Gentian Diagnostics
Third quarter 2026 highlights
Record sales
51.1
NOK mill
EBITDA
13.6
NOK mill
Gross Margin
61%
From 56%
- Record sales: Sales of NOK 51.1 million (41.8), up 22% reported and 30% currency neutral organic growth, with a currency headwind of 3.2 million. YTD sales of NOK 144.8 million (129.9), up 11% (17% currency neutral organic growth).
- Growth drivers: fCAL turbo sales up 23% in Q3 (22% YTD) through BÜHLMANN. US sales up 23% in Q3 (49% YTD), driven by Cystatin C. Asia down -33% YTD due to pricing and testing restrictions in China.
- Improved profitability: EBITDA of NOK 13.6 million (8.4), an EBITDA margin of 27% (20%). Gross margin of 61% (56%), driven by higher production yields and a favourable geographic sales mix. YTD EBITDA of NOK 26.7 million (24.1) and gross margin of 56% (55%).
- Non-recurring items: Q3 2026 operating profit is not affected by non-recurring items. YTD results include a non-cash impairment of NOK 30.2 million in Q1 related to the discontinued NT-proBNP project (included in R&D expenses, excluded from EBITDA). The underlying operating performance YTD improved compared with the same period last year when taking the impairment charge in Q1’26 into account. The reported YTD net result was NOK -8.5 million (9.8).
- Comparability: All R&D costs are expensed in 2026, while NOK 1.3 million in Q3 2025 and NOK 5.5 million YTD 2025 were capitalised. The year-on-year improvement in profitability is therefore stronger than reflected in the reported EBITDA development. YTD sales include NOK 2.8 million in milestone-based development revenue (none in Q3).
- Cash flow: Operating cash flow of NOK 14.9 million (8.9) in Q3. YTD operating cash flow of NOK -0.9 million (16.5), mainly reflecting an increase in receivables of NOK 17.8 million. Cash of NOK 91.4 million at quarter end, after NOK 9.3 million in dividends paid in May.
- Pipeline on track: The assay for a key IVD partner progressed from research to development and remains on track for launch in Q4 2027. Development work with Essange Reagents has started, and altogether seven assay and one technology development projects are active.
Improving patient outcomes with world-class diagnostics.
CEO Commentary – Record sales and significantly more new development projects initiated
The third quarter of 2026 was another strong quarter for Gentian, with record sales of NOK 51.1 million, representing 22% reported growth and 30% currency-neutral organic growth compared to Q3 2025. The quarter also delivered a significant improvement in profitability, with EBITDA increasing to NOK 13.6 million and gross margin improving to 61%. These results reflect both strong commercial execution and the scalability of our business model.
Our key products continued to perform well. fCAL® turbo delivered excellent growth of 23% compared to the same quarter last year, driven by new account acquisitions and increasing testing volumes across regions. Overall, the BÜHLMANN collaboration delivered strong results, and we expect the portfolio to continue growing above the company average in the coming quarters.
Cystatin C also delivered nice growth, supported by recent investments, and increased partner activity in the United States. YTD, our sales in the US grew by 49% compared to 2025, further strengthening its position as one of Gentian's most important growth markets.
Following the strategic review completed earlier this year, we continue to execute our updated R&D strategy with a clear focus on portfolio diversification, disciplined prioritisation and commercial relevance. During the quarter, we achieved several important development milestones. Our ongoing assay development project for a key IVD partner successfully transitioned from our Gothenburg research site to Moss. This transfer represents an important project milestone and brings the assay closer to the planned launch in 2027. Development activities with Essange Reagents have commenced as planned. Also, we continue to expand our opportunity pipeline through collaborations in veterinary diagnostics and high-sensitivity technology. More details will be shared as they become available, taking into account the competitive sensitivity of the information and any confidentiality obligations related to partner agreements. Together, these initiatives support a broader and clearly de-risked pipeline, with seven PETIA assay and one new technology platform projects up and running – a significant step change from only 6 months ago.
We also continued to strengthen the clinical evidence base for GCAL®. New data presented at the European Paediatric Rheumatology Society Congress provided additional support for the clinical utility of serum calprotectin in juvenile idiopathic arthritis. While commercial adoption remains gradual, building strong clinical evidence remains a critical prerequisite for long-term market success.
With record commercial performance, improving profitability and a pipeline that is progressing according to plan, Gentian enters the final quarter of 2026 with positive momentum. Our strategy remains unchanged: continue driving growth from our established portfolio while building a diversified pipeline of future products and technologies capable of delivering sustainable long-term value creation.
Matti Heinonen, CEO, Gentian Diagnostics
About Gentian Diagnostics
Gentian Diagnostics (OSE: GENT) develops and manufactures high-quality in vitro diagnostic reagents. Our mission is to improve diagnostic efficiency to support better treatment decisions. Gentian’s expertise and focus lie in immunoassays, specifically within infections, inflammation, and kidney disease. By converting existing, clinically relevant biomarkers to the most efficient high throughput analysers, the company contributes to cost savings and helps protect lives. Gentian Diagnostics is headquartered in Moss, Norway, and serves the global human and veterinary diagnostics markets through sales and representative offices in Sweden, the USA, and China. For more information, please visit www.gentian.com.
Illustration of product categories
Gentian’s strategy for long-term growth and value creation
Gentian Diagnostics purpose is to deliver efficient diagnostics for better treatment decisions.
The growing diagnostics market puts increasing pressure on clinical laboratory efficiency. However, many of the existing, clinically relevant biomarkers are available only on slow and inefficient platforms. Gentian’s solution is to utilise PETIA (particle-enhanced turbidimetric immunoassay), based on proprietary nanoparticle technology and knowhow, to convert existing biomarkers to the most efficient automated, high-throughput analysers.
Gentian’s portfolio of high-impact diagnostic tests targets several large and growing disease areas such as infections and inflammation and kidney disease. The company has four established products – Cystatin C, fCAL® turbo, canine CRP (cCRP) and fPELA® turbo – that contributed to 23% annual revenue growth in 2020-2025. In addition, GCAL® has been launched and is in market development. The company has also undisclosed projects in exploration and optimisation phases.
The company’s roadmap for long-term growth and value creation is founded on six strategic pillars:
Grow annual revenue from the company’s established products by expanding market access through additional commercial partners and regulatory approvals. |
Prove clinical relevance of GCAL®. |
Bring a steady stream of new high-impact diagnostic tests to market. |
Secure one new contract with a global commercial partner every year, building on already established partnerships with major diagnostic companies across products. |
Stabilise the gross margin in the 55% to 60% range through economies of scale. |
Deliver long-term EBITDA margins of 40% through operational leverage and cost discipline, assuming that current investment levels are maintained. |