Today, and thank you for standing by. Welcome to the Olink Proteomics first quarter 2021 earnings conference call. At this time all participants are on listening only mode. As the speakers presentation, there will be Q&A session. To ask a question on the session, you would need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance please press star zero. I'll now hand the conference over to your speaker today, Stina Thorman, Investor Relations Manager. Please go ahead. Good morning, everyone. Thank you all for participating in today's conference call. On the call from Olink, we have Jon Heimer, Chief Executive Officer, and Oskar Jern, Chief Financial Officer. Earlier today, Olink released financial results for the first quarter, ending March 31st, 2021. A copy of the press release is available on the company's website. Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. Actual results may differ materially from those expressed or implied in the forward-looking statement due to a variety of factors. For a list and description of the risks and uncertainties associated with Olink's business, please refer to the Risk Factors section of our Form F-1, filed with the Securities and Exchange Commission on March 24, 2021. You should be aware that these statements should be considered estimates only and are not a guarantee of future performance. In the remarks or responses to questions, management may mention some non-GAAP financial measures. Reconciliations of adjusted gross profit and EBITDA and certain other non-GAAP financial measures to the most directly comparable GAAP measures are available in the recent earnings press release available on the company's website. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 20, 2021. Olink disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. With that, I will turn the call over to Jon. Thank you, Stina. Good morning, everyone, and thank you for joining Olink's first quarterly earnings call. Oskar and I will start with prepared remarks, and then we will take questions. I'd like to start by saying that we are very excited to be speaking to you on our first quarter following our IPO on March 25th, listing on Nasdaq and raising $264.7 million in gross proceeds. We're pleased to be able to report that we had a strong first quarter with reported total revenue of $13.6 million. This represents significant growth of 70% with the first quarter of 2020 on a reported basis. We generated significant growth in both kits and service segments, with reported year-on-year growth of 89% and 60% respectively, driven by the Explore platform. On behalf of Olink, I would like to thank everyone who was involved with the IPO. With the investment community support, we are now better positioned to invest and further accelerate our plans to expand the adoption of proteomics to help enable better understanding of real-time human biology. While we had a chance to tell our story to many of you through our IPO process, I'll start today's call with an introduction to Olink and our platform solution. Olink is a market leader in the emerging field of proteomics, addressing overwhelming, growing, and accelerating inefficiencies in healthcare and drug development today by providing clarity on mechanistic biology with our differentiated platform. Olink is helping researchers and clinicians investigate protein pathways that drive disease to help guide candidate drug development, improve outcomes in drug development, earlier and more accurate diagnosis of patients to ultimately ensure that the right patient receives the right treatment at the right point in time. Our platform of products and services have demonstrated success and used by over 600 customers in over 40 countries. Our customer base includes both large and small biopharma companies, as well as leading academic institutions around the world. In addition to our customer footprint, the utility and value of our platform has been validated as the research product used as the basis of almost 550 peer-reviewed publications through end of March in 2021. Two papers worth highlighting are based on the Explore platform, which is of particular interest due to the fact that the platform was launched less than 12 months before each was published. The first publication, titled "Next-Generation Plasma Protein Profiling to Monitor Health and Disease," is a longitudinal wellness diabetes study published in "Nature" led by Professor Mathias Uhlén. With this study, Explore was the platform of choice for the researchers to investigate wellness and treatment in the diabetic patient cohort. The study examined newly diagnosed patients with Type 2 diabetes before and during therapeutic intervention using plasma proteome profiling. The authors found evidence that a panel of proteins could potentially be used for the early diagnosis of diabetes, including the stratification of patients with regards to response to metformin treatment. The authors concluded that their study demonstrated the value of comprehensive plasma profiling for precision medicine efforts. Specific findings from the study will, of course, require validation among larger cohorts, but it's very exciting to see the Explore platform associated with such cutting-edge research. The second publication, "Longitudinal proteomic analysis of plasma from patients with severe COVID-19 reveals patient survival associated signature, tissue-specific cell death, and cell-to-cell interactions." A longitudinal analysis of