UPPSALA,
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 growthOlink 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
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
Total revenue for the second quarter of 2021 was
Kits revenue for the second quarter of 2021 was
Other revenue was
Looking at revenue by geography during the second quarter of 2021, revenue was
Adjusted gross profit was
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
Net loss for the second quarter of 2021 was
Net loss per share for the second quarter of 2021 was (
Adjusted EBITDA for the second quarter of 2021 was
2021 guidance:
Due to the continued uncertainty around the COVID pandemic,
Webcast and conference call details
Statement regarding use of non IFRS financial measures
We present certain non-IFRS financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of these non-IFRS measures facilitates investors’ assessment of our operating performance. We caution readers that amounts presented in accordance with our definitions of Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Profit Percentage may not be the same as similar measures used by other companies. Not all companies and
Use of forward-looking statements
This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our 2021 revenue outlook, our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations.
In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Registration Statement on Form F-1, as amended (File No. 333-257842) and elsewhere in the documents we file with the
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INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
Three months ended | Six months ended | |||||||||||||||||
Amounts in thousands of US Dollars | Note | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenue | 4 | $ | 17,688 | $ | 7,884 | $ | 31,316 | $ | 15,882 | |||||||||
Cost of goods sold | (5,823 | ) | (2,291 | ) | (10,819 | ) | (5,840 | ) | ||||||||||
Gross profit | 11,865 | 5,593 | 20,497 | 10,042 | ||||||||||||||
Selling expenses | (6,979 | ) | (2,959 | ) | (12,683 | ) | (5,669 | ) | ||||||||||
Administrative expenses | (12,172 | ) | (3,963 | ) | (24,583 | ) | (7,835 | ) | ||||||||||
Research and development expenses | (4,990 | ) | (3,506 | ) | (9,209 | ) | (6,093 | ) | ||||||||||
Other operating income/(loss) | 868 | (115 | ) | 763 | (15 | ) | ||||||||||||
Operating loss | (11,408 | ) | (4,950 | ) | (25,215 | ) | (9,570 | ) | ||||||||||
Interest income/(expense) | 2.1 | (78 | ) | (2,225 | ) | (1,953 | ) | (4,258 | ) | |||||||||
Foreign exchange gain/(loss) | 2.1 | (5,806 | ) | 5,416 | (5,501 | ) | (1,174 | ) | ||||||||||
Other financial income/(expense) | 2.1 | (115 | ) | (143 | ) | (1,756 | ) | (431 | ) | |||||||||
Loss before tax | (17,407 | ) | (1,902 | ) | (34,425 | ) | (15,433 | ) | ||||||||||
Income tax benefit/(expense) | 6,806 | (145 | ) | 9,529 | 2,268 | |||||||||||||
Net loss for the period (Attributable to shareholders of the Parent) | $ | (10,601 | ) | $ | (2,047 | ) | $ | (24,896 | ) | $ | (13,165 | ) | ||||||
Basic and diluted loss per share | 9 | $ | (0.09 | ) | $ | (0.28 | ) | $ | (0.37 | ) | $ | (1.03 | ) | |||||
Other comprehensive income/(loss): | ||||||||||||||||||
Items that may be reclassified to profit or loss: | ||||||||||||||||||
Exchange differences from translation of foreign operations | 13,167 | 15,190 | (7,386 | ) | (100 | ) | ||||||||||||
Other comprehensive income/(loss) for the period, net of tax | 13,167 | 15,190 | (7,386 | ) | (100 | ) | ||||||||||||
Total comprehensive income/(loss) for the period, net of tax | $ | 2,566 | $ | 13,143 | $ | (32,282 | ) | $ | (13,265 | ) | ||||||||
Total comprehensive income/(loss) for the period (Attributable to shareholder of the Parent) | $ | 2,566 | $ | 13,143 | $ | (32,282 | ) | $ | (13,265 | ) |
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
Amounts in thousands of US Dollars | Note | As of 2021 (Unaudited) | As of 2020 | |||||||
ASSETS | ||||||||||
Non-current assets | ||||||||||
Intangible assets | $ | 330,546 | $ | 347,387 | ||||||
Property, plant and equipment | 7,117 | 5,774 | ||||||||
Right-of-use asset | 4,983 | 4,684 | ||||||||
Deferred tax assets | 10 | 11,301 | 37 | |||||||
Other long-term receivables | 305 | 133 | ||||||||
Total non-current assets | 354,252 | 358,015 | ||||||||
Current assets | ||||||||||
Inventories | 25,657 | 20,826 | ||||||||
Trade receivables | 19,882 | 33,482 | ||||||||
Other receivables | 4,426 | 2,856 | ||||||||
Prepaid expenses and accrued income | 12,356 | 1,491 | ||||||||
Cash at bank and in hand | 158,114 | 8,655 | ||||||||
Total current assets | 220,435 | 67,310 | ||||||||
