UPPSALA, Sweden, March 08, 2024 (GLOBE NEWSWIRE) -- Olink Holding AB (publ) ("Olink") (NASDAQ:OLK), today announced that Olink's 2024 Annual General Meeting ("AGM") will be held in Uppsala, Sweden on April 19th, 2024. The AGM was previously scheduled to take place on April 17th, 2024. About OlinkOlink Holding AB (publ) (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 patient ...

Shares of proteomics innovator Quantum-Si (QSI -11.45%) had a wild 2023. The start-up enables cutting-edge research into the world of proteins, which can hold the key to developing advanced healthcare treatments and broadening our understanding of biology at large.Shares shot higher in July when famed tech investor Cathie Wood started buying the stock again. Wood's Ark Genomic Revolution ETF owns nearly 12% of Quantum-Si as of this writing. Proteomics is still early in commercial development. But it's promi ...

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (UNAUDITED) 3 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) | | | | Three months ended September 30, | | Nine months ended September 30, | | | --- | --- | --- | --- | --- | --- | --- | | Amounts in thousands of U.S. Dollars | Note | | 2023 | 2022 | 2023 | 2022 | | Revenue | 4 | $ | 44,152 $ | 31,772 $ | 101,045 $ | 81,963 | | Cost of goods sold | | | (13,265) | (10,785) | (35,253) | (30,589) | | Gross pro ...

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (UNAUDITED) | | | | Three months ended June 30, | | Six months ended June 30, | | | --- | --- | --- | --- | --- | --- | --- | | Amounts in thousands of U.S. Dollars | Note | | 2023 | 2022 | 2023 | 2022 | | Revenue | 4 | $ | 29,436 $ | 27,514 $ | 56,893 $ | 50,191 | | Cost of goods sold | | | (12,145) | (10,444) | (21,988) | (19,804) | | Gross profit | | | 17,292 | 17,070 | 34,905 | 30,387 | | Selling expenses | | | (12,608) | ...

Carl Raimond Yes. So as you stated, our thesis on the full-year kit mix remains the same. Q1 came in quite strong. And we did see some service opportunities shift quarters a little bit. So I think we'll see a little bit step up in AS in the second quarter. And again, just sort of as we stated, it tends to move around a little bit, but I would expect, based on some of those service deals, where we saw a little softness in Europe around the biopharma services business, we'll see that shift a little bit in Q2. ...

Exhibit 99.2 INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (UNAUDITED) | | | | Three months ended March 31, | | | --- | --- | --- | --- | --- | | Amounts in thousands of U.S. Dollars | Note | | 2023 | 2022 | | Revenue | 4 | $ | 27,457 $ | 22,677 | | Cost of goods sold | | | (9,843) | (9,360) | | Gross profit | | | 17,614 | 13,317 | | Selling expenses | | | (11,995) | (9,465) | | Administrative expenses | | | (16,381) | (14,399) | | Research and development expenses | | | ...

PART I [Key Information](index=8&type=section&id=ITEM%203.%20KEY%20INFORMATION) This section outlines the company's significant business, financial, intellectual property, and operational risks, including new product scaling, R&D dependence, and internal control weaknesses [Risk Factors](index=8&type=section&id=D.%20Risk%20Factors) This subsection comprehensively details risks impacting the company's business, financial condition, and operations, including new product success, R&D reliance, financial stability, intellectual property, and internal control deficiencies - The company faces risks in developing, launching, and scaling new products like Explore, Signature, Flex, and Insight, where challenges could impede growth[25](index=25&type=chunk) - Business highly depends on **R&D spending** by academic, governmental, and biopharmaceutical entities; reductions could adversely affect product demand[41](index=41&type=chunk)[42](index=42&type=chunk) - The company operates in a highly competitive life sciences market, facing established and emerging competitors[38](index=38&type=chunk) - Products are currently Research Use Only (RUO); future regulation by agencies like FDA or EMA could necessitate expensive and lengthy approval processes[58](index=58&type=chunk)[59](index=59&type=chunk) - As of December 31, 2022, goodwill and other indefinite-lived intangible assets constituted approximately **35% of total assets**, posing a risk of future impairment charges[97](index=97&type=chunk) - Material weaknesses in internal control over financial reporting were identified for FY2022, specifically in **IT general controls** and the **inventory