Gentian Diagnostics (GENT) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales were NOK 43.9 million, flat year-over-year with 4% organic growth, driven by strong US and European performance but offset by order timing in Asia and Cystatin C.

• EBITDA was NOK 5.0 million, with an EBITDA margin of 11.3%, impacted by lower gross margin and no capitalisation of development costs.

• Gross margin declined to 53% from 64% in Q1 2025, mainly due to currency and raw material costs.

• A NOK 30.2 million impairment was recognized due to the discontinuation of the NT-proBNP assay project, with resources reallocated to new pipeline projects.

• Strategic focus is on accelerating new product launches, expanding partnerships, and broadening the revenue base.

Financial highlights

• US sales rose to NOK 8.7 million from NOK 3.8 million, more than doubling year-over-year.

• Europe sales grew 16% year-over-year after adjusting for warehouse shifts; Asia sales dropped to NOK 4.3 million due to order timing.

• fCAL turbo sales increased by 10% to NOK 16.4 million, supported by new accounts and contract renewal.

• Cystatin C sales were NOK 13.3 million, down from NOK 17.7 million, mainly due to order timing in Asia.

• Cash and cash equivalents at quarter-end were NOK 91.9 million.

Outlook and guidance

• Full-year sales guidance remains unchanged, with confidence in double-digit year-over-year growth and order delays expected to be recovered.

• High-teens growth expected for fCAL turbo in 2026, with continued expansion in Europe and the US.

• Cystatin C sales in the US expected to continue growing, supported by additional sales headcount.

• Strategic focus on accelerating product launches and expanding commercial partnerships.

• Market segments targeted represent a total addressable market of USD 1.4 billion, with 5–10% annual growth expected.