NEW YORK – Olink reported on Wednesday that its Q2 revenues more than doubled year over year.
For the three months ended June 30, the Uppsala, Sweden-based firm posted revenues of $17.7 million, up from $7.9 million in the year-ago period.
Service revenue was $11.8 million, up more than twofold from $5.1 million in Q2 2020. Kits revenue was $5.0 million, up roughly threefold from $1.7 million in the year-ago period. Other revenue was $800,000, down 20 percent from $1.0 million in Q2 2020.
On a conference call following release of the results, Olink CFO Oskar Hjelm said that the revenue figures reflected strong demand for the company's Explorer analysis platform and Explorer kit product, the latter of which it launched at the end of Q1 2021.
The Explore platform uses Olink's proximity extension assay technology to measure panels of up to 1,536 proteins, with next-generation sequencing readout on Illumina's NovaSeq system. Explore sales accounted for 53 percent of the company's revenue in Q2. Explore kit revenues accounted for 39 percent of total Explore sales, with the company counting 16 external customers for its Explore kits as of the end of Q2.
Hjelm also highlighted the launch in June of an expanded version of the Explore platform that measures roughly 3,000 proteins and can run around 10,000 samples per week per system. Olink has begun to take orders for the expanded system and plans to begin delivering systems in Q4 of this year.
Hjelm added that the company remains on track to expand the Explore system to 4,500 protein targets in 2022.
He said Olink has also seen "significant interest" in its targeted Signature Q100 platform, which the company plans to begin shipping later this year.
Olink's net loss in the second quarter was $10.6 million, or $.09 per share, compared to $2.0 million, or $.28 per share, in Q2 2020.
The company's R&D expenses were $5.0 million, up 43 percent from $3.5 million in the year-ago period. Its SG&A costs were up almost threefold to $19.2 million from $6.9 million in Q2 2020.
Olink maintained its previously projected 2021 revenue guidance of between $90 million and $92 million.
It ended the quarter with $158.1 million in cash and cash equivalents.
In Wednesday morning trading on the Nasdaq, Olink shares were down 8 percent to $29.45.