TOTAL ASSETS | $ | 574,687 | $ | 425,325 | ||||||
EQUITY | ||||||||||
Share capital | 5 | 30,964 | 27,224 | |||||||
Other contributed capital | 5 | 503,317 | 257,774 | |||||||
Reserves | 31,974 | 39,360 | ||||||||
Accumulated losses | (49,554 | ) | (24,658 | ) | ||||||
Total equity attributable to shareholders of the Parent | $ | 516,701 | $ | 299,700 | ||||||
LIABILITIES | ||||||||||
Non-current liabilities | ||||||||||
Interest-bearing loans and borrowings | 5, 6 | 2,093 | 63,965 | |||||||
Deferred tax liabilities | 10 | 29,538 | 33,193 | |||||||
Total non-current liabilities | 31,631 | 97,158 | ||||||||
Current liabilities | ||||||||||
Interest-bearing loans and borrowings | 5, 6 | 2,422 | 2,146 | |||||||
Accounts payable | 6,283 | 6,658 | ||||||||
Current tax liabilities | 267 | 506 | ||||||||
Other current liabilities | 17,383 | 19,157 | ||||||||
Total current liabilities | 26,355 | 28,467 | ||||||||
Total liabilities | $ | 57,986 | $ | 125,625 | ||||||
TOTAL EQUITY AND LIABILITIES | $ | 574,687 | $ | 425,325 |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Six months ended | ||||||||||
Amounts in thousands of US Dollars | Note | 2021 | 2020 | |||||||
Operating activities | ||||||||||
Loss before tax | $ | (34,425 | ) | $ | (15,433 | ) | ||||
Adjustments reconciling loss before tax to operating cash flows: | ||||||||||
Depreciation and amortization | 7,420 | 5,754 | ||||||||
Net finance expense | 9,210 | 5,863 | ||||||||
Share based payment expense | 300 | |||||||||
Changes in working capital: | ||||||||||
(Increase) in inventories | (5,470 | ) | (1,957 | ) | ||||||
Decrease in accounts receivable | 12,493 | 9,916 | ||||||||
(Increase) in other current receivables | (11,300 | ) | (412 | ) | ||||||
Increase in trade payables | (113 | ) | 251 | |||||||
(Decrease)/Increase in other current liabilities | (854 | ) | (295 | ) | ||||||
Interest paid | (2,054 | ) | (1,542 | ) | ||||||
Tax paid | (1,803 | ) | (3,380 | ) | ||||||
Cash flow used in operating activities | (26,596 | ) | (1,235 | ) | ||||||
Investing activities | ||||||||||
Purchase of intangible assets | (1,692 | ) | (4,191 | ) | ||||||
Purchase of property, plant and equipment | (2,546 | ) | (839 | ) | ||||||
Acquisition of subsidiaries, net of cash acquired | - | (4,593 | ) | |||||||
Decrease/(Increase) in other non-current financial assets | (175 | ) | 23 | |||||||
Cash flow used in investing activities | (4,413 | ) | (9,600 | ) | ||||||
Financing activities | ||||||||||
Proceeds from issue of share capital | 5 | 264,706 | 13,634 | |||||||
Share issue costs | 5 | (19,485 | ) | |||||||
Proceeds from interest-bearing loans and borrowings | 2,312 | 8,000 | ||||||||
Repayment of interest-bearing loans and borrowings | 6 | (65,627 | ) | |||||||
Payment of principal portion of lease liability | (1,450 | ) | (588 | ) | ||||||
Cash flow from financing activities | 180,456 | 21,046 | ||||||||
Net cash flow during the period | 149,447 | 10,211 | ||||||||
Cash at bank and in hand at the beginning of the period | 8,655 | 6,162 | ||||||||
Net foreign exchange difference | 12 | 609 | ||||||||
Cash at bank and in hand at the end of the period | $ | 158,114 | $ | 16,982 |
A reconciliation of Adjusted EBITDA to operating loss, the most directly comparable IFRS measure, is set forth below:
Three months ended | Six months ended | |||||||||||
Amounts in thousands of | 2021 | 2020 | 2021 | 2020 | ||||||||
Operating (loss)/profit | (11,408 | ) | (4,950 | ) | (25,215 | ) | (9,570 | ) | ||||
Add: | ||||||||||||
Amortization | 2,728 | 2,343 | 5,448 | 4,660 | ||||||||
Depreciation | 1,029 | 548 | 1,972 | 1,094 | ||||||||
EBITDA | (7,651 | ) | (2,059 | ) | (17,795 | ) | (3,816 | ) | ||||
Management Adjustments | 1,400 | 735 | 7,822 | 1,083 | ||||||||
Adjusted EBITDA | (6,251 | ) | (1,324 | ) | (9,973 | ) | (2,733 | ) |
Reconciliations of Adjusted Gross Profit to gross profit, the most directly comparable IFRS measure, are set forth below:
Three months ended | Six months ended | |||||||||||||||
Amounts in thousands of | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenue | $ | 17,688 | $ | 7,884 | $ | 31,316 | $ | 15,882 | ||||||||
Cost of goods sold | (5,823 | ) | (2,291 | ) | (10,819 | ) | (5,840 | ) | ||||||||
Gross Profit | 11,865 | 5,593 | 20,497 | 10,042 | ||||||||||||
Gross Profit % | 67.1 | % | 70.9 | % | 65.5 | % | 63.2 | % | ||||||||
Less: | ||||||||||||||||
Inventory fair value step up | - | - | - | 253 | ||||||||||||
Depreciation charges | 622 | 118 | 1,201 | 391 | ||||||||||||
Adjusted Gross Profit | 12,487 | 5,711 | 21,698 | 10,686 | ||||||||||||
Adjusted Gross Profit % | 70.6 | % | 72.4 | % | 69.3 | % | 67.3 | % |
Source:
2021 GlobeNewswire, Inc., source