NEW YORK – Olink reported on Thursday that its Q2 revenues were up 55 percent year over year.
For the three months ended June 30, the Uppsala, Sweden-based proteomics firm posted revenues of $27.5 million, up from $17.7 million in the year-ago period.
Service revenue was $17.9 million, up 52 percent from $11.8 million in Q2 2021. Kits revenue was $7.1 million, up 42 percent from $5.0 million in the year-ago period. Other revenue was $2.5 million, a threefold increase from $816,000 million in Q2 2021. Other revenue consisted primary of sales of the company's Signature Q100 instrument.
On a conference call following release of the results, Olink Chief Commercial Officer Carl Raimond highlighted the performance of the company's Explorer analysis platform and Explorer kit product, which he said accounted for 67 percent of the company's Q2 2022 revenues, up from 53 percent in the year-ago period. Raimond said the company had an installed base of 29 Explore systems at the end of the quarter.
The Explore platform uses Olink's proximity extension assay technology to measure panels of up to 3,000 proteins, with next-generation sequencing readout on Illumina's NovaSeq system. The company has also inked agreements with Element Biosciences, Ultima Genomics, and Singular Genomics to use those companies' NGS platforms for Explore readout.
Olink CFO Oskar Hjelm said during the call that installed Explore systems had an average customer pull-through of $700,000 in the 12 months ended June 30.
Olink CEO Jon Heimer said that the company remains on track to expand the Explore system to 4,500 protein targets by the end of 2022.
Olink's net loss in the second quarter was $4.8 million, or $.04 per share, compared to $10.6 million, or $.09 per share, in Q2 2021.
The company's R&D expenses were $7.3 million, up 46 percent from $5.0 million in the year-ago period. Its SG&A costs were up 28 percent to $24.6 million from $19.2 million in Q2 2021. The company added 51 employees during the quarter.
Olink maintained its previously projected 2022 revenue guidance of between $138 million and $145 million.
It ended the quarter with $99.8 million in cash and cash equivalents.
In Thursday morning trading on the Nasdaq, Olink shares were up 3 percent to $17.61.