Gentian Diagnostics (Buy, TP: NOK92.00) - Growth, but NT-proBNP concerns
Total revenues were slightly below our estimate in Q1. However, product sales grew 6% organically YOY. While Cystatin C and fCAL were still the main sales drivers, the highest growth was seen in ‘other products’. With another recent partnership and a growing market, we expect continued sales growth. However, we note the uncertainty around development of NT-proBNP, a key product for the company to reach its long-term sales ambition in our view. We reiterate our BUY and NOK92 target price.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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