NEW YORK – Olink reported on Thursday that its Q3 2022 revenues were up 59 percent year over year.
For the three months ended Sept. 30, the Uppsala, Sweden-based proteomics technology firm posted revenues of $31.8 million, up from $20.0 million in the year-ago period.
The firm's service revenue was $15.1 million, flat with Q3 2021, while kits revenue was $13.4 million, up more than threefold from $3.7 million in the year-ago period. Other revenue more than doubled to $3.2 million, from $1.2 million in Q3 2021.
On a conference call following release of the results, Olink CEO Jon Heimer said the company saw particularly strong growth from its Explore kits and from its kits business generally.
He added that the 11 Explore system installations during the quarter marked a new record for the company. With those installations, Olink has now placed 40 Explore systems.
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 plans to expand the Explore menu to 4,500 proteins this year. Heimer said the company is ahead of schedule on that initiative.
Olink Chief Commercial Officer Carl Raimond said during the call that the 40 Explore installations represent a total of roughly 840,000 annual sample capacity and that over the last 12 months average customer pull-through was approximately $725,000.
Raimond added that the company has seen particularly strong interest in Explore from service providers.
Olink also placed 12 of its targeted Signature Q100 systems during the quarter, making for a total of 63 instruments installed to date.
Olink's net loss in the third quarter was $1.3 million, or $.01 per share, compared to $5.5 million, or $.05 per share, in Q3 2021.
The company's R&D expenses were $6.4 million, up 52 percent from $4.2 million in the year-ago period. Its SG&A costs were up 15 percent to $23.2 million from $20.1 million in Q3 2021.
Olink projected full year 2022 revenues of between $138 million and $142 million, narrowing its previous guidance of between $138 million and $145 million.
It ended the quarter with $77.1 million in cash.
In Thursday morning trading on the Nasdaq, Olink shares were up 6 percent to $17.60.