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Olink Q1 Revenues Climb 5 Percent, Missing Expectations

NEW YORK – Olink reported on Monday that its first quarter revenues rose 5 percent year over year.

For the three months ended March 31, the Uppsala, Sweden-based proteomics firm posted $28.8 million in revenues compared to $27.5 million a year ago. Analysts, on average, had expected just over $30 million in revenues. On a constant currency basis, Q1 revenues also grew 5 percent year over year.

Revenue from kits was $17.6 million, up 30 percent from $13.5 million in Q1 2023. Service revenue was $7.8 million in Q1, down 25 percent from $10.4 million a year ago. Other revenue was $3.3 million in Q1, down 6 percent from $3.5 million in Q1 2023.

The company installed 14 of its Explore instrument platforms in Q1, bringing the total installed base to 121. It also placed 16 of its Total Signature Q100 platforms, increasing that installed base to 202.

Olink's Q1 net loss was $16.1 million, or $.13 per share, versus $14.0 million, or $.11 per share, a year ago.

The firm's Q1 R&D spending grew 64 percent to $10.5 million from $6.4 million, while its SG&A expenses jumped 18 percent to $33.4 million from $28.4 million.

Olink finished the quarter with a cash balance of $109.3 million.

Thermo Fisher Scientific's proposed $3.1 billion acquisition of Olink for $26 per share is still pending. Olink said that on March 20, Thermo Fisher received clearance from the Swedish Inspectorate of Strategic Products with respect to the proposed transaction. Last week, the UK's Competition and Markets Authority said it had launched its planned phase 1 inquiry into the deal. Olink said it still expects the deal to close in mid-2024.