NEW YORK – Olink reported on Thursday morning that its first quarter revenues grew 21 percent year over year, primarily on strong proteomic biomarker discovery kit sales.
For the three months ended March 31, the Uppsala, Sweden-based proteomics firm posted $27.5 million in revenues compared to $22.7 million a year ago, just above analysts' consensus estimate of $27.3 million. On a constant-currency basis, Q1 revenues grew 25 percent year over year.
Revenue from kits more than tripled year over year to $13.5 million, accounting for 49 percent of total revenue compared to 18 percent a year ago. Meanwhile, Q1 analysis services revenue fell 37 percent to $10.4 million from $16.6 million a year ago, and other revenue grew 67 percent to $3.5 million from $2.1 million.
"During the first quarter we delivered solid performance along key product metrics while maintaining strong financial discipline," Olink CFO Oskar Hjelm said in a statement. "In particular, Olink continues to benefit from our strategy of increasing product mix towards kits, helping drive improvement in our corporate margin over the near- to long-term time horizons."
The company installed 11 of its Explore instrument platforms in Q1, bringing the total installed base to 63. It also placed 26 of its Total Signature Q100 platforms, increasing that installed base to 117.
Olink's Q1 net loss swelled to $14.0 million, or $.11 per share, from $12.2 million, or $.10 per share, a year ago. On average, analysts had expected a $.12 loss per share.
The firm's Q1 R&D spending grew 7 percent to $6.4 million from $6.0 million, while its SG&A expenses jumped 19 percent to $28.4 million from $23.9 million.
Olink finished the quarter with a cash balance of $172.6 million.
The company said that it expects full-year revenue of $192 million to $200 million, representing growth of 37 percent to 43 percent on a reported basis or 38 percent to 44 percent on a constant-currency basis. This revenue guidance is unchanged from prior guidance provided in February.
In morning trading on the Nasdaq, Olink's shares were up 5 percent at $22.48.