| --- | --- | --- | --- | --- | --- | |---------------------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | Olink Proteomics | | | | | | | Vision | | | | | | | Enable understanding of real-time human biology Mission | | | | | | | 3Q 2022 earnings Accelerate proteomics together | | | | | | | November 10, 2022 | | | | | | Disclaimer This presentation may contain certain forward-looking statements and opinions. Forward-looking statements are statement ...

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (UNAUDITED) | | | | Three months ended September 30, | | Nine months ended September 30, | | | --- | --- | --- | --- | --- | --- | --- | | Amounts in thousands of U.S. Dollars | Note | | 2022 | 2021 | 2022 | 2021 | | Revenue | 4 | $ | 31,772 $ | 19,974 $ | 81,963 $ | 51,290 | | Cost of goods sold | | | (10,785) | (7,565) | (30,589) | (18,384) | | Gross profit | | | 20,987 | 12,409 | 51,374 | 32,906 | | Selling expenses | | | ...

[Directors' Report](index=2&type=section&id=Directors%27%20report) [Business Overview](index=3&type=section&id=General%20information%20about%20the%20business) Olink Holding AB (publ) provides proteomics products and services, generating revenue from Kit and Service sales - The Group's core business is to provide a **proteomics platform** (products and services) to biopharmaceutical companies and academic institutions to deepen the understanding of human biology and advance healthcare[6](index=6&type=chunk) - The company serves approximately **750 customer accounts** in **over 40 countries**, including **30 of the world's largest 40 biopharmaceutical companies**[8](index=8&type=chunk) - Revenue is generated from two main segments: **'Kit' sales**, where customers run analyses themselves, and **'Service' sales**, where Olink performs the analysis for customers[8](index=8&type=chunk) - Sales are geographically concentrated, with **44% of 2021 sales** coming from biopharmaceutical and academic customers in the **U.S.**[9](index=9&type=chunk) [Significant Events and Future Development](index=4&type=section&id=Important%20conditions%20and%20significant%20events) Olink completed its Nasdaq IPO in 2021, planning market and product development with increased R&D expenses - In **March 2021**, Olink successfully listed on the **Nasdaq, New York**, becoming a publicly traded company[12](index=12&type=chunk) - The company plans **strong future development** through continued **market investments** in the USA, Netherlands, UK, Japan, China, Singapore, and Germany, and by **enhancing its product portfolio**[14](index=14&type=chunk) Research and Development Expenses | Year | R&D Expenses (USD) | | :--- | :--- | | 2021 | $22.1 million | | 2020 | $9.6 million | - Following its IPO, the Group **repaid its external loan** and had **no borrowings as of December 31, 2021**[18](index=18&type=chunk) [Impact of Covid-19](index=5&type=section&id=Impact%20of%20Covid-19) COVID-19 disrupted customer labs causing project delays, but Olink increased inventory and saw gradual revenue recovery - The COVID-19 pandemic primarily **disrupted customer operations**, with labs running at **reduced capacity**, causing **project delays**[22](index=22&type=chunk) - The company **increased its inventory levels in 2020 and 2021** to ensure operational continuity and has **not experienced material disruptions** to its own production or supply[22](index=22&type=chunk) - As of **December 31, 2021**, management concluded there was **no evidence of material changes to the recoverability risk** of business assets like deferred tax assets and trade receivables due to the pandemic[22](index=22&type=chunk) [Financial Overview](index=5&type=section&id=Financial%20overview) Group revenue grew to **$95.0 million** in 2021, total assets increased, and equity ratio improved to **88%** Group Financial Development (in thousands of US Dollars) | Indicator | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Revenue | 94,973 | 54,067 | 41,693 | | Loss after financial items | (46,545) | (7,259) | (18,530) | | Total assets | 539,778 | 425,325 | 346,919 | | Number of employees | 416 | 172 | 118 | | Equity ratio* | 88% | 70% | 59% | Parent Company Financial Development (in thousands of SEK) | Indicator | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Revenue | 17,255 | - | - | | Loss after financial items | (149,593) | (52,835) | (21,387) | | Total assets | 4,714,785 | 2,679,336 | 2,466,306 | | Equity ratio* | 100% | 99% | 84% | [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20financial%20statements) [Consolidated Statement of Income](index=7&type=section&id=Consolidated%20statement%20of%20income%20and%20other%20comprehensive%20income) Revenue increased to **$95.0 million**, but operating expenses doubled, leading to a **$44.7 million** operating loss Consolidated Statement of Income (in thousands of US Dollars) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Revenue | $94,973 | $54,067 | | Gross Profit | $58,209 | $36,611 | | Operating Loss | ($44,652) | ($5,370) | | Net Loss for the period | ($38,339) | ($6,780) | | Basic and diluted loss per share | ($0.43) | ($1.10) | - **Total comprehensive loss was $76.0 million in 2021**, compared to a **total comprehensive income of $30.0 million