COVID-19 by researchers at the Broad Institute and MGH in Boston, led by Professor Mike Filbin. One unique aspect of this study was the dense serial sampling of subjects in both the inpatient and outpatient setting, enabling the monitoring of intra-individual changes in circulating proteins as patients moved from early disease to clinical deterioration. This allowed not only the identification of potential biomarkers characteristic for different disease stages, but also the examination of temporal patterns of protein expression that were associated with severe versus non-severe COVID-19. These two papers well encapsulate the scientific utility of Olink and the Explore platform, as well as the breadth of the research that our platform enables. Olink is differentiated in the market with our disruptive and proprietary Proximity Extension Assay, PEA technology, which is used in discovery, translational, and clinical applications. PEA comprises of three product lines, Explore, Target, and Focus, offered as kits products or a service through our analytic service labs. Each product allows scientists to detect and quantify protein biomarker targets with 1,500 available today, soon to be 3,000, and expanding to 4,500 in 2022. We believe that our proprietary and patented PEA technology has the foundation necessary for broad application in large-scale discovery, as well as more targeted clinical trials and diagnostic applications. Compared to many other technologies, PEA is totally scalable and can enable faster, better-informed decisions in research with earlier detection and quantification of protein biomarkers in high multiplex and high throughput with an assay performance that does not compromise on data quality. Our newest product is Explore, launched worldwide as a service offering in June of last year and rolled out as a kit offering just a couple of months ago in March this year. Explore combines our unique PEA high multiplexing technology with Next-Generation Sequencing readout. The product overcomes significant limitations in other proteomic technologies, including remarkably increased performance in high multiplexing, throughput, and cost efficiency. We achieve these improvements while maintaining the same robust, transparent, and thorough validation of each assay, generating accurate and reproducible data that can be trusted, turning findings into actionable outcomes. This exciting offering from Olink has been met with excitement and strong adoption from our customers. In the first quarter, Explore represented more than 50% of total revenue, as compared to 26% for the full year 2020. We are pleased with Explore's traction as a service offering and are very excited about the momentum in the kits business. We are just beginning to commercialize this effort, but we are very pleased with the initial success and positive response from the market. In the end of April, Illumina hosted a virtual meeting on Explore and its integration for NovaSeq and NextSeq and JEFF users. We expect Explore to continue to be a top driver of revenue growth for Olink and a shift of the business from fee-for-service to a kits business model over time. Our Target and Focus products use qPCR readout on Fluidigm Biomark HD system. As we discussed during the IPO process, we are very excited to open up our order books for Olink Signature, a next-generation, modern, cost-effective benchtop qPCR system for our Target and for our Focus product portfolios in early June. We anticipate shipments of systems to begin in the fourth quarter. We believe Olink Signature will drastically lower the hurdles of adoption for our more targeted products. In conjunction with the launch of Olink Signature, we're also very excited to start development of a new flexible product offering where customers can freely pick and choose up to 20 protein biomarker targets. This product will add a great new addition in our Target portfolio, which we believe our customers will very much appreciate. We will begin selling this flexible product in 2022. On top of that, we will also open up our order books for our 3K product already in June, doubling our library of validated protein biomarker targets. This is an important milestone in our ambitions to rapidly expand our offering in the high-plex phase. We know our customers are very excited about the expansion of our protein biomarker targets, and we anticipate shipping kits and recognizing revenues related to the 3K product in the fourth quarter of this year. As we reported during the IPO, Olink is a global enterprise with a strong footprint in the U.S. and Europe, and a rapidly growing presence in China. During the first quarter, we were particularly pleased with our performance in the Americas after seeing some impact on our business during 2020 as a result of COVID-19. In the first quarter, revenue was $7.3 million in the Americas, growing 142% year-over-year. In EMEA and rest of world, revenue growth was 51% and negative 41%, respectively. Oskar will discuss the details of our revenues in a moment. It's great to see that Americas is picking up steam to pre-COVID growth and also the continued strong growth across EMEA. We established our business in China during 2020 with the opening of our first office in Shanghai early in the year. In China, we've been focused on getting our commercial team in place and have strengthened the business development and the field application science team, as well as working through the regulatory and