process**, potentially impacting financial reporting accuracy[200](index=200&type=chunk)[686](index=686&type=chunk)[688](index=688&type=chunk) - As of December 31, 2022, Summa Equity AB owned approximately **62% of outstanding common shares**, classifying Olink as a 'controlled company' under Nasdaq rules, exempting it from certain governance requirements[222](index=222&type=chunk) [Information on the Company](index=72&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) This section provides a detailed overview of Olink's business, history, and structure, focusing on its PEA technology, product lines, market, growth strategies, and intellectual property [History and Development of the Company](index=72&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) Olink Holding AB (publ) was founded in 2018, acquired Olink OldCo AB in 2019, became public in 2021, and operates through eleven wholly-owned global subsidiaries - The company was founded as a private limited company on December 13, 2018, and became a public limited company on January 27, 2021[251](index=251&type=chunk) - The current group was formed on March 7, 2019, through the acquisition of Olink OldCo AB[251](index=251&type=chunk) - The company operates through **eleven wholly-owned subsidiaries** across Sweden, USA, UK, Netherlands, Germany, Japan, China, and France[252](index=252&type=chunk) [Business Overview](index=72&type=section&id=B.%20Business%20Overview) Olink's business leverages proprietary PEA technology for proteomics research, serving over 926 customers with a $35 billion estimated total addressable market, driven by strategic growth and product expansion - Olink's core technology is the proprietary and patented **Proximity Extension Assay (PEA)**, enabling high-multiplex and high-throughput proteomics[255](index=255&type=chunk)[279](index=279&type=chunk) - The company serves over **926 customer accounts** in more than 40 countries, including **19 of the top 20 largest pharmaceutical companies** by 2021 R&D spending[254](index=254&type=chunk)[275](index=275&type=chunk) Product Portfolio Overview | Product Line | Target Market | Readout Platform | Key Feature | | :--- | :--- | :--- | :--- | | **Explore** | High-plex discovery | NGS | High-throughput screening of up to ~3,000 proteins | | **Target** | Mid-plex / Low-plex | qPCR (Olink Signature Q100) | Targeted research with panels for specific disease areas | | **Flex** | Low-plex | qPCR (Olink Signature Q100) | Customizable panels of 15-21 proteins from a library of ~200 | | **Focus** | Clinical Applications | qPCR (Olink Signature Q100) | Custom-developed small panels (up to 21 proteins) for late-stage trials | - The total addressable market is estimated at **$35 billion**, split between a **$19 billion research market** and a **$16 billion diagnostics market**[273](index=273&type=chunk)[285](index=285&type=chunk) - Key growth strategies include accelerating market adoption, expanding the protein biomarker library, establishing Olink as the proteomics standard, and enhancing the Olink Insight cloud platform[282](index=282&type=chunk) - As of December 31, 2022, the company's IP portfolio included **42 issued patents** and **22 pending applications** worldwide, covering core PEA technology and related aspects[362](index=362&type=chunk) [Organizational Structure](index=111&type=section&id=C.%20Organizational%20Structure) Olink Holding AB (publ) is the parent company, operating globally through eleven wholly-owned subsidiaries across Sweden, USA, UK, Netherlands, Germany, Japan, China, and France List of Significant Subsidiaries (as of Dec 31, 2022) | Name | Principle Activities | Country of Registration | Ownership % | | :--- | :--- | :--- | :--- | | Olink Finance AB | Cash management | Sweden | 100% | | Olink Proteomics AB | Sales, production, and R&D | Sweden | 100% | | Agrisera AB | Production, and R&D | Sweden | 100% | | Olink Proteomics Inc. | Sales of services and distribution | USA | 100% | | Olink Proteomics Ltd | Marketing and sales services | UK | 100% | | Olink Proteomics B.V | Marketing and sales services | Netherlands | 100% | | Olink Proteomics GmbH. | Marketing and sales services | Germany | 100% | | Olink Proteomics KK | Marketing and sales services | Japan | 100% | | Olink Biotech (Shanghai) Co., Ltd | Distribution, marketing and sales | China | 100% | | Olink Proteomics SAS | Marketing and sales services | France | 100% | [Property, Plants and Equipment](index=111&type=section&id=D.