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Olink Olink reports second quarter 2021 financial results August 11 , 2021 UPPSALA , Sweden , Aug. 11 , 2021 ( GLOBE NEWSWIRE ) -- Olink Holding AB ( publ ) ( " Olink " ) ( Nasdaq : OLK ) today announced its financial results for the second quarter of 2021 . Highlights : • Revenue was $ 17.7 million in the second quarter of 2021 , representing year over year growth of 124 % on a reported basis and 129 % on a constant currency adjusted like - for - like basis • Adjusted EBITDA was ( $ 6.3 ) million in the second quarter of 2021 , as compared to ( $ 1.3 ) million in the second quarter of 2020 • Net loss was ( $ 10.6 ) million in the second quarter of 2021 , as compared to ( $ 2.0 ) million in the second quarter of 2020 • Olink reiterates its expectations for full year 2021 revenue to be in the range of $ 90 million to $ 92 million , and its plans to continue to accelerate investments into its platform to further accelerate growth • Olink introduced and opened up the order books for Olink Explore 3072 and Olink Signature Q100 during the second quarter • First full quarter of the Explore Kit offering in the market ; cumulative number of external kit customers was 16 at the end of the second quarter of 2021 • Explore accounted for 53 % of total revenues in Q2 . Explore Kit revenue accounted for 39 % of Explore revenues in Q2 " We saw excellent financial performance in the second quarter of 2021 , our first full quarter as a public company , with strong adoption of our proteomics products and services . We are particularly pleased with the acceptance and adoption of our Explore service and kit offerings . Our dedicated team delivered revenue of $ 17.7 million , representing 124 % year over year growth , " said Jon Heimer , CEO of Olink Proteomics . " We were excited to open up the order books for Olink Explore 3072 and Olink Signature Q100 during the quarter . We are already seeing early adoption of Explore 3072 by premier customers , including deCODE Genetics , an Amgen subsidiary , and the UK Biobank Pharma Proteomics Project . " Second quarter financial results : " In the second quarter , our team delivered strong revenue growth , driven by our newest product offering , Explore . Q2 2021 was the first full quarter with the Explore Kit offering in the market , and Explore accounted for 53 % of total revenues in Q2 . Explore Kit is our fastest growing product line . Our financial performance and successful IPO have positioned the company to continue to invest ahead of the curve , and accelerate investments for future growth , " said Oskar Hjelm , CFO of Olink Proteomics . Total revenue for the second quarter of 2021 was $ 17.7 million , as compared to $ 7.9 million for the second quarter of 2020. Revenue growth was driven primarily by the Explore platform , following a strong quarter for both the Service and Kit offerings . We launched our Explore Kit offering late in the first quarter of 2021. Analysis services revenue for the second quarter of 2021 was $ 11.8 . million , as compared to $ 5.1 million for the second quarter of 2020 . Kits revenue for the second quarter of 2021 was $ 5.0 million , as compared to $ 1.7 million for the second quarter of 2020 . Other revenue was $ 0.8 million for the second quarter of 2021 , as compared to $ 1.0 million for the second quarter of 2020 . Looking at revenue by geography during the second quarter of 2021 , revenue was $ 7.8 million in North America , $ 8.7 million in EMEA ( including Sweden ) , and $ 1.2 million in China and RoW ( including Japan ) . Adjusted gross profit was $ 12.5 million in the second quarter of 2021 , as compared to $ 5.7 million in the second quarter of 2020 . By segment , adjusted gross profit margin for analysis services for the second quarter of 2021 was 64 % as compared to 67 % in the second quarter of 2020 . Adjusted gross profit margin for kits was 90 % for the second quarter of 2021 , as compared to 95 % for the second quarter of 2020 . Adjusted gross profit margin for other was 44 % for the second quarter 2021 , as compared to 62 % for the second quarter of 2020 . Total operating expenses for the second quarter of 2021 were $ 23.3 million , as compared to $ 10.5 million for the second quarter of 2020. The increase was due to increased spending according to Olink's strategic plan , as well as IPO related expenses . Operating expenses excluding IPO related non - recurring items were $ 21.9 million in the second quarter of 2021 . Net loss for the second quarter of 2021 was ( $ 10.6 ) million , as compared to ( $ 2.0 ) million for the second quarter of 2020 . Net loss per share for the second quarter of 2021 was ( $ 0.09 ) based on a weighted average number of outstanding shares of 119,007,062 , as compared to ( $ 0.28 ) in the second quarter of 2020 based on a weighted average number of outstanding shares of 20,532,723 . Adjusted EBITDA for the second quarter of 2021 was ( $ 6.3 ) million , as compared to ( $ 1.3 ) million for the second quarter of 2020 .