administrative issues to ensure smooth business operations for all customers. Following the IPO, Olink remains focused on investing in the business to accelerate research and development, as well as expand commercial infrastructure to drive revenue growth. We remain confident in expanding our protein library to 3,000 assets later this year and 4,500 in 2022 in the high-plex phase. In parallel, we are building out our mid-plex portfolio product and looking at various opportunities to accelerate R&D as well as product and service offerings from Olink. The IPO proceeds may enable Olink to pursue technologies and capabilities that are better acquired than built internally. As you recall, we closed an acquisition of Agrisera, a Swedish manufacturer of antibodies in April 2020. Agrisera had previously been a supplier to Olink, and by owning Agrisera, we've been able to accelerate the development of antibodies and generation of new assets within the Olink family. The integration of Agrisera has gone as well as, or perhaps better than, we had anticipated at the time of closing, and we are now actually expanding operations for Agrisera in new, larger facilities and transferring some of the early upstream PEA development processes to Umeå, where Agrisera is based. In parallel, we remain very open to opportunities to expand commercial and R&D efforts that will accelerate our growth and market leadership position. We continue to invest according to our strategic plan, consistent with what was communicated during the IPO roadshow. We continued to add a meaningful number of hires to our commercial and R&D teams in particular, but we're really growing all parts of the business, and we are investing slightly ahead of the curve. We ended 2020 with 214 employees, and as at the end of March, we were 270 employees. On a run rate basis, included all hired personnel who have not yet started and consultants, we are 337 employees as at the end of April. Olink is off to a strong start in 2021 with significant opportunity ahead. As we continue to grow to meet customer demand, we are making sure to watch our operations carefully. One area that we are more focused today than just a couple of months ago is our supply chain. We've started to see some impacts from COVID related to transportation and logistics, but we are diligently monitoring developments as these arise and managing through them as best as we can. In summary, we are pleased with our first quarter performance, and we look forward to executing on our investment and strategic plans outlined during the roadshow as we move forward through 2021. I will now turn the call over to Oskar to discuss our financial results. Oskar? Thanks, Jon, and hello, everyone. As Jon mentioned earlier, total revenue for the first quarter of 2021 was $13.6 million as compared to $8 million for the first quarter of 2020. Revenue growth was driven primarily by Explore Analysis services, and with the service segment growing 60% year-over-year. The Kit segment was our fastest-growing segment, with 89% year-over-year growth on a reported basis. Analysis services revenues for the first quarter 2021 was $9.6 million, as compared to $6 million in the first quarter of 2020. Kit 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, revenue in North America was $7.3 million, as compared to $3 million in the first quarter of 2020. In EMEA, revenue was $5.5 million, as compared to $3.7 million in Q1 2020. Revenue in China and rest of the world was $0.8 million, as compared to $1.3 million in the first quarter of 2020. Cost of goods sold was $5 million in the first quarter of 2021, resulting in a gross profit of $8.6 million in the first quarter of 2021, as compared to cost of goods sold of $3.5 million in the first quarter of 2020, resulting in a gross profit of $4.4 million in the first quarter of 2020. Adjusted gross margin improved to 67.6% compared to 62.2% last year. The increase of 540 basis points was due to an improvement in the production efficiency, leading to lower inventory variances. We typically see an improving gross margin throughout the year. By segment, adjusted gross profit margin for analysis services was 64% for the first quarter of 2021 as compared to 66% in the first quarter of 2020. Decrease in adjusted gross profit percentage compared to the first quarter of 2020 was primarily due to the increase in lab personnel and temporary reduced efficiency in the labs as we were introducing the Explore service offering. Adjusted gross profit margin for Kits was 83% for the first quarter 2021 as compared to 44% in the first quarter of 2020. The improvement in adjusted gross profit percentage for Kits was due to an improvement in the production efficiency, leading to lower inventory variances and reduced level of scrapping in 2021. Adjusted gross profit margin for Other was 63% for the first quarter 2021 as compared to 67% in the first quarter of 2020. Our Other gross margin decreased as there were certain larger low-margin projects related to a specific KOL that was recognized in Q1 2021. 