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Olink Olink reports third quarter 2021 financial results November 10 , 2021 UPPSALA , Sweden , Nov. 10 , 2021 ( GLOBE NEWSWIRE ) -- Olink Holding AB ( publ ) ( " Olink " ) ( Nasdaq : OLK ) today announced its financial results for the third quarter of 2021 . Highlights : • Revenue was $ 20.0 million in the third quarter of 2021 , representing year over year growth of 82 % on a reported basis and 79 % on a constant currency adjusted like - for - like basis . Revenues for the nine months ending 30 September 2021 were $ 51.3 million , representing year over year growth of 91 % . • Adjusted EBITDA was ( $ 7.9 ) million in the third quarter of 2021 , as compared to $ 2.9 million in the third quarter of 2020 • Net loss was ( $ 5.5 ) million in the third quarter of 2021 , as compared to ( $ 0.1 ) million in the third 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 • First major data delivery and revenue recognition on the UK Biobank Pharma Proteomics Project ( " UKBB " ) , one of the world's largest studies of blood protein biomarkers conducted to date • Second full quarter with the Explore Kit offering in the market ; cumulative number of external kit customers was 21 at the end of the third quarter of 2021 • Explore accounted for 63 % of total revenues in Q3 . Explore Kit revenue accounted for 15 % of Explore revenues in Q3 . " Our dedicated team delivered very strong yearly growth of 82 % , and $ 20.0 million in third quarter revenue , despite headwinds from the COVID resurgence and the timing of some customer activity . We are enthusiastic about the customer feedback and acceptance of the Explore service and kit offerings , as well as the funnel of opportunity for Explore as we head into year end , " said Jon Heimer , CEO of Olink Proteomics . " During the quarter , the first major data delivery on the UK Biobank Pharma Proteomics Project marked an important milestone for the field of proteomics . " Third quarter financial results : " Our strong growth as a commercial organization was driven by continued robust execution , as well as our newest product offering , Explore , which accounted for 63 % of total revenues in Q3 . We remain on track with our investments into the business , the buildup of our Explore externalization pipeline , and our financial guidance of $ 90 to $ 92 million for the full year , " said Oskar Hjelm , CFO of Olink Proteomics . Total revenue for the third quarter of 2021 was $ 20.0 million , as compared to $ 11.0 million for the third quarter of 2020. Revenue growth was driven prir the Explore platform . Analysis services revenue for the third quarter of 2021 was $ 15.1 million , as compared to $ 6.0 million for the third quarter of 2020 . Kits revenue for the third quarter of 2021 was $ 3.7 million , as compared to $ 3.2 million for the third quarter of 2020. Kits revenue was impacted by the timing of installations and shipments , in part due to COVID - 19 related supply chain friction , which delayed work on certain projects . Other revenue was $ 1.2 million for the third quarter of 2021 , as compared to $ 1.8 million for the third quarter of 2020 . By geography , revenue during the third quarter of 2021 was $ 6.9 million in North America , $ 11.8 million in EMEA ( including Sweden ) , and $ 1.3 million in China and RoW ( including Japan ) . Adjusted gross profit was $ 13.1 million in the third quarter of 2021 , as compared to $ 8.1 million in the third quarter of 2020 . By segment , adjusted gross profit margin for analysis services for the third quarter of 2021 was 59 % as compared to 75 % in the third quarter of 2020 . The decrease in adjusted gross profit percentage is primarily related to reduced operational efficiency associated with the new product offerings and an increase in personnel costs as we have increased our lab capacity . In addition , as we anticipated the UKBB service delivery further reduced our service gross margin . Adjusted gross profit margin for kits was 91 % for the third quarter of 2021 , as compared to 83 % for the third quarter of 2020 . Adjusted gross profit margin for other was 74 % for the third quarter 2021 , as compared to 54 % for the third quarter of 2020 . Total operating expenses for the third quarter of 2021 were $ 24.1 million , as compared to $ 8.6 million for the third quarter of 2020. The increase was largely due to continued investment in commercial organization , research and development and additional cost as a public company . Net loss for the third quarter of 2021 was ( $ 5.5 ) million , as compared to ( $ 0.1 ) million for the third quarter of 2020 . Net loss per share for the third quarter of 2021 was ( $ 0.05 ) based on a weighted average number of outstanding shares of 119,007,062 , as compared to ( $ 0.20 ) in the third quarter of 2020 based on a weighted average number of outstanding shares of 22,900,000 . Adjusted EBITDA was ( $ 7.9 ) million for the third quarter of 2021 , as compared to $ 2.9 million for the third quarter of 2020 .