%20Property,%20Plants%20and%20Equipment) The company leases primary facilities in Uppsala, Sweden, and Waltham, Massachusetts, including a new 80,000 sq ft Uppsala headquarters, and owns two smaller buildings in Umeå, Sweden - The company leases its main corporate headquarters and R&D facilities in Uppsala, Sweden, and office/lab space in Waltham, Massachusetts[399](index=399&type=chunk) - A new headquarters lease in Uppsala for approximately **80,000 square feet** has been signed, with occupancy expected in 2023 and lease expiry in 2033[399](index=399&type=chunk) - The company owns two office/laboratory buildings in Umeå, Sweden, totaling approximately **7,250 square feet**[400](index=400&type=chunk) [Operating and Financial Review and Prospects](index=112&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) This section analyzes the company's financial performance, highlighting **47.3% revenue growth** to **$139.8 million** in FY2022, a reduced net loss, and details liquidity, capital resources, and seasonal trends [Operating Results](index=114&type=section&id=A.%20Operating%20Results) In FY2022, Olink's revenue grew **47.3%** to **$139.8 million**, driven by Explore and Target platforms, resulting in a **67.6% gross margin** and a reduced net loss of **$12.9 million** Consolidated Financial Results (Year-over-Year) | Financial Metric | FY 2022 (in thousands USD) | FY 2021 (in thousands USD) | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | $139,848 | $94,973 | 47.3% | | **Gross Profit** | $94,499 | $58,209 | 62.3% | | *Gross Margin* | *67.6%* | *61.3%* | *+6.3 pts* | | **Operating Loss** | ($30,602) | ($44,652) | -31.5% | | **Net Loss** | ($12,851) | ($38,339) | -66.5% | - Revenue growth was primarily driven by the continued rollout of the Explore offering and accelerated growth of the Target portfolio following the Signature launch[408](index=408&type=chunk) - Gross profit margin increased from **61.3% in 2021 to 67.6% in 2022**, primarily due to a strategic shift towards higher-margin kit revenues, which rose from **28.2% to 39.4% of total revenues**[413](index=413&type=chunk) Operating Expenses (Year-over-Year) | Expense Category | FY 2022 (in thousands USD) | FY 2021 (in thousands USD) | Change (%) | | :--- | :--- | :--- | :--- | | Selling expenses | $44,673 | $33,668 | 32.7% | | Administrative expenses | $54,274 | $47,495 | 14.3% | | Research and development expenses | $26,345 | $22,141 | 19.0% | Adjusted EBITDA Reconciliation | Amounts in thousands of USD | Year ended Dec 31, 2022 | Year ended Dec 31, 2021 | | :--- | :--- | :--- | | **Operating Loss** | **(30,602)** | **(44,652)** | | Amortization | 11,212 | 11,089 | | Depreciation | 6,114 | 4,713 | | **EBITDA** | **(13,276)** | **(28,849)** | | Management Adjustments | 1,288 | 7,777 | | Share based compensation expenses | 8,047 | 2,524 | | **Adjusted EBITDA** | **$ (3,941)** | **$ (18,548)** | [Liquidity and Capital Resources](index=120&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) As of December 31, 2022, the company held **$75.1 million in cash** with no outstanding loans, supplemented by a **$95.2 million** January 2023 offering, deemed sufficient for future operations until positive cash flow - As of December 31, 2022, the company held **$75.1 million in cash** and had no outstanding loan balances[444](index=444&type=chunk) - In January 2023, a public offering of ADSs generated approximately **$95.2 million in gross proceeds** before costs[445](index=445&type=chunk)[925](index=925&type=chunk) Summary of Cash Flows | Cash Flow Activity (in thousands USD) | Year ended Dec 31, 2022 | Year ended Dec 31, 2021 | | :--- | :--- | :--- | | Cash flow used in operating activities | $ (30,066) | $ (53,686) | | Cash flow used in investing activities | $ (8,713) | $ (14,960) | | Cash flow (used in)/from financing activities | $ (2,884) | $ 179,062 | | **Net cash flow during the financial year** | **$ (41,663)** | **$ 110,416** | - The company anticipates existing cash and proceeds from the 2023 offering will sufficiently fund operations until positive cash flow is achieved[454](index=454&type=chunk) [Trend Information](index=122&type=section&id=D.%20Trend%20Information) The company experiences significant seasonality, with over **40% of annual revenues** historically concentrated in the fourth quarter, potentially leading to financial result volatility - The company experiences significant seasonal buying patterns, with over **40% of total yearly revenues** historically concentrated in the fourth quarter due to customer procurement and budgeting cycles[357](index=357&type=chunk) - The company is unaware of any other material trends, uncertainties, demands, commitments, or events beyond those disclosed in the annual report that could significantly affect its financial results[466](index=466&type=chunk) [Directors, Senior Management and Employees](index=124&type=section&id=ITEM%206.