NEW YORK – Olink reported before the opening of the market on Tuesday that its Q4 revenues rose 32 percent.
For the three months ended Dec. 31, the Uppsala, Sweden-based firm posted revenues of $57.9 million, up from $43.7 million in the year-ago period and slightly above the consensus Wall Street estimate of $57.3 million.
Service revenue was $23.4 million, down 1 percent from $23.7 million in Q4 2021. Kits revenue was $30.6 million, up twofold from $15.3 million in the year-ago period. Other revenue was $3.9 million, down 17 percent from $4.7 million in Q4 2021.
On a conference call following the release of the company's Q4 results, Olink CEO Jon Heimer said growth had been driven by the firm's kits business, noting that the company was "demonstrating strong progress" in expanding that side of its business.
Olink placed 12 Explore platforms during Q4, bringing the number of installed platforms to 52. It also placed 28 Signature Q100 systems for targeted research, increasing the installed base of that platform to 91.
Heimer noted that by the end of 2022, Olink had validated assays for 5,000 protein targets.. In a note to investors, SVB Securities analyst Puneet Souda suggested that this could mean the next generation of the company's Explore system will target more than the 4,500 proteins Heimer had originally cited as the firm's goal.
Heimer declined to provide a timeline for when the company will release the next iteration of the platform.
Olink's net income in the fourth quarter was $5.4 million, or $.05 per share, compared to a net loss of $8.0 million, or $.07 per share, in Q4 2021. Wall Street analysts, on average, had estimated a net profit of $.01 per share.
Olink's R&D expenses were $6.6 million, down 24 percent from $8.7 million in the year-ago period. Its SG&A costs were $27.3 million, up 15 percent from $23.8 million in Q4 2021.
For full-year 2022, Olink posted revenues of $139.8 million, up 47 percent from $95.0 million in 2021 and above the consensus Wall Street estimate of 139.0 million.
Service revenue was $73.0 million, up 21 percent from $60.2 million in 2021. Kits revenue was $55.1 million, up more than twofold from $26.8 million in the year-ago period. Other revenue was $11.7 million, up 46 percent from $8.0 million in 2021.
Olink's net loss for 2022 was $12.9 million, or $.11 per share, compared to a net loss of $38.3 million, or $.43 per share, in 2021. Analysts, on average, had predicted a 2022 net loss of $.14 per share.
The company's R&D expenses in 2022 were $26.3 million, up 19 percent from $22.1 million in 2021. Its SG&A costs were $98.9 million, up 22 percent from $81.1 million the year before.
For 2023, Olink said it expects revenue between $192 million and $200 million, a year-over-year increase of 37 percent to 43 percent.
Olink ended 2022 with $75.1 million in cash and cash equivalents.
In Tuesday afternoon trading on the Nasdaq, Olink's stock was up 6 percent to $23.48.