Genetic Analysis

Ronny Hermansen, CEO of Genetic Analysis, comments:
“The first quarter of 2025 has been marked by strategic progress and increased international reach for Genetic Analysis.  In 2024, we significantly expanded the number of GA-map® system installations globally. Building on that momentum, we continued our commercial expansion in early 2025 and remain focused on executing our growth strategy across key markets.”

Q1 2025 (01.01.2025 – 31.03.2025)

• Operating income amounted to NOK 4.0 million (4.8)
• Sales amounted to NOK 2.4 million (3.3)
• Net profit/loss amounted to NOK -4.6 million (-5.8)
• EBITDA amounted to NOK -3.1 million (-4.2)
• Total assets amounted to NOK 38.2 million (44.2)
• Equity ratio amounted to 47 % (60 %)
• Earnings per share amounted to NOK -0,09 (-0,14)

Important insights

• Total sales reached NOK 2,4 million in Q1, down, 27% from Q1 last year. Sales in Q1 were negatively affected by inventory adjustments made by partners.
• Strong Gross Margin of 84% and cost savings, contributes to an overall improved EBITDA results compared to Q1 2024.
• Diasorin and GA have extended the scope of the distribution and logistics collaboration of the GA-map® Dysbiosis Test in the DACH & Poland region, and in addition also to include other selected Baltic countries.
• Completion of the development of the new GA-map® MHI marker in collaboration with Ferring Pharmaceutical is progressing according to plan. The new product is on track for Q2 launch in the US.

Important insights

• Total operating income ended at NOK 4.0 million in Q1 2025 (NOK 4.8 million).
• Sales revenues in Q1 2025 reached NOK 2.4 million with a 27% decrease compared to the corresponding quarter in 2024 (NOK 3.3 million). Sales in Q1 were negatively affected by inventory adjustments made by partners.
• Gross margin increased to 84% in Q1 2025 compared to 77% for the same period last year. This is due to an improved product mix and cost savings from our manufacturing improvement program.
• EBITDA of NOK – 3.5 million compared to NOK –4.5 million in the corresponding quarter of 2024.
• Net loss was NOK -4.6 million compared to NOK -5.8 million in the corresponding quarter of 2024.
• Q1 2025 results were positively affected by cost savings coming from less R&D spending and an optimised organisation. Operating costs were down NOK -1.8 million from Q1 2024.

Significant events during and after Q1 2025

• Launch of GA-map® Dysbiosis Test in China (April 2025)

Genetic Analysis AS (GA) and Thalys Medical Technology Group launched the GA-map® Dysbiosis Test in the Chinese Consumer Health (D2C) market. The test has been customized for local demand and is part of a strategic partnership leveraging Thalys' Independent Clinical Lab in Shanghai. It includes mobile-based access for customers and personalized recommendations. This initiative marks GA’s commercial entry into the high-growth Chinese microbiome diagnostics market.

• Directed Share Issue of NOK 12.8 million (May 2025)

On May 5, 2025, GA announced a directed share issue of NOK 12.8 million through the subscription of 14,889,576 new shares at NOK 0.86 per share, mainly by existing shareholders including Bio-Rad Laboratories, management and board members. The proceeds will enable GA to follow up on its cooperation with Ferring and pursue additional microbiome-related collaborations. The issue also meets the condition for receiving a NOK 1.125 million innovation grant from Innovation Norway related to Clostridium difficile diagnostics.

• Changes to the Board of Directors (May 2025)

The AGM on May 19, 2025, approved the proposal from GA’s Election Committee to appoint Mr.Morten Jurs as Chairman of the Board and Mr. Ove Öhman as a new board member.

• Morten Jurs, currently CEO of SpinChip Diagnostics, brings experience from notable transactions including SpinChip’s NOK 1.6 billion sale to bioMérieux, and governance roles at Atea ASA.
• Ove Öhman is a seasoned life science entrepreneur with founding roles in companies like Vanadis, Astrego, Moleculent, and Readily Diagnostics, where he currently serves as Chairman.