Exhibit 99.1
Olink reports fourth quarter and full year 2021 financial results and provides outlook for 2022
UPPSALA, Sweden, February 14, 2022 (GLOBE NEWSWIRE) -- Olink Holding AB (publ) (“Olink”) (Nasdaq: OLK) today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2021, and provided revenue guidance for the full year 2022.
Highlights
| · | Fourth quarter revenue totaled $43.7 million, representing year over year growth of 61% on a reported basis and 45% on a constant currency adjusted like-for-like basis |
| · | Full year 2021 revenue totaled $95.0 million, achieving year over year growth of 76% on a reported basis and 64% on a constant currency adjusted like-for-like basis |
| · | Accelerating investment following the IPO, increased the number of employees by almost two-fold to 416 by the end of 2021, including 150 employees in the commercial organization |
| · | Cumulative Explore customer installations reached 25 at the end of 2021, compared to 21 at the end of the third quarter |
| · | Achieved 28 Signature Q100 placements during the fourth quarter |
| · | Explore revenue of $30.1 million accounted for 69% of total fourth quarter revenue, with Explore Kit revenue totaling $12.0 million, or 40% of total Explore revenues |
| · | Fourth quarter Kit revenue and analysis services revenue represented 35% and 54% of total revenue, respectively |
| · | Fourth quarter adjusted EBITDA and net loss was ($1.4) million and ($8.0) million, respectively; with full year 2021 adjusted EBITDA and net loss totaling ($18.5) million and ($38.3) million, respectively |
| · | Olink expects full year 2022 revenue to be in the range of $138 million to $145 million, growing 45% - 53%, plans continued strong investment to drive further adoption of its industry-leading proteomics platform, and remains sufficiently capitalized for executing its existing strategic plan |
“Achieving or surpassing all of Olink's major operational milestones in 2021, our industry-leading execution is proof of the talent and drive of our entire organization,” said Jon Heimer, CEO of Olink Proteomics. “Olink entered the year in an exceptionally strong competitive position; with increased optimism about the proteomics market and high conviction in its leadership position, in 2022 and beyond."
Fourth quarter and full year financial results
“Olink's fourth quarter performance was tremendous, providing a great opportunity to strategically accelerate investment into the Company,” said Oskar Hjelm, CFO of Olink Proteomics. "We anticipate 2022 will be another year of strong revenue growth, and we remain well capitalized to deliver on our existing strategic plan and return to profitability."
Benefitting from rapid adoption of new products, and strong growth across major geographic regions, total revenue for the fourth quarter of 2021 was $43.7 million, as compared to $27.2 million for the fourth quarter of 2020. Fourth quarter revenue growth, totaling 61%, was driven primarily by strong Explore growth. Full year 2021 revenue grew 76% to $95.0 million, as compared to $54.1 million for 2020.
1 Olink press release ½ Fourth quarter and full year 2021 report
Kits revenue for the fourth quarter of 2021 grew 83% to $15.3 million, or 35% of total revenue, as compared to $8.3 million for the fourth quarter of 2020, or 31% of total revenue. Drivers of kits revenue included strong Explore pull-through and a rapid expansion of our external kit users. Full year 2021 kits revenue grew 82%, totaling $26.8 million, versus $14.8 million during 2020. The strong Explore Kit revenue growth was enabled by rapid customer adoption of the Explore externalization strategy leading to 25 external kit users and pull through levels of approximately $750,000 for full year 2021.
Analysis services revenue for the fourth quarter of 2021 was $23.7 million, as compared to $17.3 million for the fourth quarter of 2020, representing 37% growth. Full year 2021 analysis service revenue totaled $60.2 million, versus $34.4 million for 2020, representing 75% growth.
Other revenue was $4.7 million for the fourth quarter of 2021, as compared to $1.6 million for the fourth quarter of 2020. Other revenue growth was driven primarily by the placement of 28 Signature Q100 instruments during the quarter. Full year 2021 other revenue totaled $8.0 million, versus $4.9 million for 2020.
