Investor Presentation • Dec 14, 2023
Investor Presentation
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Hilja Ibert, CEO
14 December 2023
This presentation has been prepared by and is the sole responsibility of Gentian Diagnostics ASA (the "Company" or "Gentian"). The presentation is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The information herein and any other material discussed is subject to change.
The presentation contains certain forward-looking statements relating to the business, future financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained herein, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts
which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Potential investors are expressly advised that financial projections, such as the revenue and cash flow projections contained herein, cannot be used as reliable indicators of future revenues or cash flows. The Company (nor any of its parent or subsidiary undertakings) does not provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. No obligation is assumed to update any forward-looking statements or to conform these forwardlooking statements to our actual results.
The distribution of this presentation may also in other jurisdictions be restricted by law. Accordingly, this presentation may not be distributed in any jurisdiction except under circumstances that will result in compliance with applicable laws and regulations. The Company require persons in possession of this presentation to inform themselves about, and to observe, any such restrictions.
Nothing in this presentation shall constitute an offer to sell or a solicitation of an offer to buy any shares in the Company in any jurisdiction in which such offer or solicitation is unlawful.
Nothing contained in this presentation is or should be relied upon as a promise or representation as to the future. Except where otherwise expressly indicated, this presentation speaks as of the date set out on its cover. In addition, no responsibility or liability or duty of care is or will be accepted by the Company for updating this presentation (or any additional information), correcting any inaccuracies in it which may become apparent or providing any additional information.
Many of the existing, but clinically relevant biomarkers are available only on slow and inefficient platforms
Gentian converts existing biomarkers to the most efficient automated, highthroughput analysers
Faster results leading to better treatment decisions
3-10x higher throughput, improving laboratory productivity and cost-efficiency
USD 1.8bn serviceable market with 5-10% annual growth
Team with proven trackrecord and industry expertise from market leading IVD companies
Long-term ambition of NOK 1bn revenue and 40% EBITDA margin
2 'blockbuster' tests in market and product development
| ESTABLISHED PRODUCTS | IN MARKET DEVELOPMENT | IN PRODUCT DEVELOPMENT |
||||||
|---|---|---|---|---|---|---|---|---|
| Kidney disease | Inflammation & infection |
Inflammation | Pancreas deficiency |
Lifestyle associated diseases |
Inflammation & infection |
Inflammation | Cardiac disease |
|
| Cystatin C | Canine CRP | fCAL® | fPELA® | RBP | GCAL® | SARS-CoV-2 | NT-proBNP | |
| 2006 | 2012 | 2015 | 2020 | 2023 | 2019 | 2022 | TBD |
Enabling 40% long-term EBITDA margin
• Delivered >25% sales CAGR since 2019-2022
• Targeting >20% sales growth 2022-2028
Note: Established products include 3rd party products sold through Gentian AB. Pipeline products include NT-proBNP currently in product development and two undisclosed projects in 'proof of concept' phase. In 2022, Gentian upgraded its lab facilities to provide increased efficiency and production capacity in line with the 5-6 year sales potential.
OPEX Capitalised R&D expenses
Five established products with potential to grow 20%+ annually
Prove clinical relevance of GCAL and bring NT-proBNP to market
Bring a steady stream of new high-impact diagnostic tests to market
Secure one new contract with a global commercial partner per year
Grow gross margin from ~50% to 60%+ through economies of scale
revenue potential of NOK 1bn in 5-7 years Unrisked revenue potential of NOK 1bn*
* Dependent on timing of NT-proBNP launch
| MNOK | 3Q23 | 3Q22 | YTD23 | YTD22 | 2022 |
|---|---|---|---|---|---|
| Sales | 32.1 | 23.1 | 97.7 | 73.7 | 101.6 |
| Other revenues |
2.7 | 2.0 | 6.9 | 7.3 | 10.3 |
| Total revenues | 34.8 | 25.1 | 104.5 | 81.1 | 111.9 |
| COGS | -16.3 | -12.8 | -46.2 | -38.8 | -52.6 |
| Employee benefit expenses | -13.0 | -10.0 | -35.4 | -30.1 | -40.9 |
| D&A | -2.4 | -2.7 | -7.1 | -7.5 | -10.2 |
| Other OPEX | -4.3 | -8.4 | -18.6 | -23.6 | -31.4 |
| EBITDA | 1.2 | -6.1 | 4.3 | -11.5 | -13.0 |
| EBIT | -1.2 | -8.7 | -2.9 | -19.0 | -23.2 |
| MNOK | 3Q23 | 3Q22 | YTD23 | YTD22 | 2022 |
|---|---|---|---|---|---|
| Operating activities | -2.0 | 4.7 | 1.8 | -5.5 | -14.0 |
| Investing activities |
-1.2 | -1.8 | -3.3 | -12.3 | -14.7 |
| Financing activities |
-1.1 | -1.1 | -3.4 | -3.2 | -4.3 |