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. We continue to invest according to our strategic plan and what we communicated during the roadshow, adding a meaningful number of hires to our commercial and R&D teams in particular. We are really growing all parts of the business, and we are investing slightly ahead of the curve. We ended 2020 with 214 employees, and as at the end of March 2021, we were 270 employees. On a run rate basis, including all hired personnel who have not yet started and consultants, we were 337 employees as at the end of April. We see a lot of opportunity ahead for Olink, and we are investing accordingly. Operating expenses are broken out as follows. Sales and marketing expenses for the first quarter were $5.7 million as compared to $2.7 million in the first quarter of 2020. General and administrative expenses for the first quarter were $12.4 million as compared to $3.9 million in the first quarter of 2020. General and administrative expenses in the first quarter of 2021 includes approximately $4 million of expenses related to our IPO, $2.4 million related to management fee to Summa Equity, and $2.7 million relating to intangibles amortization stemming from the purchase price allocation following Summa Equity's acquisition of Olink in 2019. Research and development expenses were $4.2 million versus $2.6 million for the prior year period. Other operating income and expenses were -$0.1 million in the first quarter of 2021 as compared to $0.1 million of income in the first quarter of 2020. 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 a loss of $0.48 as compared to a loss of $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. We ended the quarter with $191.4 million of cash and cash equivalents as of March 31st, 2021. Following the IPO, we repaid all our outstanding debt facility. Moving to our outlook for the rest of the year. We expect revenue for the full year 2021 to be in the range of $90 million-$92 million, representing 66%-70% growth over 2020. Now I turn it back to Jon. Thank you. Thank you, Oskar. In summary, the first quarter of 2021 was a very exciting time at Olink for our dedicated team, our customers, and our shareholders. We continue to see robust adoption and appreciation from the market on our portfolio of products and services. Our successful IPO has positioned us to invest further in our business and continue to deliver strong operational and financial results this year and beyond. At this point, we will open up the call for questions. Operator? Ladies and gentlemen, to ask a question, you will need to press the star then the one key on your touch-tone telephone. To withdraw your question, press the pound key. Please stand by while we compile the Q&A roster. Our first question coming from the line of Puneet Souda with SVB Leerink. Your line is open. Great. Thanks, and thanks, Jon. Congrats on that first quarter. Definitely a strong one. It looks like the revenue guide is definitely ahead of the consensus numbers prior to the quarter. The first one, if I could ask is, if you can provide Explore versus Target Kits. I don't know if that was provided during the call. How should we think about the service? Service piece was pretty meaningful versus what we had in our numbers. Wanted to just get a view of how should we think about service versus Kits throughout the year. Obviously, the Explore product is a new product that's getting out into the market. Customers have a little bit of a build-up time in order to build their capabilities to bring this product in. Wanted to get a sense from you, how should we think about modeling that for the full year? Sure. No, thanks very much, Puneet. We have not shared sort of the greater details of the difference between Explore and Target Kits, but as you heard from Oskar that we had a significant growth in the kit business in this quarter compared to the quarter in 2020. Exactly to your point, if you revert to the Explore Kit business, we launched that offering, as you know, in March, so towards the end of the third month in the first quarter. To your point as well, that there is a process for customers to setting up. However, the market, as we just said, that we've had a very strong reception from the market in this kit offering, and we are looking at a very strong pipeline of customers to internalize this. We remain very confident in the projections and our plans for this year, and feel very confident and comfortable with where we're at and where we want to be towards the end of the year. Okay. That's helpful. I really appreciate you providing the full-year guide, but on the second quarter, just wanted to get a sense from you in terms of the factors we should be considering. Obviously, COVID is ongoing right now. You obviously delivered a strong growth here in the first quarter. U.K. Biobank is starting, correct me if I'm wrong, that's a second quarter, third quarter phenomenon more than the fourth quarter. Obviously, we appreciate the fourth quarter seasonality is usually very meaningful for you. Given those considerations, what can you give us in terms of the second quarter, and how should we be thinking about that in terms of modeling? Right. Yeah, you're correct. We will actually be receiving the first batch of samples from U.K. Biobank today. We will not probably complete those or send data until the third quarter. We will start seeing a collective revenues from that in the third quarter. As we pointed out, the guidance for the year, it remains intact to what we just communicated, and we remain very happy where the business is at, where it's going. To your point as well, that especially in America, to see a fantastic growth over last year and that we had very strong business in Europe last year despite COVID-19 going on. Now we see America's really picking up steam, and which we foresee will continue throughout the year. Obviously, COVID