%20DIRECTORS,%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) This section details the company's leadership, compensation, and board practices, including CEO Jon Heimer's **$1.6 million** compensation, its 'foreign private issuer' and 'controlled company' status, and its **582 employees** as of December 31, 2022 [Directors and Senior Management](index=124&type=section&id=A.%20Directors%20and%20Senior%20Management) The company's leadership includes CEO Jon Heimer, CFO Oskar Hjelm, and a nine-member Board of Directors chaired by Jon Hindar, with diverse industry experience - The executive team is led by **Jon Heimer**, Chief Executive Officer, and **Oskar Hjelm**, Chief Financial Officer[470](index=470&type=chunk) - The Board of Directors comprises **nine members**, chaired by Jon Hindar[470](index=470&type=chunk)[479](index=479&type=chunk) [Compensation](index=128&type=section&id=B.%20Compensation) In FY2022, CEO Jon Heimer's total compensation was approximately **$1.6 million**, with other executive officers receiving **$1.5 million** in base pay and **$0.65 million** in bonuses, managed through performance-based plans and stock awards Executive Officer and Non-Executive Director Compensation (FY 2022) | Name and Title | Base Pay (US$) | Variable/Bonus Pay (US$) | Pension Cost (US$) | Share-based Compensation (US$) | Total (US$) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Jon Heimer** (CEO) | $415,668 | $413,310 | $60,413 | $707,903 | $1,597,294 | | **Jon Hindar** (Chairman) | $130,000 | — | — | $175,470 | $305,470 | | **Solange Bullukian** (Director) | $100,000 | — | — | $76,610 | $176,610 | | **Johan Lund, PhD** (Director) | $90,000 | — | — | $76,610 | $166,610 | - For FY2022, aggregate compensation for eight other executive officers included **$1.51 million in base pay**, **$0.65 million in variable/bonus pay**, and **$1.48 million in share-based compensation**[490](index=490&type=chunk) - The company's Amended and Restated 2021 Incentive Award Plan initially made **1,680,303 shares** available for stock-based awards, including options and RSUs[495](index=495&type=chunk)[497](index=497&type=chunk) [Board Practices](index=130&type=section&id=C.%20Board%20practices) The Board operates under Swedish law; as a 'foreign private issuer' and 'controlled company,' Olink is exempt from certain Nasdaq governance rules, maintaining an Audit Committee and Remuneration Committee - The company's status as a 'foreign private issuer' and 'controlled company' allows it to follow Swedish home country governance practices instead of certain Nasdaq corporate governance standards[500](index=500&type=chunk)[507](index=507&type=chunk) - The Board of Directors comprises **nine members**, with a majority considered independent under Nasdaq standards[499](index=499&type=chunk)[512](index=512&type=chunk) - The Board operates with two primary committees: an Audit Committee and a Remuneration Committee[514](index=514&type=chunk)[515](index=515&type=chunk) - The Audit Committee includes Solange Bullukian (Chair), Mary Reumuth, and Robert Scheuren, with Ms. Bullukian designated as the 'audit committee financial expert'[514](index=514&type=chunk) [Employees](index=136&type=section&id=D.%20Employees) As of December 31, 2022, Olink had **582 employees**, including **208 in commercial** and **70 in R&D**, primarily based in Uppsala, Sweden, and Waltham, Massachusetts - As of December 31, 2022, the company had **582 employees**[516](index=516&type=chunk) - The workforce comprises a commercial team of **208 individuals** and an R&D team of approximately **70 individuals**[516](index=516&type=chunk) [Major Shareholders and Related Party Transactions](index=136&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) This section details the company's ownership structure, with Summa Equity AB holding **64.9%** as of December 31, 2022, and outlines related party transactions including employment and shareholder agreements [Major Shareholders](index=136&type=section&id=A.