| Changes in cash and cash equivalent | -4.3 | -1.8 | -5.0 | -21.1 | -32.9 |
| Cash and cash equivalent at the beginning of period |
80.7 | 92.1 | 81.6 | 114.9 | 114.9 |
| Cash and cash equivalent at the end of period |
76.4 | 93.9 | 76.4 | 93.9 | 81.6 |
| Tomas Settevik |
Espen T. Jørgensen |
Kari E. Krogstad |
Kjersti Grimsrud |
Fredrik Thoresen |
Monika Neuman |
Frank Frantzen |
|---|---|---|---|---|---|---|
| Chair of the Board |
Board member | Board member | Board member | Board member | Board member | Board member |
| Tomas Settevik has experience in both life sciences and retail and is currently an independent investor and non-exec director in several companies. He was previously CEO of Stokke, and CEO of Pronova BioPharma after serving as Vice President Pharmaceuticals and Manufacturing. Mr. Settevik has also held several senior positions – VP Northern Europe, VP Marketing and R&D, and Managing Director UK/Nordic – at Tyco Healthcare EMEA. Mr. Settevik holds a degree from Copenhagen Business School. |
Espen Tidemann Jørgensen is currently Portfolio Manager of Holta Invest and Managing Director of Holta Life Sciences, a large shareholder in Gentian Diagnostics. He has 18 years of financial markets experience as equity analyst at DNB Markets and investor. Mr. Jørgensen was previously member of the Board of Directors at Weifa and Cortendo, and is currently board member at Decisions. Mr. Jørgensen holds a Msc in Economics and has completed 3 years of Medicine studies at the University of Oslo. |
Kari Krogstad has more than 25 years of experience from the biomedical industry, from commercial leadership roles within the pharma, biotech and medtech sectors. Ms. Krogstad has held her current role as President and CEO at Medistim ASA since 2009. She was previously General Manager at Invitrogen Dynal. Ms. Krogstad holds a Cand. Scient. degree in Molecular Biology from the University of Oslo as well as a Business degree from IHM Business School. |
Kjersti Grimsrud is currently President and COO of Infusion care at Convatec plc, where she has spent the last 5 years. She has over 30 years' experience in MedTech and IVD companies with roles in science, operations and commercial in Axis Shield ASA and Alere Inc./Abbott, where she last held the position of VP Commercial EME (Europe Middle East) and International (APAC). Ms Grimsrud served as a board member of Biotec Pharmacon (now ArcticZymes technologies) from 2011 to 2015. Ms. Grimsrud holds a master's degree in biotechnology |
Fredrik Thoresen is a partner in Andenaes gruppen where he joined in 2021. Mr. Thoresen has previous buy- and sell-side experience from Storebrand, SEB, DNB and Sector Asset Management. Mr. Thoresen has an MBA in International Business from Middlebury Institute of International Studies, Monterey, California and a bachelor's degree in Computer Science and Economics from Augustana University, Sioux Falls, South Dakota |
Monika Neuman has 20 years of experience from the diagnostics industry and is currently Managing Director for Sarstedt Group in the Nordics. During the past 4 years, Ms. Neuman has been working at Siemens Healthineers Laboratory Diagnostics HQ in Tarrytown, NY, to set a successful strategy for launch and implementation of a new product portfolio on the global IVD market. Ms. Neuman holds a MSc degree in Biochemistry and a PhD degree in Clinical Bacteriology from Medical Faculty at Göteborg University in Sweden. |
Frank Frantzen has more than 35 years of experience from the diagnostic industry. He has served as principal scientist and has directed larger R&D units in international IVD companies Axis-Shield, Alere and Abbott. Mr. Frantzen left his Senior Director R&D position at Abbott in 2021 and is currently serving as Chief Technology Officer in CardiNor AS. Mr. Frantzen holds a master's degree in chemistry and a PhD, both from the Norwegian University of Science and Technology in Trondheim. |
Norwegian University of Science and Technology
in Trondheim.
| Shareholder | No of shares | % |
|---|---|---|
| Vatne Equity AS | 2 110 224 | 13.68 % |
| Kvantia AS | 1 623 368 | 10.53 % |
| Holta Invest AS | 1 228 502 | 7.97 % |
| Verdipapirfondet Delphi Nordic | 987 104 | 6.40 % |
| Safrino AS | 749 700 | 4.86 % |
| Carpe Diem Afseth AS |
544 089 | 3.53 % |
| Skandinaviska Enskilda Banken AB | 501 000 | 3.25 % |
| Verdipapirfondet DNB SMB | 361 291 | 2.34 % |
| J.P. Morgan SE | 325 000 | 2.11 % |
| Verdipapirfondet Storebrand Vekst | 315 751 | 2.05 % |
| Portia AS | 300 000 | 1.95 % |
| Krefting, Johan Henrik | 278 500 | 1.81 % |
| Intertrade Shipping AS | 257 716 | 1.67 % |
| Cressida AS | 235 000 | 1.52 % |
| Verdipapirfondet Equinor Aksjer NO | 227 880 | 1.48 % |
| Lioness AS | 220 000 | 1.43 % |
| Marstal AS | 212 407 | 1.38 % |
| Mutus AS | 210 465 | 1.36 % |
| Salix AS | 208 954 | 1.35 % |
| Silvercoin Industries AS | 184 441 | 1.20 % |
| Other Shareholders | 4 340 958 | 28.15 % |
| Total shares | 15 422 350 | 100 % |
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