hasn't left us. It's still around. We're still very hopeful and optimistic on the situation we're in and what we're looking at ahead. Okay. Sure. I'll take that. Last question, if I could squeeze in, Jon. In terms of the product pipeline, you have 3,000 product protein panel coming up here, 4,500 after that. Can you give us a sense of where do you stand in terms of validation of that and other things that you need to do in order to launch those products and anything you can provide sort of beyond that 4,500 product? Really appreciate you providing some details around the flexible product offering. That sounds really interesting. If you could just briefly elaborate as to what is the target market for that product for the 20 proteins or so. Thank you very much. Sure thing. Good question, Puneet. We're very excited to, as we pointed out, open up the order books for the 3K product here in June. Obviously that is a very strong signal that the development is going very much to plan, and that we are now in the later stages of the product validation, which we think is a very important aspect and piece of our offering that provides very robust data quality that you can trust and immediately act on. This very high validation, which is totally unique for Olink in this market, and we put a lot of emphasis and focus on that. The 3K product is according to plan. The 4.5K product is also progressing to plan, where we're now in the antibody generation phase for that to develop targets to ramp up from the 3 to 4.5K. I'm also glad you mentioned the flexible offering we will be launching here or start developing rather, and start selling in 2022. As I also mentioned that we will be launching the Signature or start taking orders for the Signature platform here in June as well, obviously also sort of validating the fact that it goes according to plan and on timeline and so forth, expecting to start collecting revenues in the fourth quarter. When we look at that market, we have what we think a fantastic offering and very strong portfolio for that market with the more targeted panels where customers want to look at a bit fewer proteins and not the very extreme high throughput system with Explore. In addition to that, we also see that that market wants to be able to pick and choose a bit from a pre-validated library of assays. That is exactly what we're providing. Since PEA is unique in its ability to multiplex, we can also provide that sort of flexible offering in a higher multiplex than what any technology can offer on that market as well. We will be very much focused on inflammatory markets, which we know represents the biggest piece of that lower-multiplex market of protein analysis. Customers will be able to pick and choose from a pre-validated library of initially a few hundred targets and select which proteins they want to use, and we will rapidly turn that around and deliver those products, which we think will really complete the offering and be very attractive to that lower-multiplex market. Excellent. Thanks, guys. Our next question coming from the line of Matthew Sykes with Goldman Sachs. Your line is open. Thanks for taking my questions, and congrats on the first quarter. I just wanted to talk a little bit about sort of new versus existing customers. I know the Explore launch is very new, but obviously you're getting probably a lot of feedback and seeing potentially some new customers, and a lot of them are coming within analysis, and then we'll likely see it as show up in the Kits business. Could you just talk about the trend of new versus existing customers, and in particular, as it relates to Explore and other products? Thanks, Matt. I think the amazing opportunity that we're providing this industry here is the ability to complete the multi-omics perspective with proteomics on the same underlying platform that these research groups already have in-house, i.e., the Illumina NovaSeq. I think a fantastic example of that is the seminar Illumina hosted, where, catering to their internal sort of community of customers, to those genomic customers that have not been able to add proteins in a simple, smooth way in the past. That is one segment of the market where we are very excited about and who we believe also sees a very great value and addition to add proteins to complete that multi-omics perspective to provide much higher and better clarity on real-time human biology driving their research. As we look probably later in the year, it's a bit early with the launch of kits just in March, right, to look at that mix of existing customer base versus new customers. If we're pointing a direction, I think that us being able to offer these proteomics tools for genomics users will definitely be one such area we can talk to later in the year. Got it. Thanks for that. Kind of related to Puneet's question, just given that we're in May now and you used to start selling Explore in March, any sense for trends for the Explore Kit that you can give us? Then lastly, just any feedback on pricing or anything from customers on that end in relation to Explore as you're continuing to roll that out? Sure. Yeah, no, I mean, it's a bit early to talk about specifics. I think we are very excited by the interest we see from the market, the pipeline we're building, the discussions we have, everything in the works of many of these customers wanting to bring the Explore platform in-house. As we've been able to increase multiplexing, utilize the tremendous advancements