Gentian Diagnostics (Buy, TP: NOK84.00) - Organic growth trend continues
Gentian reported Q2 organic sales growth of 65% YOY, slightly beating our expectations. The main reason for the beat was strong sales for Cystatin C, and we have raised our 2021–2023e sales for the product by an average of 20%. We expect R&D spending to increase as efforts intensify ahead of announced product launches, offset by higher public grants. We have raised our 2021e net sales by 8% and forecast organic sales growth of 46% YOY. We reiterate our BUY and have raised our target price to NOK84 (81).Gentian Diagnostics AS is a Norway-based company within health care sector. It develops and manufactures in vitro diagnostic products for the detection and quantification of specific markers for use on a wide range of clinical chemistry analysers. The Company's product portfolio comprises turbidimetric fecal calprotectin immunoassay, which is to be run on most major clinical chemistry analysers; canine CRP, which is an acute phase protein synthesized in the liver that is used for diagnosis and treatment of inflammatory diseases in dogs; NGAL Immunoassay, which is a particle-enhanced turbidimetric immunoassay (PETIA) for in vitro diagnostic testing of neutrophil gelatinase-associated lipocalin (NGAL) in human urine and plasma samples; and cystatin C immunoassay, which is a PETIA for use on a range of clinical chemistry analyzers. The Company operates domestically, as well as in China and the Unites States.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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