By geography, revenue during the fourth quarter of 2021 was $20.2 million in North America, $20.1 million in EMEA (including Sweden), and $3.3 million in China and RoW (including Japan). By geography, revenue during the full year 2021 was $42.3 million in North America, $45.4 million in EMEA (including Sweden), and $7.2 million in China and RoW (including Japan).
Driven primarily by the decision to accelerate investment, adjusted EBITDA was ($1.4) million for the fourth quarter of 2021, as compared to $10.8 million for the fourth quarter of 2020. Full year 2021 adjusted EBITDA was ($18.5) million, versus $11.0 million for 2020.
Adjusted gross profit was $26.5 million in the fourth quarter of 2021, as compared to $19.6 million in the fourth quarter of 2020. Full year 2021 adjusted gross profit totaled $61.3 million, versus $38.4 million for 2020.
By segment, adjusted gross profit margin for kits was 85% for the fourth quarter of 2021, as compared to 90% for the fourth quarter of 2020. The decrease in margin in the fourth quarter of 2021 compared to 2020 was related to year-end adjustments for Target reagent products. Full year 2021 adjusted gross profit margin for kits was 86%, versus 84% for 2020.
Fourth quarter 2021 adjusted gross profit margin for analysis services was 50% as compared to 68% in the fourth quarter of 2020. The decline in analysis services margin was driven primary by the 56,000 samples processed for the UKBB. Olink remains very pleased with the investment into the UKBB project and how it will further research and further cement its position as the leader in proteomics. In addition, analysis services margin was impacted by an increase in personnel costs driven by the increase of Olink's lab capacity. Full year 2021 adjusted gross profit margin for analysis services was 57%, versus 69% for 2020.
Adjusted gross profit margin for Other was 34%, as compared to 23% for the fourth quarter of 2020. Fourth quarter 2021 Other adjusted gross profit margin was impacted by Signature platform sales. Full year 2021 adjusted gross profit margin for Other was 45%, versus 47% for 2020.
2 Olink press release ½ Fourth quarter and full year 2021 report
Total operating expenses for the fourth quarter of 2021 were $33.1 million, as compared to $13.8 million for the fourth quarter of 2020. The increase was largely due to continued and accelerated investment in Olink's commercial organization and research and development and driven by additional costs as a public company as well.
Full year 2021 total operating expenses were $102.9 million, as compared to $42.0 million for 2020. Net loss for the fourth quarter of 2021 was ($8.0) million, as compared to a net profit of $6.5 million for the fourth quarter of 2020. Full year 2021 net loss totaled ($38.3) million, as compared to ($6.8) million for 2020.
Net loss per share for the fourth quarter of 2021 was ($0.07) based on a weighted average number of outstanding shares of 119,007,062 as compared to a net profit per share of $0.13 in the fourth quarter of 2020 based on a weighted average number of outstanding shares of 23,190,461. Full year 2021 net loss per share totaled ($0.43), versus ($1.10) per share in 2020.
2022 guidance
Given the Company's strong competitive position and the growth prospects of the proteomics market, Olink expects full year 2022 revenue will be in the range of $138 million to $145 million, progressing along a seasonal pattern similar to 2021. Olink also expects it will continue to accelerate investment this year to drive growth, and believes it is sufficiently capitalized to deliver on its existing strategic plan and return to profitability.
Webcast and conference call details
Company management will host a conference call to discuss financial results at 8:00 am ET. Investors interested in listening to the conference call may do so by dialing (833) 562-0120 for domestic callers or (661) 567-1096 for international callers, followed by Conference ID: 5159949. A live webcast of the conference call will be available on the “Investors” section of the Company's website at https://investors.olink.com/investor-relations. The webcast will be archived and available for replay for at least 90 days after the event.
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 Wall Street analysts calculate the non-IFRS measures we use in the same manner. We compensate for these limitations by reconciling each of these non-IFRS measures to the nearest IFRS performance measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.
