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Olink Olink reports first quarter 2021 financial results and issues full year 2021 guidance May 20 , 2021 UPPSALA , Sweden , May 20 , 2021 ( GLOBE NEWSWIRE ) -- Olink Holding AB ( publ ) ( “ Olink ” ) ( Nasdaq : OLK ) today announced its financial results for the first quarter of 2021 . Highlights : • Revenue was $ 13.6 million in the first quarter of 2021 , representing year over year growth of 70 % on a reported basis and 54 % on a constant currency adjusted like - for - like basis • Adjusted EBITDA was ( $ 3.7 ) million in the first quarter of 2021 , as compared to ( $ 1.4 ) million in the first quarter of 2020 • Net loss was ( $ 14.3 ) million in the first quarter of 2021 , as compared to ( $ 11.1 ) million in the first quarter of 2020 • Olink issues 2021 revenue guidance to be in the range of $ 90 million to $ 92 million , representing 66 % to 70 % growth over 2020 • Olink completed an initial public offering of 13.2 million common shares in the forms of ADSs , raising $ 264.7 million in gross proceeds • Use of products published in almost 550 peer reviewed studies through March 31st , 2021 , including the first two publications on the Explore platform during the first quarter 2021 " Olink had strong financial performance in the first quarter of 2021 with continued robust adoption of our proteomics products and services , which use our proprietary Proximity Extension Assay ( PEA ) technology . Our dedicated team delivered revenue of $ 13.6 million , representing 70 % year over year growth , and strong gross margin improvement , " said Jon Heimer , CEO of Olink Proteomics . " We successfully completed our IPO in March and are now better positioned to enable new discoveries and improve the lives of patients by enabling understanding of real - time human biology and accelerating proteomics with the scientific community . We expect our strong momentum to continue for the rest of this year and beyond , and are excited about our growing team and strategic investments . " First quarter financial results : " In the first quarter , our team delivered strong revenue growth , driven by our newest product offering , Explore . Our financial performance and the successful completion of our IPO has strengthened our balance sheet and positioned the company to accelerate investments for future growth , " said Oskar Hjelm , CFO of Olink Proteomics . Total revenue for the first quarter of 2021 was $ 13.6 million , as compared to $ 8.0 million in the first quarter of 2020. Revenue growth was driven primarily by the Explore platform . Analysis services revenue for the first quarter 2021 was $ 9.6 million , as compared to $ 6.0 million in the first quarter of 2020 . Kits revenue for the first quarter of 2021 was $ 2.8 million , as compared to $ 1.5 million in the first quarter of 2020 . Other revenue was $ 1.2 million for the first quarter of 2021 , as compared to $ 0.5 million in the first quarter of 2020 . Looking at revenue by geography during the first quarter of 2021 , revenue in North America was $ 7.3 million , in EMEA ( includes Sweden ) it was $ 5.5 million , and it was $ 0.8 million in China and RoW ( includes Japan ) . Adjusted gross profit was $ 9.2 million in the first quarter of 2021 , as compared to $ 5.0 million in the first quarter of 2020 . By segment , adjusted gross profit margin for analysis services for the first quarter 2021 was 64 % as compared to 66 % in the first quarter of 2020 . Adjusted gross profit margin for kits was 83 % for the first quarter 2021 , as compared to 44 % in the first quarter of 2020 . Adjusted gross profit margin for other was 63 % for the first quarter 2021 , as compared to 67 % in the first quarter of 2020 . Total operating expenses for the first quarter of 2021 were $ 22.4 million , as compared to $ 9.1 million in the first quarter of 2020. The increase was due to increased spending according to our strategic plan as well as IPO related expenses . Net loss for the first quarter of 2021 was ( $ 14.3 ) million , as compared to ( $ 11.1 ) million in the first quarter of 2020 . Net loss per share for the first quarter of 2021 was ( $ 0.48 ) based on an average number of outstanding shares of 38,926,170 , as compared to ( $ 0.76 ) in the first quarter of 2020 . Adjusted EBITDA for the first quarter of 2021 was ( $ 3.7 ) million , as compared to ( $ 1.4 ) million in the first quarter of 2020 . 2021 guidance : Olink expects full year 2021 revenue to be in the range of $ 90 million to $ 92 million . We plan to continue to accelerate investments into our platform to further accelerate growth .