in 2020**, primarily due to a **negative $37.7 million adjustment** from the translation of foreign operations[29](index=29&type=chunk) [Consolidated Statement of Financial Position](index=8&type=section&id=Consolidated%20statement%20of%20financial%20position) Total assets increased to **$539.8 million**, liabilities decreased, and total equity rose to **$475.7 million** Consolidated Statement of Financial Position (in thousands of US Dollars) | Category | As of Dec 31, 2021 | As of Dec 31, 2020 | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | $339,111 | $358,015 | | Total current assets | $200,667 | $67,310 | | **TOTAL ASSETS** | **$539,778** | **$425,325** | | **EQUITY AND LIABILITIES** | | | | Total equity | $475,676 | $299,700 | | Total non-current liabilities | $32,519 | $97,158 | | Total current liabilities | $31,583 | $28,467 | | **Total liabilities** | **$64,102** | **$125,625** | | **TOTAL EQUITY AND LIABILITIES** | **$539,778** | **$425,325** | [Consolidated Statement of Changes in Equity](index=9&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity increased to **$475.7 million** in 2021, primarily driven by a **$249.3 million** new share issue Changes in Equity for 2021 (in thousands of US Dollars) | Description | Amount | | :--- | :--- | | Equity at Dec 31, 2020 | $299,700 | | Net loss for the period | ($38,339) | | Other comprehensive loss (FX translation) | ($37,659) | | New share issue | $249,283 | | Share based compensation program | $2,691 | | **Equity at Dec 31, 2021** | **$475,676** | [Consolidated Statement of Cash Flows](index=10&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Operating activities used **$53.7 million** cash, while financing generated **$179.1 million**, increasing cash by **$110.4 million** Consolidated Statement of Cash Flows (in thousands of US Dollars) | Category | 2021 | 2020 | | :--- | :--- | :--- | | Cash flow used in operating activities | ($53,686) | ($6,789) | | Cash flow used in investing activities | ($14,960) | ($15,842) | | Cash flow from financing activities | $179,062 | $25,595 | | **Net cash flow during the period** | **$110,415** | **$2,946** | | Cash at bank at the end of the period | $118,096 | $8,655 | [Notes to the Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20consolidated%20financial%20statements) [Note 5: Segment and Revenue Information](index=23&type=section&id=Note%205%20Segment%20and%20revenue%20information) Revenue is from Kit and Services, with Services at **$60.2 million** in 2021, and Americas as the largest market Revenue and Gross Profit by Segment - 2021 (in thousands of US Dollars) | Segment | Revenue | Cost of Goods Sold | Gross Profit | | :--- | :--- | :--- | :--- | | Kit | $26,797 | ($4,112) | $22,685 | | Services | $60,221 | ($28,299) | $31,922 | | Corporate / Unallocated | $7,955 | ($4,353) | $3,602 | | **Consolidated** | **$94,973** | **($36,764)** | **$58,209** | Revenue by Geography - 2021 (in thousands of US Dollars) | Region | Revenue | | :--- | :--- | | Americas | $42,343 | | EMEA (excluding Sweden) | $38,747 | | Sweden | $6,694 | | Japan | $2,982 | | China | $2,773 | | Rest of world | $1,434 | | **Total** | **$94,973** | [Note 14: Goodwill and Other Intangible Assets](index=35&type=section&id=Note%2014%20Goodwill%20and%20other%20intangible%20assets) Intangible assets were **$308.1 million** in 2021, and impairment tests using a **19% WACC** showed no impairment Net Book Value of Intangible Assets (in thousands of US Dollars) | Asset Type | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Goodwill | $168,431 | $186,020 | | Customer relations | $29,754 | $37,418 | | Technology | $72,768 | $86,967 | | Brands and Licenses | $26,211 | $28,368 | | Development Costs | $10,960 | $8,614 | | **Total** | **$308,124** | **$347,387** | - The annual impairment test for goodwill and indefinite-lived assets was performed using a **10-year cash flow projection**, a **19% WACC**, and a **2% terminal growth rate** No impairment was required[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk) - Sensitivity analysis showed that an impairment would only occur if the pre-tax discount rate rose above **25.9%** for the **Kit segment** or **23.0%** for the **Services segment**[180](index=180&type=chunk) [Note 17: Financial Instruments and Debt](index=40&type=section&id=Note%2017%20Financial%20instruments%20per%20category) The Group had no outstanding loan facilities in 2021, repaying **$65.6 million** of borrowings post-IPO - On **March 30, 2021**, the company repaid **$65.6 million** of outstanding loan facilities plus **$1.9 million** in accrued interest using proceeds from the **IPO**[198](index=198&type=chunk) Total Interest-Bearing Loans and Borrowings (in thousands of US Dollars) | Liability Type | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Lease Liabilities | $8,379 | $4,436 | | Facilities | $0 | $61,675 | | **Total** | **$8,379** | **$66,111** | [Note 21: Share Capital and IPO](index=44&type=section&id=Note%2021%20Share%20capital%20and%20Other%20contributed%20capital) Olink completed its IPO in 2021, issuing **13.2 million ADSs** and raising **$245.4 million** in net proceeds - On **March 16, 2021**, the company reorganized its multiple share classes into a **single