3 Olink press release ½ Fourth quarter and full year 2021 report
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 2022 revenue outlook, our Explore externalizations, 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 Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.
About Olink
Olink Holding AB (Nasdaq: OLK) is a company dedicated to accelerating proteomics together with the scientific community, across multiple disease areas to enable new discoveries and improve the lives of patients. Olink provides a platform of products and services which are deployed across major biopharmaceutical companies and leading clinical and academic institutions to deepen the understanding of real-time human biology and drive 21st century healthcare through actionable and impactful science. The company was founded in 2016 and is well established across Europe, North America and Asia. Olink is headquartered in Uppsala, Sweden.
IR Contact
Jan Medina, CFA, VP Investor Relations & Capital Markets
Mobile: +1 617 802 4157
jan.medina@olink.com
Media Contact
Andrea Prander, Corporate Communications Manager
Mobile: +46 768 775 275
andrea.prander@olink.com
4 Olink press release ½ Fourth quarter and full year 2021 report
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
| | | Three months ended
December 31, | | | Twelve months ended
December 31, | |
| Amounts in thousands of US Dollars | | 2021 | | | 2020 | | | 2021 | | | 2020 | |
| Revenue | | $ | 43,683 | | | $ | 27,188 | | | $ | 94,973 | | | $ | 54,067 | |
| Cost of goods sold | | | (18,379 | ) | | | (8,437 | ) | | | (36,763 | ) | | | (17,456 | ) |
| Gross profit | | | 25,304 | | | | 18,751 | | | | 58,209 | | | | 36,611 | |
| Selling expenses | | | (11,950 | ) | | | (4,276 | ) | | | (33,668 | ) | | | (12,722 | ) |
| Administrative expenses | | | (11,826 | ) | | | (7,893 | ) | | | (47,495 | ) | | | (20,102 | ) |
| Research and development expenses | | | (8,722 | ) | | | (2,209 | ) | | | (22,141 | ) | | | (9,632 | ) |
| Other operating income/(loss) | | | (596 | ) | | | 584 | | | | 443 | | | | 475 | |
| Operating profit/(loss) | | | (7,791 | ) | | | 4,957 | | | | (44,652 | ) | | | (5,370 | ) |
| Interest income/(expense) | | | (38 | ) | | | (1,187 | ) | | | (2,048 | ) | | | (6,631 | ) |
| Foreign exchange gain/(loss) | | | 2,523 | | | | 4,587 | | | | 1,875 | | | | 5,455 | |
| Other financial income/(expense) | | | 19 | | | | (135 | ) | | | (1,719 | ) | | | (713 | ) |
| Loss before tax | | | (5,288 | ) | | | 8,222 | | | | (46,545 | ) | | | (7,259 | ) |
| Income tax benefit/(expense) | | | (2,685 | ) | | | (1,732 | ) | | | 8,206 | | | | 479 | |
| Net profit/(loss) for the period (Attributable to shareholders of the Parent) | | $ | (7,972 | ) | | $ | 6,490 | | | $ | (38,339 | ) | | $ | (6,780 | ) |
| Basic and diluted profit/(loss) per share | | $ | (0.07 | ) | | $ | 0.13 | | | $ | (0.43 | ) | | $ | (1.10 | ) |
| | | | | | | | | | | | | | | | | |
| Other comprehensive (loss)/income: | | | | | | | | | | | | | | | | |
| Items that may be reclassified to profit or loss: | | | | | | | | | | | | | | | | |