we've seen in NGS, bringing prices down. We also see strong excitement and interest on that perspective as well from this customer base. A bit early to comment on specifics, but we feel very solid about where we're at, and we're super excited about all the excitement that the market and our customers are sharing with us around the Explore platform. Sure. Great. Thanks, Jon. Very helpful. Appreciate it. Our next question coming from the line of Tejas Savant with Morgan Stanley, your line is open. Hey, guys. Good afternoon. One question for you, Jon, just to start things off on the guide. Is there anything that you're embedding in terms of a residual COVID impact in the customer base and/or the supply chain here? I know you called out potential supply chain issues ticking up a little bit, and you're sort of putting in place efforts to deal with it. It'd be great if you can elaborate on that, specifically on the chip side. If you can share some color in terms of the trends you saw in terms of the order book in April and May, that would be terrific as well. Sure. Yeah. No, thank you. Right. Obviously we have a pandemic going on, right? We have seen some strains on the supply chain, especially around very simple products like plates and tips for pipetting, for example. We're obviously extremely on top of that, very proactive. We have placed orders. We're monitoring very closely. We ensure that we have what we need in stock, et cetera. It's just a pandemic going on, a lot of COVID testing, and so forth, as everyone knows, right? We just wanted to point to that fact there is a strain on the supply chain in our industry. However, we don't feel that that has any bearing on our guidance, that we're on top of it and being very proactive to handle that. We feel very comfortable where we're at, but just wanted to highlight that fact that there is such strain. Tejas, I commented on just recently, we are very excited about all the discussions we have. We see a huge tailwind for proteomics, the next omic that will drive the science in this industry. We are very strongly positioned as a key player there. Hence, we feel very good about where we're at, where we're heading, and the remainder of the year. Got it. Helpful. In terms of just the U.K. Biobank work, I know you mentioned you just got the samples and hope to start generating revenue in the third quarter. Can you share some color on any sort of follow-on conversations with other population proteomics customers in the pipeline, or does it still remain very early for that at this stage? No, on the contrary, it's a lot of discussion about such strategic projects and initiatives. It's a bit too early to be specific in terms of which cohorts and players and so forth. That's a very important element of the whole industry, that we've collected these important biobanks. We populate them with a lot of genomics data, now we need to add the next very important, perhaps the most important omic to that mix. Hence, proteomics is what people is looking at as that has now become readily available at scale, cost, throughput, quality, and so forth. I think that is something that is for sure in a lot of discussions and something we will hopefully be able to talk much more in detail on in later calls. Got it. Helpful. Then, sort of a two-parter here. One on your analysis service expansion plans. Clearly, as was mentioned earlier in the call, analysis service came in higher than where I think most street models were. Just seeing that and how the offering is resonating with customers here, can you just elaborate on plans for expanding that service outside of Europe, particularly in the U.S.? Then, in terms of the clinical strategy, can you just share what you're seeing in terms of customers looking to bring panels to the clinic and your own internal efforts as well? Sure. Yeah, no. As we see a very rapidly growing demand for proteomics and Olink in particular, we need to beef up and ensure that we can deliver to that growing demand. As you know, we're extremely focused on pushing the kits business in a more decentralized manner, which is sort of a very strong focus of ours with the launch of the Olink Explore here in March, and all the discussions we're having with customers on the market and building the pipeline and all that. Obviously, we need to ensure that we can meet demands on both legs of the business for sure. The second part of the question regarding the clinic. Yeah. We're super excited to see how Octave is progressing. We know they're closing in on launching their LDT offering in the multiple sclerosis space. A fantastic, I think, initiative, which hopefully will really make a serious impact for patients with multiple sclerosis and ensure that each patient there gets the right treatment at the right time. It's great to follow the progress in the ClinicalTrials.gov, where we see the expansion and use of Olink in many clinical studies and so forth. Obviously, this starts the whole process with capturing that roadmap in discovery to identify these novel biomarkers that can drive those insights and then take them into the clinic as well. Proteomics, it's still early days, but despite that, we see a lot of fantastic traction towards clinical use. We are equally excited in that department. Got it. One final one for me for Oskar. Oskar, $22 million in OpEx in 1Q, should we essentially be thinking of that as the baseline and grow from that number sequentially through the remainder of the year? Yeah, I