%20Major%20Shareholders) As of December 31, 2022, major shareholders include Summa Equity AB (**64.89%**), Fidelity Management & Research Company LLC (**9.85%**), and T. Rowe Price Associates, Inc. (**5.28%**) Beneficial Ownership of Major Shareholders (as of Dec 31, 2022) | Name of Beneficial Owner | Shares Beneficially Owned | Percentage (%) | | :--- | :--- | :--- | | **5% or Greater Shareholders:** | | | | Summa Equity AB | 77,284,718 | 64.89% | | Fidelity Management & Research Company LLC | 11,732,111 | 9.85% | | T. Rowe Price Associates, Inc. | 6,288,565 | 5.28% | | **Executive Officers and Directors:** | | | | Jon Heimer (CEO) | 4,069,209 | 3.42% | [Related Party Transactions](index=139&type=section&id=B.%20Related%20party%20transactions) The company has employment agreements with executives, a Registration Rights Agreement, and a Shareholders Agreement, and a historical shareholder loan from Knilo InvestCo AB was converted to equity in 2020 - The company maintains a Registration Rights Agreement and a Shareholders Agreement with certain shareholders, including its controlling shareholder Knilo InvestCo AB[527](index=527&type=chunk) - A **$38.5 million** shareholder loan from Knilo InvestCo AB was converted into common and preferred shares in May 2020, with no outstanding amounts remaining[528](index=528&type=chunk) - The company adopted a Related Party Transaction Policy requiring audit committee or independent board approval for all related party transactions[535](index=535&type=chunk) [Financial Information](index=141&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) This section refers to consolidated financial statements, confirms no significant legal proceedings, states no cash dividends have been paid, and notes a January 2023 public offering - The company is not involved in any significant legal or arbitration proceedings[538](index=538&type=chunk) - The company has never paid cash dividends and intends to retain future earnings for business growth[539](index=539&type=chunk) - A significant change after the reporting period was the initiation of a public offering on January 18, 2023[540](index=540&type=chunk) [Additional Information](index=143&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) This section provides supplementary details on corporate structure, governance, and tax status, including articles of association, shareholder agreements, exchange controls, and U.S. and Swedish tax considerations for ADS holders [Memorandum and Articles of Association](index=143&type=section&id=B.%20Memorandum%20and%20Articles%20of%20Association) This subsection details the company's governing documents, Swedish corporate law framework, director powers, shareholder rights, meeting procedures, and includes a Federal Forum Provision and summaries of key shareholder agreements - Under Swedish law, shareholders generally possess a preemptive right to subscribe for new shares proportional to their holdings, subject to shareholder resolution override[558](index=558&type=chunk)[559](index=559&type=chunk) - The Articles of Association include a Federal Forum Provision, designating the U.S. District Court for the Southern District of New York as the exclusive forum for Securities Act complaints filed in the U.S[568](index=568&type=chunk) - A Registration Rights Agreement grants certain shareholders, primarily Knilo InvestCo, demand and piggy-back registration rights for their shares[592](index=592&type=chunk)[593](index=593&type=chunk)[596](index=596&type=chunk) [Taxation](index=156&type=section&id=E.%20Taxation) This subsection outlines U.S. federal and Swedish tax consequences for ADS holders, covering dividend and capital gains taxation, PFIC rules, and Swedish withholding tax implications - The company does not believe it was a Passive Foreign Investment Company (PFIC) for FY2022, but emphasizes that this determination is an annual, fact-intensive process[234](index=234&type=chunk)[628](index=628&type=chunk) - Dividends to U.S. Holders may incur Swedish withholding tax, typically **30%**, potentially reduced to **15%** under the U.S.-Sweden Tax Treaty[650](index=650&type=chunk) - Non-resident holders are generally exempt from Swedish capital gains tax on common shares or ADSs disposal, unless they were Swedish residents within the last ten years[651](index=651&type=chunk)[652](index=652&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=167&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company faces market risks (currency, interest rate), credit risk from blue-chip customers, and manages liquidity through cash and credit facilities, with no outstanding debt as of December 31, 2022 - The company faces foreign exchange risk from international operations, primarily involving USD/SEK, EUR/SEK, GBP/SEK, and JPY/SEK currency pairs[663](index=663&type=chunk) - As of December 31, 2022, the company had no outstanding debt (excluding leasing), thus incurring no interest rate risk[665](index=665&type=chunk)[842](index=842&type=chunk) - Credit risk is low due to a customer base primarily composed of blue-chip global companies with strong credit ratings, resulting in historically negligible credit losses[666](index=666&type=chunk)[667](index=667&type=chunk) [Description of Securities Other Than Equity Securities](index=169&type=section&id=ITEM%2012.