GlobeNewswire by notified

Olink reports first quarter 2022 financial results

Share

UPPSALA, Sweden, May 12, 2022 (GLOBE NEWSWIRE) -- Olink Holding AB (publ) (“Olink”) (Nasdaq: OLK) today announced its unaudited financial results for the first quarter of 2022.

Highlights

  • First quarter 2022 revenue totaled $22.7 million, representing year over year growth of 66% on a reported basis and 72% on a constant currency adjusted like-for-like basis
  • First quarter cumulative Explore customer installations reached 27, with 9 additional Signature Q100 placements
  • Explore revenue of $15.7 million accounted for 69% of total first quarter revenue, with Explore Kit revenue totaling $2.1 million, or 13% of total Explore revenue
  • First quarter kits revenue and analysis services revenue represented 18% and 73% of total revenue, respectively
  • First quarter 2022 adjusted EBITDA was ($9.1) million, with a net loss of ($12.2) million; compared to First quarter 2021 adjusted EBITDA of ($3.7) million and net loss of ($14.3) million
  • Maintained full year 2022 guidance, with revenue expected to be in the range of $138 million to $145 million, representing growth of 45% - 53%

“Olink continued its strong performance in the first quarter of 2022, building on the considerable progress achieved last year,” said Jon Heimer, CEO of Olink. “We are well-positioned to achieve our goals, and to drive continued robust growth this year, next year, and beyond."

First quarter financial results
“Olink’s strategy of controlled investment and solid execution was readily apparent during the first quarter,” said Oskar Hjelm, CFO of Olink. "We believe our combination of disciplined financial management, strong growth prospects, and best-in-class product platform, will drive long term value.”

Total revenue for the first quarter of 2022 was $22.7 million, as compared to $13.6 million for the first quarter of 2021, growing 66% year over year.

First quarter 2022 kits revenue of $4.0 million represented 18% of our total revenue, compared to 21% for the first quarter of 2021; and grew 41% year over year primarily as a result of continued Explore growth, but also increased Target revenue.

Analysis services revenue for the first quarter of 2022 was $16.6 million, as compared to $9.6 million for the first quarter of 2021, representing 74% growth.

Other revenue was $2.1 million for the first quarter of 2022, as compared to $1.2 million for the first quarter of 2021. Other revenue growth was driven primarily by Signature Q100 placements.

By geography, revenue during the first quarter of 2022 was $9.7 million in Americas, $10.1 million in EMEA (including Sweden), and $2.8 million in China and RoW (including Japan).

Adjusted EBITDA was ($9.1) million for the first quarter of 2022, as compared to ($3.7) million for the first quarter of 2021.

Adjusted gross profit was $14.2 million in the first quarter of 2022, as compared to $9.2 million in the first quarter of 2021; and gross profit was $13.3 million in the first quarter of 2022, as compared to $8.6 million in the first quarter of 2021.

By segment, adjusted gross profit margin for kits was 89% for the first quarter of 2022, as compared to 82% for the first quarter of 2021; and gross profit margin for kits was 85% for the first quarter of 2022, as compared to 79% for the first quarter of 2021.

First quarter 2022 adjusted gross profit margin for analysis services was 58% as compared to 64% in the first quarter of 2021; and gross profit margin for analysis services was 54% as compared to 59% in the first quarter of 2021. The decline in analysis services margin was driven primarily by the continued expansion of Olink’s lab capacity and associated increased personnel costs.

First quarter 2022 gross profit margin and adjusted gross profit margin for Other was 47%, as compared to 62% for the first quarter of 2021.

Total operating expenses for the first quarter of 2022 were $29.5 million, as compared to $22.4 million for the first quarter of 2021. The increase was largely due to continued and accelerated investment in Olink's commercial organization and research and development and driven by additional costs as a public company as well.

Net loss for the first quarter of 2022 was ($12.2) million, as compared to a net loss of ($14.3) million for the first quarter of 2021. Net loss per share for the first quarter of 2022 was ($0.10) based on a weighted average number of outstanding shares of 119,010,097 as compared to a net loss per share of ($0.48) in the first quarter of 2021 based on a weighted average number of outstanding shares of 38,926,170.

2022 guidance
Olink maintains its full year 2022 revenue guidance range of $138 million to $145 million and continues to expect revenue will be weighted toward the second half of the year and fourth quarter specifically.

Webcast and conference call details
Company management will host a conference call to discuss financial results at 8:00 am ET. Investors interested in listening to the conference call may do so by dialing (833) 562-0120 for domestic callers or (661) 567-1096 for international callers, followed by Conference ID: 5650306. A live webcast of the conference call will be available on the “Investors” section of the Company's website at https://investors.olink.com/investor-relations. The webcast will be archived and available for replay for at least 90 days after the event.

