Gentian Diagnostics AS (GENT.OL) Stock Analysis & Winston Score

Gentian Diagnostics is a Norwegian medical company that makes diagnostic reagents — chemical substances used by hospital laboratories and clinics to run blood tests. Their main products are particle-enhanced turbidimetric immunoassay (PETIA) reagents, which help doctors measure specific proteins in a patient's blood to detect conditions like heart disease and kidney problems. The company sells primarily to clinical laboratories and hospital systems, mostly across Europe.

Gentian earns revenue by selling its reagent products to diagnostic instrument manufacturers and laboratories, often through supply agreements where customers reorder consumables regularly. The company operates mainly in Europe but is working to expand into larger markets like the United States and Asia. Its competitive position rests on specialized chemistry know-how and partnerships with instrument makers, though with negative operating and returns on capital, it is not yet consistently profitable. The key growth driver is winning new commercial partnerships and expanding its cystatin C and cardiac biomarker tests into broader global markets.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-364.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$23M/ year

↑ Rising (+6% vs prior year)

13.1% of revenue

Below sector average (18%)

Investing heavily in future products and technology

Insider Activity

49.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~22 months

$92M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue declining

Gentian Diagnostics AS's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.5% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 15.4M (2021) → 15.5M (2025)

Score breakdown

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Quality

Gross Margin

52.5%

Healthy — 52.5% gross margin

Operating Margin

-62.7%

Losing money on operations — -62.7%

ROCE

-14.9%

Weak — -14.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+11.3%

Steady sales growth (11.3% YoY)

EPS YoY

-130.6%

Earnings shrinking (-130.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

9.1%

Modest free cash flow (9.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

1.62%

Small dividend — 1.62% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

N/A

no trend

Data not available

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