%20DESCRIPTION%20OF%20SECURITIES%20OTHER%20THAN%20EQUITY%20SECURITIES) This section details fees and expenses payable by American Depositary Share (ADS) holders for services like issuance, cancellation, and cash distributions, clarifying their responsibility for associated taxes ADS Holder Fees | Fee | For | | :--- | :--- | | $5.00 (or less) per 100 ADSs | Issuance or cancellation of ADSs | | $.05 (or less) per ADS | Any cash distribution | | $.05 (or less) per ADS per calendar year | Depositary services | PART II [Controls and Procedures](index=171&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) As of December 31, 2022, management deemed disclosure controls ineffective due to material weaknesses in IT access and change controls, and newly identified issues in inventory process controls - Management concluded that as of December 31, 2022, disclosure controls and procedures were not effective due to material weaknesses in internal control over financial reporting[683](index=683&type=chunk) - A material weakness in IT access and change control environment (IT Controls Weakness), identified in prior years, remained unremediated as of December 31, 2022[686](index=686&type=chunk)[687](index=687&type=chunk) - A new material weakness was identified in 2022 concerning the inventory process, specifically ineffective controls over its completeness, accuracy, existence, and valuation (Inventory Weakness)[688](index=688&type=chunk)[689](index=689&type=chunk) - Remediation plans are underway for both material weaknesses, involving formalizing IT policies, enhancing inventory controls, and hiring additional personnel[687](index=687&type=chunk)[690](index=690&type=chunk) [Other Information](index=173&type=section&id=ITEM%2016.%20%5BRESERVED%5D) This section covers governance, including the audit committee financial expert, Code of Conduct, auditor fees for EY and PWC, the 2022 auditor change, and the company's 'foreign private issuer' status exemptions [Principal Accountant Fees and Services](index=175&type=section&id=ITEM%2016C.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) The company discloses fees paid to Ernst & Young AB (**$1.414 million** in 2022) and Öhrlings PricewaterhouseCoopers AB (**$0.349 million** in 2022, **$2.020 million** in 2021), with all non-audit services pre-approved Fees Paid to Ernst & Young AB (EY) | Amounts in thousands of USD | Fiscal Year 2022 | Fiscal Year 2021 | | :--- | :--- | :--- | | Audit fees | $ 718 | $ — | | Audit-related fees | 154 | 241 | | All other fees | 511 | 405 | | Tax fees | 31 | — | | **Total** | **$ 1,414** | **$ 646** | Fees Paid to Öhrlings PricewaterhouseCoopers AB (PWC) | Amounts in thousands of USD | Fiscal Year 2022 | Fiscal Year 2021 | | :--- | :--- | :--- | | Audit fees | $ 86 | $ 991 | | Audit-related fees | 83 | 978 | | All other fees | 168 | 4 | | Tax fees | 12 | 47 | | **Total** | **$ 349** | **$ 2,020** | [Change in Registrant's Certifying Accountant](index=176&type=section&id=ITEM%2016F.%20CHANGE%20IN%20REGISTRANT%27S%20CERTIFYING%20ACCOUNTANT) On March 7, 2022, Ernst & Young AB was appointed as the external auditor for FY2022, replacing Öhrlings PricewaterhouseCoopers AB, with prior 'reportable events' noted during PWC's tenure - Ernst & Young AB (EY) was appointed as the company's auditor for FY2022, replacing Öhrlings PricewaterhouseCoopers AB (PWC)[705](index=705&type=chunk)[706](index=706&type=chunk) - During PWC's tenure, no accounting disagreements arose, but 'reportable events' occurred, specifically identified material weaknesses in internal control over financial reporting[707](index=707&type=chunk)[708](index=708&type=chunk) [Corporate Governance](index=176&type=section&id=ITEM%2016G.