| Exchange differences from translation of foreign operations | | | (13,570 | ) | | | 26,535 | | | | (37,659 | ) | | | 36,761 | |
| Other comprehensive (loss)/income for the period, net of tax | | | (13,570 | ) | | | 26,535 | | | | (37,659 | ) | | | 36,761 | |
| Total comprehensive (loss)/income for the period, net of tax | | $ | (21,542 | ) | | $ | 33,025 | | | $ | (75,998 | ) | | $ | 29,981 | |
| Total comprehensive (loss)/income for the period (Attributable to shareholder of the Parent) | | $ | (21,542 | ) | | $ | 33,025 | | | $ | (75,998 | ) | | $ | 29,981 | |
5 Olink press release ½ Fourth quarter and full year 2021 report
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
| Amounts in thousands of US Dollars | | As of
December 31,
2021
(Unaudited) | | | As of
December 31,
2020 | |
| ASSETS | | | | | | | | |
| Non-current assets | | | | | | | | |
| Intangible assets | | $ | 308,124 | | | $ | 347,387 | |
| Property, plant and equipment | | | 12,696 | | | | 5,774 | |
| Right-of-use asset | | | 8,778 | | | | 4,684 | |
| Deferred tax assets | | | 9,091 | | | | 37 | |
| Other long-term receivables | | | 422 | | | | 133 | |
| Total non-current assets | | | 339,111 | | | | 358,015 | |
| Current assets | | | | | | | | |
| Inventories | | | 28,940 | | | | 20,826 | |
| Trade receivables | | | 42,061 | | | | 33,482 | |
| Other receivables | | | 4,094 | | | | 2,856 | |
| Prepaid expenses and accrued income | | | 7,475 | | | | 1,491 | |
| Cash at bank and in hand | | | 118,096 | | | | 8,655 | |
| Total current assets | | | 200,667 | | | | 67,310 | |
| TOTAL ASSETS | | $ | 539,778 | | | $ | 425,325 | |
| EQUITY | | | | | | | | |
| Share capital | | | 30,964 | | | | 27,224 | |
| Other contributed capital | | | 506,008 | | | | 257,774 | |
| Reserves | | | 1,701 | | | | 39,360 | |
| Accumulated losses | | | (62,997 | ) | | | (24,658 | ) |
| Total equity attributable to shareholders of the Parent | | $ | 475,677 | | | $ | 299,700 | |
| LIABILITIES | | | | | | | | |
| Non-current liabilities | | | | | | | | |
| Interest-bearing loans and borrowings | | | 5,427 | | | | 63,965 | |
| Deferred tax liabilities | | | 27,092 | | | | 33,193 | |
| Total non-current liabilities | | | 32,518 | | | | 97,158 | |
| Current liabilities | | | | | | | | |
| Interest-bearing loans and borrowings | | | 2,952 | | | | 2,146 | |
| Accounts payable | | | 8,668 | | | | 6,658 | |
| Current tax liabilities | | | 314 | | | | 506 | |
| Other current liabilities | | | 19,649 | | | | 19,157 | |
| Total current liabilities | | | 31,583 | | | | 28,467 | |
| Total liabilities | | $ | 64,101 | | | $ | 125,625 | |
| TOTAL EQUITY AND LIABILITIES | | $ | 539,778 | | | $ | 425,325 | |
6 Olink press release ½ Fourth quarter and full year 2021 report
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
| | | Twelve months ended December
31, | |
| Amounts in thousands of US Dollars | | 2021 | | | 2020 | |
| Operating activities | | | | | | | | |
| Loss before tax | | $ | (46,545 | ) | | $ | (7,259 | ) |
| Adjustments reconciling loss before tax to operating cash flows: | | | | | | | | |
| Depreciation and amortization | | | 15,802 | | | | 12,540 | |
| Net finance expense | | | 1,893 | | | | 1,889 | |
