NEW YORK – Olink reported before the opening of the market on Monday that its Q4 revenues rose 18 percent.
For the three months ended Dec. 31, the Uppsala, Sweden-based proteomics firm posted revenues of $68.6 million, up from $57.9 million in the year-ago period but well below the consensus Wall Street estimate of $89.9 million.
Service revenue was $23.2 million, down 1 percent from $23.4 million in Q4 2022. Kits revenue was $39.7 million, up 30 percent from $30.6 million in the year-ago period. Other revenue was $5.7 million, up 46 percent from $3.9 million in Q4 2022.
Olink placed 20 Explore platforms during Q4, bringing the number of installed platforms to 107. It also placed 33 Signature Q100 systems for targeted research, increasing the installed base of that platform to 186.
Olink posted a net loss of $7.6 million in Q4, or $.06 per share, compared to net income of $5.4 million, or $.05 per share, in Q4 2022. Wall Street analysts, on average, had estimated net income of $.15 per share.
Olink's R&D expenses were $11.5 million, up 74 percent from $6.6 million in the year-ago period. Its SG&A costs were $43.3 million, up 59 percent from $27.3 million in Q4 2022.
For full-year 2023, Olink posted revenues of $169.6 million, up 21 percent from $139.8 million in 2022 and below the consensus Wall Street estimate of $190.9 million.
Service revenue was $66.0 million, down 10 percent from $73.0 million in 2022. Kits revenue was $87.5 million, up 59 percent from $55.1 million in the year-ago period. Other revenue was $16.1 million, up 38 percent from $11.7 million in 2022.
Olink's net loss for 2023 was $31.6 million, or $.25 per share, compared to a net loss of $12.9 million, or $.11 per share, in 2022. Analysts, on average, had predicted a 2023 net loss of $.04 per share.
The company's R&D expenses in 2023 were $34.2 million, up 30 percent from $26.3 million in 2022. Its SG&A costs were $130.1 million, up 32 percent from $98.9 million the year before.
Olink said in a statement that the increase in Q4 and full-year 2023 expenses was largely due to investment in the company's commercial organization and R&D as well as expenses related to its proposed acquisition by Thermo Fisher Scientific.
The $3.1 billion proposed acquisition has met with scrutiny from German and UK regulators.
Olink said that on March 20, 2024, Thermo Fisher received clearance for the acquisition from the Swedish Inspectorate of Strategic Products and that the parties continue to expect the deal to be completed by the middle of the year.
Olink ended 2023 with $121.0 million in cash and cash equivalents.
In Monday afternoon trading on the Nasdaq, Olink's stock was essentially flat at $24.35.