%20CORPORATE%20GOVERNANCE) As a 'foreign private issuer,' Olink follows Swedish corporate governance practices, utilizing exemptions from certain Nasdaq rules regarding shareholder meetings, executive sessions, and committee composition, while adhering to Audit Committee requirements - The company follows Swedish corporate governance practices instead of certain Nasdaq rules, including those for shareholder meeting quorums, independent director executive sessions, and Remuneration and Nominating Committee composition[713](index=713&type=chunk) PART III [Financial Statements](index=177&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) This section presents the company's audited consolidated financial statements for FY2020-2022, prepared under IFRS, including reports from Ernst & Young AB and Öhrlings PricewaterhouseCoopers AB [Consolidated Financial Statements](index=182&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show FY2022 revenue of **$139.8 million** and a net loss of **$12.9 million**, with total assets of **$476.3 million** and negative operating cash flow Consolidated Statement of Income (in thousands USD) | | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | **Revenue** | **139,848** | **94,973** | **54,067** | | Gross profit | 94,499 | 58,209 | 36,611 | | Operating loss | (30,602) | (44,652) | (5,370) | | **Net loss for the period** | **(12,851)** | **(38,339)** | **(6,780)** | | Basic and diluted loss per share | (0.11) | (0.43) | (1.10) | Consolidated Statement of Financial Position (in thousands USD) | | As of Dec 31, 2022 | As of Dec 31, 2021 | | :--- | :--- | :--- | | **ASSETS** | | | | Total Non-current assets | 293,844 | 339,111 | | Total Current assets | 182,446 | 200,667 | | **TOTAL ASSETS** | **476,290** | **539,778** | | **EQUITY AND LIABILITIES** | | | | **Total equity** | **410,685** | **475,676** | | Total Non-current liabilities | 29,518 | 32,519 | | Total Current liabilities | 36,087 | 31,583 | | **TOTAL EQUITY AND LIABILITIES** | **476,290** | **539,778** | Consolidated Statement of Cash Flows (in thousands USD) | | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | Cash flow used in operating activities | (30,066) | (53,686) | (6,789) | | Cash flow used in investing activities | (8,713) | (14,960) | (15,842) | | Cash flow (used in)/from financing activities | (2,884) | 179,062 | 25,595 | | **Net cash flow during the period** | **(41,663)** | **110,416** | **2,964** |

Jan Medina - Vice President, Investor Relations & Capital Markets Olink Holding AB (publ) (NASDAQ:OLK) Q4 2022 Results Conference Call February 21, 2023 8:00 AM ET Jon Heimer - Chief Executive Officer Oskar Hjelm - Chief Financial Officer Puneet Souda - SVB Kyle Mikson - Canaccord Genuity Tejas Savant - Morgan Stanley Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Olink Proteomics Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only ...

Revenue Growth - Total revenue for Q4 2022 was $57.9 million, representing a year-over-year growth of 33% and full year 2022 revenue grew 47% to $139.8 million[4]. - Kits revenue for Q4 2022 grew 100% to $30.6 million, accounting for 53% of total revenue, with full year 2022 kits revenue totaling $55.1 million, a 106% increase[5]. - Analysis services revenue for Q4 2022 was $23.4 million, a slight decline of 1% year-over-year, but full year 2022 analysis service revenue grew 21% to $73.0 million[6]. - Olink expects 2023 full year reported revenue to be in the range of $192 million to $200 million, representing growth of approximately 37% to 43%[19]. - Revenue for the twelve months ended December 31, 2022, was $139,848,000, representing a 47% increase compared to $94,973,000 in 2021[27]. - Constant currency revenue growth for the twelve months ended December 31, 2022, was 53%, after accounting for a 6% foreign exchange impact[33]. Profitability - Net income for Q4 2022 was $5.4 million, compared to a net loss of ($8.0) million in Q4 2021, with adjusted EBITDA of $14.9 million[10]. - The company anticipates returning to profitability in 2023, as measured by EBITDA excluding share-based compensation expenses[20]. - Net income for the period attributable to shareholders of the Parent was $5,430,000 for the three months ended December 31, 2022, compared to a net loss of $7,972,000 in the same period of 2021[27]. - Operating income for the three months ended December 31, 2022, was $8,178,000, a significant improvement from an operating loss of $7,791,000 in the same period of 2021[33]. Expenses and Investments - Total operating expenses for full year 2022 were $125.1 million, an increase from $102.9 million in 2021, primarily due to investments in commercial organization and R&D[15]. - Research and development expenses for the