Original from: Genomeweb
Olink reported before the opening of the market Monday that its Q4 revenues rose 61 percent.
For the three months ended Dec. 31, the Uppsala, Sweden-based firm posted revenues of $43.7 million, up from $27.2 million in the year-ago period.
Service revenue was $23.7 million, up 37 percent from $17.3 million in Q4 2020. Kits revenue was $15.3 million, up 83 percent from $8.3 million in the year-ago period. Other revenue was $4.7 million, up roughly threefold from $1.6 million in Q4 2020.
On a conference call following release of the results, Olink CEO Jon Heimer said the company saw strong growth across its business during the quarter and full-year 2021 and highlighted in particular ongoing progress in driving uptake of its kit-based assays.
He noted that Olink saw 25 installations of its next-generation-sequencing-based Explore platform during the year, and that the company has begun delivering the latest version of the platform, which features assays to roughly 3,000 proteins, up from 1,500. Explore represented 69 percent and 62 percent of Olink's Q4 and full-year 2021 revenue, respectively, Heimer said. He added that Olink remains on track to expand the platform to cover 4,500 proteins in 2022.
Olink CFO Oskar Hjelm said that consumables pull-through on the Explore installed base averaged $750,000 per customer during 2021, with individual spend levels ranging from less than $100,000 to multiple millions of dollars.
The company also placed 28 of its Signature instruments during Q4. These systems are aimed at customers in the low- and mid-plex markets.
Heimer said Olink had completed running 56,000 samples from its collaboration with the UK Biobank on the 1,500-plex Explore platform and was now planning in 2022 to run those samples on the expanded Explore 3072 platform.
Olink's net loss in the first quarter was $8.0 million, or $.07 per share, compared to a profit of $6.5 million, or $.13 per share, in Q4 2020.
The company's R&D expenses were $8.7 million, up nearly fourfold from $2.2 million in the year-ago period. Its SG&A costs almost doubled to $23.8 million from $12.2 million in Q4 2020.
For full-year 2021, Olink posted revenues of $95.0 million, up from $54.1 million in the year-ago period.
Service revenue was $60.2 million, up 75 percent from $34.4 million in 2020. Kits revenue was $26.8 million, up 82 percent from $14.8 million in the year-ago period. Other revenue was $8.0 million, up 62 percent from $4.9 million in 2020.
Olink's net loss for 2021 was $38.3 million, or $.43 per share, compared to net loss of $6.8 million, or $1.10 per share, in 2020.
The company's R&D expenses were $22.1 million, more than double the $9.6 million reported in the year-ago period. Its SG&A costs more than doubled to $81.2 million from $32.8 million in 2020.
Olink said it expects 2022 revenue of between $138 million and $145 million, a year-over-year increase of between 45 percent and 53 percent.
Heimer noted that this guidance assumes "that the existing pandemic environment and the resulting operational friction are roughly similar to what we are experiencing today." He said the company had experienced COVID-19-related headwinds in Q3 and Q4.
Olink ended the quarter with $118.1 million in cash and cash equivalents.
In Monday morning trading on the Nasdaq, Olink shares were down 4 percent to $18.55.
