NEW YORK – Olink reported on Wednesday that its Q3 2023 revenues were up 39 percent year over year.
For the three months ended Sept. 30, the Uppsala, Sweden-based proteomics technology firm posted revenues of $44.2 million, up from $31.8 million in the year-ago period and beating the consensus Wall Street estimate of $43.2 million.
The firm's service revenue was $16.9 million, up 12 percent from $15.1 million in Q3 2022, while kits revenue was $23.8 million, up 78 percent from $13.4 million in the year-ago period. Other revenue was $3.5 million, up 9 percent from $3.2 million in Q3 2022. The company said other revenue growth was driven by placements of its targeted Signature Q100 instruments and other hardware.
Olink placed 13 Explore platforms during the quarter, bringing its total installed base to 87. It placed 21 of its Signature Q100 systems during the quarter, making for a total of 153 instruments installed to date.
Explore revenue of $32.3 million accounted for 73 percent of total Q3 revenues, with Explore Kit revenue totaling $17.4 million, or 54 percent of total Explore revenues.
Olink's net loss in the third quarter was $1.8 million, or $.01 per share, compared to $1.3 million, or $.01 per share, in Q3 2022. This beat the consensus Wall Street estimate of a net loss of $.08 per share.
The company's R&D expenses were $8.3 million, up 30 percent from $6.4 million in the year-ago period. Its SG&A costs were up 29 percent to $30.0 million from $23.2 million in Q3 2022.
Olink ended the quarter with $130.3 million in cash.
On Oct. 17, Thermo Fisher Scientific announced it plans to acquire Olink for $26.00 per common share, or roughly $3.1 billion. The transaction is expected to be completed by mid-2024 and is subject to customary closing conditions.
In Wednesday morning trading on the Nasdaq, Olink shares were up 4 percent to $25.77.