Statement regarding use of non IFRS financial measures
We present certain non-IFRS financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of these non-IFRS measures facilitates investors’ assessment of our operating performance. We caution readers that amounts presented in accordance with our definitions of adjusted EBITDA, adjusted gross profit, adjusted gross profit margin and adjusted gross profit margin by segment may not be the same as similar measures used by other companies. Not all companies and Wall Street analysts calculate the non-IFRS measures we use in the same manner. We compensate for these limitations by reconciling each of these non-IFRS measures to the nearest IFRS performance measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

Use of forward-looking statements
This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our 2022 revenue outlook, our Explore externalizations, our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations. In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under the caption "Risk Factors" in our Form 20-F (Commission file number 001-40277) and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections for the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.

About Olink
Olink Holding AB (Nasdaq: OLK) is a company dedicated to accelerating proteomics together with the scientific community, across multiple disease areas to enable new discoveries and improve the lives of patients. Olink provides a platform of products and services which are deployed across major biopharmaceutical companies and leading clinical and academic institutions to deepen the understanding of real-time human biology and drive 21st century healthcare through actionable and impactful science. The Company was founded in 2016 and is well established across Europe, North America, and Asia. Olink is headquartered in Uppsala, Sweden.

Investor Contact
Jan Medina, CFA, VP Investor Relations & Capital Markets
Mobile: +1 617 802 4157
jan.medina@olink.com

Media Contact
Andrea Prander, Corporate Communications Manager
Mobile: +46 768 775 275
andrea.prander@olink.com


INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME(UNAUDITED)

Three months ended March 31,
Amounts in thousands of US DollarsNote20222021
Revenue4$22,677$ 13,628
Cost of goods sold(9,360)(4,996)
Gross profit13,317 8,632
Selling expenses(9,465)(5,704)
Administrative expenses(14,399)(12,411)
Research and development expenses(5,985)(4,219)
Other operating income/(loss)       328(105)
Operating loss$(16,204)$(13,807)
Interest, net(130)(1,876)
Foreign exchange, net1,765306
Other financial expenses      -(1,641)
Loss before tax(14,569)(17,018)
Income tax benefit5         2,3992,723
Net loss for the period
(Attributable to shareholders of the Parent)
$(12,170)$(14,295)
Basic and diluted loss per share9$ (0.10)$ (0.48)
Other comprehensive loss:
Items that may be reclassified to profit or loss:
Exchange differences from translation of foreign operations     (11,292)(20,553)
Other comprehensive loss for the period, net of tax    (11,292)(20,553)
Total comprehensive loss for the period, net of tax   (23,462)(34,848)
Total comprehensive loss for the period
(Attributable to shareholder of the Parent)
$(23,462)$(34,848)


INTERIM CONDENSED CONSOLIDATED BALANCE SHEET(UNAUDITED)

Amounts in thousands of US DollarsNote
As of
March 31,
2022

As of
December 31,
2021
ASSETS
Non-current assets
Intangible assets298,134308,124
Property, plant and equipment13,41812,696
Right-of-use asset7,7928,778
Deferred tax assets511,7839,091
Other long-term receivables421422
Total non-current assets$331,548$ 339,111
Current assets
Inventories32,04828,940
Trade receivables23,65242,061
Other receivables5,0344,094
Prepaid expenses and accrued income3,8167,476
Cash at bank and in hand120,211118,096
Total current assets$184,761$ 200,667
TOTAL ASSETS$516,309$ 539,778
EQUITY
Share capital630,98830,964
Other contributed capital6508,324506,008
Reserves(9,591)1,701
Accumulated losses(75,167)(62,997)
Total equity attributable to shareholders of the Parent$454,554$ 475,676
LIABILITIES
Non-current liabilities
Interest-bearing loans and borrowings75,1825,427
Deferred tax liabilities526,89727,092
Total non-current liabilities$32,079$ 32,519
Current liabilities
Interest-bearing loans and borrowings72,1052,952
Accounts payable10,7118,668
Current tax liabilities25314
Other current liabilities1016,83519,649
Total current liabilities$29,676$ 31,583
Total liabilities$61,755$ 64,102
TOTAL EQUITY AND LIABILITIES$516,309$ 539,778


INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

Three months ended
March 31,
Amounts in thousands of US Dollars Note20222021
Operating activities
Loss before tax$ (14,569)$ (17,018)
Adjustments reconciling loss before tax to operating cash flows:
Depreciation and amortization4,4363,663
Net finance expense/income(1,635)3,211
Loss on sale of assets464-
Share based payment expense62,179-
Other(56)-
Changes in working capital:
(Increase)/Decrease in inventories(3,702)(1,402)
(Increase)/Decrease in accounts receivable17,66214,068
(Increase)/Decrease in other current receivables3,182(2,185)
(Decrease)/Increase in trade payables2,0983,723
(Decrease)/Increase in other current liabilities(2,408)(730)
Interest received1-
Interest paid(131)(1,976)
Tax received/(paid)(985)33
Cash flow used in operating activities$6,536$ 1,387
Investing activities
Purchase of intangible assets(327)-
Purchase of property, plant and equipment(2,090)(948)
Cash flow used in investing activities$ (2,417)$ (948)
Financing activities
Proceeds from issue of share capital624264,706
Share issue costs6-(19,288)
Proceeds from interest-bearing loans and borrowings-2,400
Repayment of interest-bearing loans and borrowings-(65,627)
Payment of principal portion of lease liability(748)(534)
Cash flow from financing activities$ (724)$ 181,657
Net cash flow during the period3,395182,096
Cash at bank and in hand at the beginning of the period118,0968,655
Net foreign exchange difference(1,280)667
Cash at bank and in hand at the end of the period$120,211$ 191,418


Key financial information by segment (unaudited):

Three months ended
March 31,
Amounts in thousands of US Dollars unless otherwise stated20222021
Kit
Revenue3,9942,841
Cost of goods sold(603)(585)
Gross profit$3,391$2,256
Gross profit margin84.9%79.4 %
Service
Revenue16,6079,558
Cost of goods sold(7,663)(3,942)
Gross profit$8,944$ 5,616
Gross profit margin53.9%58.8 %
Total segments
Revenue20,60112,399
Cost of goods sold(8,266)(4,527)
Gross profit$12,335$ 7,872
Gross profit margin59.9%63.5 %
Corporate / Unallocated
Revenue2,0761,229
Cost of goods sold(1,095)(469)
Gross profit$981$ 760
Gross profit margin47.3%61.8 %
Consolidated
Revenue22,67713,628
Cost of goods sold(9,360)(4,996)
Gross profit$13,317$ 8,632
Gross profit margin58.7%63.3 %


Reconciliations of adjusted gross profit to gross profit, the most directly comparable IFRS measure, by segment (unaudited):

Three months ended
March 31,
Amounts in thousands of US Dollars unless otherwise stated20222021
Kit
Revenue3,9942,841
Cost of goods sold(603)(585)
Gross profit$3,391$ 2,256
Gross profit margin84.9%79.%
Less:
Depreciation charges13286
Share based compensation expenses36-
Adjusted Gross Profit$3,559$ 2,342
Adjusted Gross Profit %89.1%82.4%
Service
Revenue16,6079,558
Cost of goods sold(7,663)(3,942)
Gross profit$8,944$ 5,616
Gross profit margin53.9%58.8 %
Less:
Depreciation charges693493
Share based compensation expenses30-
Adjusted Gross Profit$9,667$6,109
Adjusted Gross Profit %58.2%63.9%
Corporate / Unallocated
Revenue2,0761,229
Cost of goods sold(1,095)(469)
Gross profit$981$ 760
Gross profit margin47.3%61.8 %
Less:
Depreciation charges--
Share based compensation expenses--
Adjusted Gross Profit$981$ 760
Adjusted Gross Profit %47.3%61.8 %


Reconciliation of adjusted EBITDA to operating loss, the most directly comparable IFRS measure (unaudited):

Three months ended
March 31,
Amounts in thousands of US Dollars20222021
Operating profit/(loss)(16,204)(13,807)
Add:
Amortization2,9742,720
Depreciation1,462943
EBITDA(11,768)(10,144 )
Management adjustments4446,422
Share based compensation2,198-
AdjustedEBITDA$ (9,126 )$ (3,722)


Reconciliation of adjusted gross profit to gross profit, the most directly comparable IFRS measure (unaudited):

Three months ended
March 31,
Amounts in thousands of US Dollars unless otherwise stated20222021
Revenue22,67713,628
Cost of goods sold(9,360)(4,996)
Gross Profit$13,317$ 8,632
Gross Profit %58.7%63.3 %
Less:
Depreciation charges824579
Share based compensation expenses66-
Adjusted Gross Profit$14,207$ 9,211
Adjusted Gross Profit %62.6%67.6 %
To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Media Advisory: Bombardier to Host Special Celebration at the European Business Aviation Conference and Exhibition in Geneva20.5.2022 23:30:00 CEST | Press release