twelve months ended December 31, 2022, were $26,345,000, compared to $22,141,000 in 2021[27]. Gross Profit - Consolidated gross profit for Q4 2022 was $43.1 million, with a gross profit margin for kits at 87.6%, up from 85.1% in Q4 2021[11]. - Gross profit for the twelve months ended December 31, 2022, was $94,499,000, with a gross profit margin of 67.6%, up from 61.3% in 2021[33]. - Adjusted gross profit for the twelve months ended December 31, 2022, was $97,912,000, with an adjusted gross profit margin of 70.0%, compared to 64.5% in 2021[33]. Customer Installations - Explore customer installations reached 52, with 12 installations in Q4 2022, more than doubling compared to 2021[7]. - Signature Q100 placements reached 91, with 28 placements in Q4 2022, more than tripling compared to 2021[7]. Assets and Equity - Total assets decreased to $476,290,000 as of December 31, 2022, from $539,778,000 as of December 31, 2021[28]. - Cash at bank and in hand decreased to $75,109,000 as of December 31, 2022, from $118,096,000 as of December 31, 2021[30]. - Total equity attributable to shareholders of the Parent decreased to $410,685,000 as of December 31, 2022, from $475,676,000 as of December 31, 2021[28].

Financial Data and Key Metrics Changes - Olink reported quarterly revenue of $31.8 million, representing a 59% growth compared to Q3 2021 [9] - Adjusted EBITDA for Q3 was negative $1.7 million, an improvement from negative $7.5 million in Q3 2021 [36] - Net loss for Q3 was $1.3 million, compared to a net loss of $5.5 million in Q3 2021, with net loss per share improving from $0.05 to $0.01 [46] Business Line Data and Key Metrics Changes - Kits revenue grew 265% year-over-year to $13.4 million, while analysis services revenue remained flat at $15.1 million [39] - Explore revenue totaled $21.7 million, accounting for 68% of total revenue, with 11 new installations during the quarter [27][28] - Other revenue increased by 174% year-over-year, driven primarily by Signature Q100 instruments [40] Market Data and Key Metrics Changes - Revenue by geography: $12.4 million in the Americas, $15 million in EMEA, and $4.4 million in China and Rest of the World [41] - Adjusted gross profit margin for kits was 89%, while for analysis services it was 55%, reflecting a decline due to lower lab activity [42] Company Strategy and Development Direction - Olink aims to expand its protein library and increase throughput while simplifying workflows [14] - The company launched Olink Insight, an open access platform for data sharing in proteomics, and plans to introduce Olink Flex, a customizable panel-building product [12][31] - The management team is being strengthened to support growth in the modern proteomics field [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's execution despite global economic headwinds, expecting full-year 2022 revenue between $138 million and $142 million, reflecting a growth of 45% to 49% [23][50] - The company remains well-positioned for a return to profitability and continued strong growth in 2023 [50] Other Important Information - Olink's scientific community achieved over 1,000 research studies published using PA technology [16] - The company ended Q3 with a strong cash balance of $77 million, indicating sufficient capital to support its strategic plan [46][47] Q&A Session Summary Question: Explore installations and future implications - Management noted that the 11 installations in Q3 reflect strong execution of their strategy and do not indicate a pull-forward of demand, with expectations for continued growth in the future [56][57] Question: Path to profitability and capital needs - Management expressed confidence in returning to profitability in 2023 without the need for additional capital, supported by a strong cash position [62] Question: Impact of Illumina's new technology - Management indicated that improvements in NGS technology, such as Illumina's lower costs, would benefit customers by reducing experiment costs and allowing for expanded projects [64] Question: Guidance and macroeconomic factors - Management clarified that the narrowing of guidance was primarily due to FX headwinds and not a significant change in order dynamics, with customer budgets for proteomic projects remaining intact [68][71] Question: Explore installations and customer dynamics - Management confirmed that while there is variation among customers, the average pull-through numbers may be suppressed initially but are expected to grow as customers ramp up their capabilities [76][78]