think sort of looking at, we've not provided any guidance on sort of OpEx and operating margins. I think if you look in the details, you would see that the $22 million is sort of impacted by around $6 million of IPO-related and non-recurring expenses that I would sort of subtract from the underlying cost base. As we've talked about sort of during the roadshow and also during the call, we continue to invest in the organization to sort of execute the commercial ramp-up and build-up, continue to invest in R&D to pursue this opportunity, and doing that at a high pace. Got it. Very helpful. Thanks, guys, and congrats on the solid first quarter out of the gate. Thanks, Tejas. Thank you. Our next question coming from the line of Sung Ji Nam with BTIG. Your line is open. Hi, thanks for taking the questions. Congratulations on the quarter as well. Just maybe starting off with, obviously you guys are seeing a lot of strong momentum, especially with Explore Kits and Explore in general. Was curious if you have any insight into kind of the customer activity levels across the different geographic regions relative to pre-pandemic levels. I don't know if that's hard to tease out, but given just obviously strong growth in North America and still decent growth in EMEA, a little bit, I think, pressure in China, rest of the world regions. If you could kind of talk about what you guys are seeing from a customer activity level relative to pre-pandemic levels, that would be helpful. Thank you. Obviously super excited to see the Americas back to pre-COVID growth or accelerating from there, to be honest. A fantastic first quarter from the Americas and a great shout-out to our fantastic team there delivering very strong results. I would really also say the same thing about EMEA, to be honest. I think our EMEA team did wonders throughout 2020 and delivering solid growth during a pandemic and continue building on that growth in 2021 as well is fantastic to see. As to your point, I mean, it's still early days for us in Asia. We are just getting established, setting up the business processes, as we said, maneuvering the human genetic regulations in China to ensure smooth operations for our customers and ourselves in that region. It's a little bit early, of course, to say too much about that, but a lot of excitement there as well. We know that they're looking very closely on what goes on in the Western world and adopting similar type of strategies in their research as we see led by Americas and EMEA. Overall, very excited and perhaps mostly around the fantastic momentum and build-up and growth we now see in the Americas to pre-COVID. Very aggressive growth. Got you. Super helpful. Just obviously two publications related to Explore, very impressive already. You talked about the strong pipeline of customers. Could you characterize these customers? Any surprises there in terms of potential customers that are interested in the PEA application? Would love to hear kind of what you're seeing currently. Yeah. No real surprises. I think it's pretty evident to this research community that we really need to add proteins to this mix, right? It's just that proteomics technologies in very high multiplexing with high sensitivity, high specificity, validated data in a high throughput, cost-effective manner hasn't been there. Obviously now it's here, and people are excited and bringing. It really goes across the mix from the industry to academia, CROs, and core labs across those domains to add this extremely important omic to the mix of opportunities they have to conduct their research. No surprises really, but rather a lot of excitement and interest around the offering and the capabilities that we bring to the table. Great. Lastly from me, the impending launch of the 3,000 protein library, obviously very exciting there. Just curious, how should we think about that transition in terms of from the customer standpoint? Are there customers that are actually holding off until that's available before starting some of the projects? How would they incorporate that from the 1,500 and then moving on to 3,000 and then beyond? Yeah. Great. Thank you. We're super excited as well. It's a tremendous milestone for us. One of the beauties in how we present our product is, it's very simple to start over the first 1,500 and add the next 1,500 on top of that. I wouldn't say that customers are holding off. Rather, start building and adding to that mix. I think that's a great solution and offering that we provide that you can really add to the mix rather than have to, for example, rerun samples for new offerings and so forth. It's just additions. I wouldn't characterize it as rather that. It's just fantastic. Customers are excited. They want to get more proteins and expand, and they can build onto the data sets that they have or are generating. Great. Thank you so much. Thank you. Ladies and gentlemen, that is all the time we have for questions. I would now like to turn the call back over to Mr. Jon Heimer for any closing remarks. Thank you very much, operator. Thank you everyone for listening in today. We are obviously super excited with the first quarter and the strong excitement and opportunity Olink represents in this very important research community. Thanks everyone for joining. We look very much forward to speaking to you soon again. Have a fantastic day. Ladies and gentlemen, that concludes our conference for today. Thank you for your participation. You may now disconnect.