Gentian Diagnostics ASA

Investor Presentation • Apr 4, 2019

Important notice

This presentation has been prepared by and is the sole responsibility of Gentian Diagnostics AS (the "Company" or "Gentian"). The The information herein and any other material discussed is subject to change.

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Gentian Diagnostics – Corporate overview

• December 2016
• Shares outstanding: 15.4m
• Market cap end Mar: NOK 816m
• Headquartered in Moss, Norway
• Founded in 2004 by the Sundrehagen family
• Strong shareholder base with more than 1000 shareholders
• Major shareholders include Holta Invest, Vatne Capital, Sundrehagen family, Storebrand and DNB kapitalforvaltning
• Cash position end of Q4: NOK 198.8m

In vitro diagnostics market

Detection and prevention of disease Estimated market value of 80B\$

IVD MARKET VALUE BY

Immunochemistry is our core segment

• The immunochemistry market segment is estimated to represent about 30B\$ of the total IVD market
• Detection and quantification of biomarkers in patient samples (e.g. plasma) - Inflammation - Renal - Cardiac
• Within this segment we focus on:
  -
  -
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• The market value of these disease categories is estimated to be 7B\$

We innovate diagnostic efficiency

Key R&D principles

Key R&D principles
ESTABLISHED	Scientifically endorsed biomarkers/target
	NanosenseTM technology enables the transfer of
PROPRIETARY	tests from low- to high-throughput instruments
INDEPENDENT	Gentian tests can be performed on all instrument platforms within the respective technology category

Cystatin C

• Body mass independent kidney function marker
• Early detection of reduced kidney function
• Estimated market value of 0.5B\$

fCAL® turbo

• Support diagnosis of inflammatory bowel disease (IBD)
• Reduces the need for endoscopic examinations of the colon
• Estimated market value of >10M\$

GCAL® (in market development)

• Calprotectin in plasma
• Early detection of sepsis, other severe infections and rheumatoid arthritis
• Informed treatment decisions
• Estimated value infectious diseases market is 4.0B\$

Clinical study results on the GCAL performance Lipcsey et al., ISF 2018

Larsson et al., ISICEM 2019

Calprotectin may be superior to Procalcitonin and Heparin Binding Protein in indicating patients with sepsis.

Calprotectin performed better then Procalcitonin and Heparin Binding Protein in diagnosis of sepsis and distinguishing between patients with sepsis and trauma patients.

Calprotectin had also higher predictive ability regarding 30-day mortality then Procalcitonin.

Calprotectin is a promising biomarker for diagnosis of bacterial infections. Calprotectin is superior to Procalcitonin in differentiation between viral infections, Steptococcal tonsillitis or Mycoplasma infections.

Rapid determination of calprotectin should be an improvement in the management of infections and allow more selective use of antibiotics.

In product development

G-1001	 Cardiac disease marker  Total market value is estimated to be >2B\$
Pancreatic Elastase	 Marker for pancreatic exocrine insufficiency (PEI)  Same sample as fCAL® turbo  Same market as fCAL® turbo

Trusted partner model Quality throughout the supply chain

Healthcare Suppliers

Healthcare Providers

Distributors

Financial results

Financial highlights	Per 4Q 2018
MNOK	2018	2017
Sales	39.9	27.9	 Double digit sales growth
Other Revenues	12.1	7.1
Total Revenues	52.0	35.0	 One new product / year
COGS	9.0	7.3
Production Costs	13.5	10.9	 Targeted investment in
R&D Costs	18.9	16.5
SG&A	27.5	19.0	organizational readiness
Capitalization	-5.1	-5.5
	63.8	48.2	 198.8 MNOK in cash end
OPEX		-13.2
EBITDA	-11.8		2018

THANK YOU

www.gentian.no