| Loss on sale of assets | | | 502 | | | | - | |
| Share based payment expense | | | 2,524 | | | | - | |
| Changes in working capital: | | | | | | | | |
| (Increase)/Decrease in inventories | | | (10,158 | ) | | | (5,978 | ) |
| (Increase)/Decrease in accounts receivable | | | (12,172 | ) | | | (11,889 | ) |
| (Increase)/Decrease in other current receivables | | | (6,105 | ) | | | (911 | ) |
| (Decrease)/Increase in trade payables | | | 3,014 | | | | 3,738 | |
| (Decrease)/Increase in other current liabilities | | | 2,039 | | | | 11,146 | |
| Interest received | | | 98 | | | | - | |
| Interest paid | | | (2,312 | ) | | | (4,726 | ) |
| Tax received/(paid) | | | (2,266 | ) | | | (5,339 | ) |
| Cash flow used in operating activities | | $ | (53,687 | ) | | $ | (6,789 | ) |
| Investing activities | | | | | | | | |
| Purchase of intangible assets | | | (4,325 | ) | | | (7,791 | ) |
| Purchase of property, plant and equipment | | | (10,482 | ) | | | (3,460 | ) |
| Proceeds from sale of property, plant and equipment | | | 144 | | | | - | |
| Acquisition of subsidiaries, net of cash acquired | | | - | | | | (4,593 | ) |
| Decrease/(Increase) in other non-current financial assets | | | (297 | ) | | | 2 | |
| Cash flow used in investing activities | | $ | (14,960 | ) | | $ | (15,842 | ) |
| Financing activities | | | | | | | | |
| Proceeds from issue of share capital | | | 264,706 | | | | 19,155 | |
| Share issue costs | | | (19,484 | ) | | | - | |
| Proceeds from interest-bearing loans and borrowings | | | 2,312 | | | | 7,930 | |
| Repayment of interest-bearing loans and borrowings | | | (65,627 | ) | | | - | |
| Payment of principal portion of lease liability | | | (2,845 | ) | | | (1,490 | ) |
| Cash flow from financing activities | | $ | 179,062 | | | $ | 25,595 | |
| Net cash flow during the period | | | 110,415 | | | | 2,964 | |
| Cash at bank and in hand at the beginning of the period | | | 8,656 | | | | 6,162 | |
| Net foreign exchange difference | | | (975 | ) | | | (471 | ) |
| Cash at bank and in hand at the end of the period | | $ | 118,096 | | | $ | 8,655 | |
7 Olink press release ½ Fourth quarter and full year 2021 report
The following table presents the Company’s key financial information by segment (unaudited):
| | | Three months ended December 31, | | | Twelve months ended December 31, | |
| Amounts in thousands of U.S. Dollars, unless otherwise stated | | 2021 | | | 2020 | | | 2021 | | | 2020 | |
| Kit | | | | | | | | | | | | | | | | |
| Revenue | | | 15,263 | | | | 8,320 | | | | 26,797 | | | | 14,759 | |
| Cost of goods sold | | | (2,439 | ) | | | (966 | ) | | | (4,112 | ) | | | (2,671 | ) |
| Gross profit | | | 12,824 | | | | 7,354 | | | | 22,685 | | | | 12,088 | |
| Gross profit margin | | | 84.0 | % | | | 88.4 | % | | | 84.7 | % | | | 81.9 | % |
| | | | | | | | | | | | | | | | | |
| Service | | | | | | | | | | | | | | | | |
| Revenue | | | 23,693 | | | | 17,284 | | | | 60,221 | | | | 34,404 | |
| Cost of goods sold | | | (12,826 | ) | | | (6,225 | ) | | | (28,299 | ) | | | (12,114 | ) |
| Gross profit | | | 10,868 | | | | 11,058 | | | | 31,922 | | | | 22,289 | |