GENEVA, May 20, 2022 (GLOBE NEWSWIRE) -- Bombardier will host a special live and virtual event at the European Business Aviation Convention and Exhibition (EBACE) in Geneva on Monday, May 23, 2022. The event, led by Éric Martel, President and CEO, Bombardier, will highlight the continued ingenuity, innovation and leadership that is an integral part of Bombardier’s DNA. Date:Monday, May 23, 2022Time:11:00 a.m. – 11:45 a.m. (Central European Time) 5:00 a.m. – 5:45 a.m. (Eastern Time; North America)Venue:Geneva Palexpo Route François-Peyrot 30, 1218 Le Grand-Saconnex, Switzerland Bombardier Booth Z117 For those unable to attend in person, the event will also be available live on LinkedIn and Facebook at the following links: LinkedIn Event: https://www.linkedin.com/events/anewerabegins-unenouvelle-recom6931966844190781440/ Facebook Event:https://fb.me/e/1TJdkC7rS YouTube Event:https://www.youtube.com/watch?v=DdotViyJROc About Bombardier Bombardier is a global leader in aviation, focused on

EVS Q1 2022 Business Update – Continued Strong Momentum20.5.2022 17:45:00 CEST | Press release

EVS Q1 2022 BUSINESS UPDATE – CONTINUED STRONG MOMENTUM Liège, Belgium, May 20, 2022 EVS, global leader in live video technology for broadcast and new media productions, today announces its business update for the first quarter ending 31 March 2022. HIGHLIGHTS The secured revenue* at end of March 2022 is at EUR 91,0 million Secured revenue excluding Big Event Rental is at EUR 81.8 million versus EUR 54.1 million at the same date last year, a growth of +51,2%Secured revenue for Big Event Rental is set at EUR 9.2 millionOrder intake for 2022 demonstrating important wins across the worldMediaInfra performance underlining success of past acquisition (Axon)Gross margin evolves according to expectations and operational expenses remain in line with the full year guidance set forward *secured revenue, formally reported as booked revenue, includes the already recognized revenue as well as open orders on hand that will be recognized as revenue in 2022 COMMENTS Serge Van Herck, CEO comments the b

Cool Company Ltd. – Mandatory Notification Of Trade20.5.2022 16:27:38 CEST | Press release

EPS Ventures Ltd., close associate of Cyril Ducau, Chair of the Board of Cool Company Ltd. (the “Company”), has on 16 May 2022 acquired 15,028 shares and on 19 May 2022 acquired 1,394 shares in the Company at a price of NOK 88.00 per share. Following the transaction, EPS Ventures Ltd. holds a total of 15,054,841 shares in the Company, equivalent to 37.63% of the Company’s shares. Please see attached notification form in accordance with the Market Abuse Regulation article 19. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Attachment Primary insider notification forms

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK MUNICIPAL BONDS20.5.2022 16:20:00 CEST | Press release

Anbudsförfarande kommuner och regioner, 2022-05-24BondsFixed rate notes issued in SEK by Municipalities or Regions with maturity in: 2025 The following issuers are accepted for delivery: JÖNKÖPINGS KOMMUN SKÅNE LÄNS LANDSTING NACKA KOMMUN VELLINGE KOMMUN VÄSTERÅS KOMMUN HUDDINGE KOMMUN BORÅS KOMMUN HELSINGBORGS KOMMUN STOCKHOLMS LÄNS LANDSTING STOCKHOLMS KOMMUN GÖTEBORGS KOMMUN MALMÖ KOMMUN Delivery may not be made in Bonds purchased by the Counterparty from the issuer less than one week prior to the date for announcing the Specific terms, i.e. the purchase may not have been made after: 2022-05-13BidsBids are made to tel 08-696 69 70 and confirmed in writing by a filled-in Bid form by e-mail to EOL@riksbank.se Bid date2022-05-24Bid times10.00-11.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SEK 500 +/- 500 millionHighest permitted bid volume (corresponding nominal amount)The total bid volume from one Counterparty for the two Credit rating classes may not e

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK GOVERNMENT BONDS20.5.2022 16:20:00 CEST | Press release

Bid procedure, 2022-05-27BondsSWEDISH GOVERNMENT: 1056. SE0004517290. 2032-06-01 SWEDISH GOVERNMENT: 1059, SE0007125927, 2026-11-12 Bid date2022-05-27Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)1056: 750 mln SEK +/-400 mln SEK 1059: 750 mln SEK +/-400 mln SEK Highest permitted bid volume (corresponding nominal amount)1056: 750 mln SEK per bid 1059: 750 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 10.15 (CET/CEST) on the Bid dateDelivery and payment date2022-05-31Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2022-05-20 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions c