US import duties; adjusted margin would be 75%.

• Cash and cash equivalents at period end were NOK 17.7 million, up from NOK 11.4 million last year.

• Equity ratio improved to 67% from 56% year-over-year.

Outlook and guidance

• The company expects continued growth in microbiome diagnostics, driven by new product launches and global expansion.

• Ongoing collaborations with global corporations and increasing customer base support positive sales outlook.

• The IBD marker project is progressing, with a Research Use Only version targeted for completion in Q4 2025.