| Gross profit margin | | | 45.9 | % | | | 64.0 | % | | | 53.0 | % | | | 64.8 | % |
| | | | | | | | | | | | | | | | | |
| Total segments | | | | | | | | | | | | | | | | |
| Revenue | | | 38,956 | | | | 25,604 | | | | 87,018 | | | | 49,163 | |
| Cost of goods sold | | | (15,264 | ) | | | (7,192 | ) | | | (32,411 | ) | | | (14,786 | ) |
| Gross profit | | | 23,692 | | | | 18,412 | | | | 54,607 | | | | 34,377 | |
| Gross profit margin | | | 60.8 | % | | | 71.9 | % | | | 62.8 | % | | | 69.9 | % |
| | | | | | | | | | | | | | | | | |
| Corporate / Unallocated | | | | | | | | | | | | | | | | |
| Revenue | | | 4,727 | | | | 1,584 | | | | 7,955 | | | | 4,904 | |
| Cost of goods sold | | | (3,115 | ) | | | (1,246 | ) | | | (4,352 | ) | | | (2,671 | ) |
| Gross profit | | | 1,612 | | | | 338 | | | | 3,602 | | | | 2,233 | |
| Gross profit margin | | | 34.1 | % | | | 21.4 | % | | | 45.3 | % | | | 45.5 | % |
| | | | | | | | | | | | | | | | | |
| Consolidated | | | | | | | | | | | | | | | | |
| Revenue | | | 43,683 | | | | 27,188 | | | | 94,973 | | | | 54,067 | |
| Cost of goods sold | | | (18,379 | ) | | | (8,437 | ) | | | (36,763 | ) | | | (17,456 | ) |
| Gross profit | | | 25,304 | | | | 18,751 | | | | 58,209 | | | | 36,611 | |
| Gross profit margin | | | 57.9 | % | | | 69.0 | % | | | 61.3 | % | | | 67.7 | % |
8 Olink press release ½ Fourth quarter and full year 2021 report
A reconciliation of Adjusted EBITDA to operating loss, the most directly comparable IFRS measure, is set forth below (unaudited):
| | | Three months ended December 31, | | | Twelve months ended December 31, | |
| Amounts in thousands of U.S. Dollars | | 2021 | | | 2020 | | | 2021 | | | 2020 | |
| Operating profit/(loss) | | (7,791 | ) | | 4,957 | | | (44,652 | ) | | (5,370 | ) |
| Add: | | | | | | | | | | | | |
| Amortization | | 2,993 | | | 2,642 | | | 11,090 | | | 9,872 | |
| Depreciation | | 1,635 | | | 842 | | | 4,713 | | | 2,668 | |
| EBITDA | | (3,163 | ) | | 8,441 | | | (28,849 | ) | | (7,170 | ) |
| Management Adjustments | | (85 | ) | | 2,370 | | | 7,777 | | | 3,852 | |
| Share based compensation expenses | | 1,888 | | | - | | | 2,524 | | | - | |
| Adjusted EBITDA | | (1,360 | ) | | 10,811 | | | (18,548 | ) | | 11,022 | |
Reconciliations of Adjusted Gross Profit to gross profit, the most directly comparable IFRS measure, are set forth below (unaudited):
| | | Three months ended December 31, | | | Twelve months ended December 31, | |
| Amounts in thousands of U.S. Dollars, unless otherwise stated | | 2021 | | | 2020 | | | 2021 | | | 2020 | |
| Revenue | | | 43,683 | | | | 27,188 | | | | 94,973 | | | | 54,067 | |
| Cost of goods sold | | | (18,379 | ) | | | (8,437 | ) | | | (36,763 | ) | | | (17,456 | ) |
| Gross Profit | | | 25,304 | | | | 18,751 | | | | 58,209 | | | | 36,611 | |
| Gross Profit % | | | 57.9 | % | | | 69.0 | % | | | 61.3 | % | | | 67.7 | % |
| Less: | | | | | | | | | | | | | | | | |
| Inventory fair value step up | | | - | | | | 6 | | | | - | | | | 266 | |
| Depreciation charges | | | 1,100 | | | | 825 | | | | 2,992 | | | | 1,540 | |
| Share based compensation expenses | | | 100 | | | | - | | | | 100 | | | | - | |
| Adjusted Gross Profit | | | 26,504 | | | | 19,582 | | | | 61,302 | | | | 38,417 | |
| Adjusted Gross Profit % | | | 60.7 | % | | | 72.0 | % | | | 64.5 | % | | | 71.1 | % |
9 Olink press release ½ Fourth quarter and full year 2021 report
Reconciliations of Adjusted Gross Profit to gross profit, the most directly comparable IFRS measure, by segment are set forth below (unaudited):
| | | Three months ended December 31, | | | Twelve months ended December 31, | |
| Amounts in thousands of U.S. Dollars, unless otherwise stated | | 2021 | | | 2020 | | | 2021 | | | 2020 | |
| Kit | | | | | | | | | | | | |
| Revenue | | | 15,263 | | | | 8,320 | | | | 26,797 | | | | 14,759 | |
| Cost of goods sold | | | (2,439 | ) | | | (966 | ) | | | (4,112 | ) | | | (2,671 | ) |
| Gross profit | | | 12,824 | | | | 7,354 | | | | 22,685 | | | | 12,088 | |
| Gross profit margin | | | 84.0 | % | | | 88.4 | % | | | 84.7 | % | | | 81.9 | % |
| Less: | | | | | | | | | | | | | | | | |
| Inventory fair value step up | | | - | | | | 2 | | | | - | | | | 92 | |
| Depreciation charges | | | 114 | | | | 124 | | | | 431 | | | | 258 | |
| Share based compensation expenses | | | 48 | | | | - | | | | 48 | | | | - | |
| Adjusted Gross Profit | | | 12,986 | | | | 7,479 | | | | 23,164 | | | | 12,437 | |
| Adjusted Gross Profit % | | | 85.1 | % | | | 89.9 | % | | | 86.4 | % | | | 84.3 | % |
| | | | | | | | | | | | | | | | | |
| Service | | | | | | | | | | | | | | | | |
| Revenue | | | 23,693 | | | | 17,284 | | | | 60,221 | | | | 34,404 | |
| Cost of goods sold | | | (12,826 | ) | | | (6,225 | ) | | | (28,299 | ) | | | (12,114 | ) |
| Gross profit | | | 10,868 | | | | 11,058 | | | | 31,922 | | | | 22,289 | |
| Gross profit margin | | | 45.9 | % | | | 64.0 | % | | | 53.0 | % | | | 64.8 | % |
| Less: | | | | | | | | | | | | | | | | |
| Inventory fair value step up | | | - | | | | 3 | | | | - | | | | 174 | |
| Depreciation charges | | | 986 | | | | 682 | | | | 2,561 | | | | 1,224 | |
| Share based compensation expenses | | | 52 | | | | - | | | | 52 | | | | - | |
| Adjusted Gross Profit | | | 11,905 | | | | 11,744 | | | | 34,534 | | | | 23,688 | |
| Adjusted Gross Profit % | | | 50.2 | % | | | 67.9 | % | | | 57.3 | % | | | 68.9 | % |
| | | | | | | | | | | | | | | | | |
| Corporate / Unallocated | | | | | | | | | | | | | | | | |
| Revenue | | | 4,727 | | | | 1,584 | | | | 7,955 | | | | 4,904 | |
| Cost of goods sold | | | (3,115 | ) | | | (1,246 | ) | | | (4,352 | ) | | | (2,671 | ) |
| Gross profit | | | 1,612 | | | | 338 | | | | 3,602 | | | | 2,233 | |
| Gross profit margin | | | 34.1 | % | | | 21.4 | % | | | 45.3 | % | | | 45.5 | % |
| Less: | | | | | | | | | | | | | | | | |
| Inventory fair value step up | | | - | | | | - | | | | - | | | | - | |
| Depreciation charges | | | - | | | | 19 | | | | - | | | | 58 | |
| Share based compensation expenses | | | - | | | | - | | | | - | | | | - | |
| Adjusted Gross Profit | | | 1,612 | | | | 357 | | | | 3,602 | | | | 2,291 | |
| Adjusted Gross Profit % | | | 34.1 | % | | | 22.6 | % | | | 45.3 | % | | | 46.7 | % |
10 Olink press release ½ Fourth quarter and full year 2021 report