class of common shares** and conducted a **reverse share split**[210](index=210&type=chunk) - The company completed its **IPO** on **March 29, 2021**, raising **net proceeds of $245.4 million** after deducting underwriting discounts and other costs[211](index=211&type=chunk) Share Capital Reconciliation | Description | Number of Shares | Share Capital (kUSD) | Other Contributed Capital (kUSD) | | :--- | :--- | :--- | :--- | | Balance at Dec 31, 2020 | 257,227,062 | $27,224 | $257,774 | | New Share Issuance (IPO) | 13,235,294 | $3,740 | $245,543 | | Reverse stock split | (151,455,294) | - | - | | **Balance at Dec 31, 2021** | **119,007,062** | **$30,964** | **$506,008** | [Note 22: Stock-Based Compensation](index=46&type=section&id=Note%2022%20Stock-based%20compensation) The 2021 Incentive Award Plan granted stock options and RSUs, with total compensation expense of approximately **$3.0 million** - The **2021 Incentive Award Plan** was approved in **March 2021** to grant share-based awards to employees, consultants, and directors[215](index=215&type=chunk) Stock-Based Compensation Grants in 2021 | Award Type | Number Granted | Vesting Period | 2021 Expense (kUSD) | | :--- | :--- | :--- | :--- | | Stock Options | 620,675 | 4 years | $1,000 | | Restricted Stock Units (RSUs) | 344,271 | 4 years | $2,000 | [Note 24: Related-Party Transactions](index=48&type=section&id=Note%2024%20Related-party%20transactions) Related-party transactions included a loan conversion, a **$2.4 million** management fee, and **$4.0 million** in key management compensation - A shareholder loan from **Knilo InvestCo AB**, with an outstanding balance of approximately **$41.1 million** at the end of 2019, was **fully converted into equity in May 2020**, with **no such loan existing in 2021**[221](index=221&type=chunk) - A management service agreement with **Summa Equity AB** was **terminated upon the IPO**, with a final payment of **$2.4 million**[225](index=225&type=chunk) Compensation of Key Management Personnel (in thousands of US Dollars) | Component | 2021 | 2020 | | :--- | :--- | :--- | | Wages and salaries | $2,732 | $839 | | Share-based payment | $96 | - | | Social security costs | $876 | $179 | | Pension costs | $303 | $90 | | **Total** | **$4,007** | **$1,108** | [Note 25: Earnings Per Share](index=49&type=section&id=Note%2025%20Earnings%20per%20share) Basic and diluted loss per share was **($0.43)** in 2021, based on a **$42.5 million** net loss Basic and Diluted Loss Per Share Calculation (Amounts in thousands, except per share data) | Item | 2021 | 2020 | | :--- | :--- | :--- | | Net loss for the period | $(38,339) | $(6,780) | | Less accumulated preferred dividend yield | $(4,205) | $(16,900) | | Total loss for calculation | $(42,544) | $(23,680) | | Weighted average number of shares | 99,261 | 21,439 | | **Basic and diluted loss per share** | **$(0.43)** | **$(1.10)** | - As of **December 31, 2021**, **442,789 outstanding stock options** and **335,449 restricted stock units** were considered **anti-dilutive** and therefore excluded from the diluted EPS calculation[228](index=228&type=chunk)[229](index=229&type=chunk) [Parent Company Financial Statements](index=50&type=section&id=Parent%20company%20financial%20statements) [Parent Company Financial Summary](index=51&type=section&id=Parent%20company%20financial%20summary) Parent Company reported **SEK 17.3 million** revenue and **SEK 123.2 million** net loss, with **SEK 4.71 billion** assets and **100%** equity ratio Parent Company Key Financials (in thousands of SEK) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Revenue | 17,255 | - | | Loss after financial items | (149,593) | (52,835) | | Loss for the year | (123,190) | (13,185) | | Total Assets | 4,714,785 | 2,679,336 | | Total Equity | 4,703,251 | 2,656,997 | - The Parent Company's cash flow from financing activities was **SEK 1.14 billion** in 2021, driven by proceeds from the **new share issue**[234](index=234&type=chunk) [Notes to the Parent Company Financials](index=55&type=section&id=Notes%20to%20the%20parent%20company%20financial%20statement) Parent Company financials follow Swedish RFR 2, differing from IFRS, with **100%** of 2021 sales to group companies - The Parent Company applies **Swedish accounting standard RFR 2**, which has **differences from IFRS**, notably in accounting for **subsidiaries (cost method)** and **financial instruments**[235](index=235&type=chunk)[237](index=237&type=chunk)[241](index=241&type=chunk) - **100%** of the Parent Company's sales in 2021 were to **other group companies**[273](index=273&type=chunk) - A shareholder loan from **Knilo InvestCo AB** was **converted into common and preferred shares in May 2020**, **eliminating the liability** from the Parent Company's balance sheet[274](index=274&type=chunk) [Certification of the Board](index=65&type=section&id=Certification%20of%20the%20Board) - The Board of Directors and the CEO certify that the annual report and consolidated financial statements provide a **true and fair view** of the Group's and Parent Company's financial position and results[285](index=285&type=chunk) - The financial statements were prepared in accordance with **International Financial Reporting Standards (IFRS)** as adopted by the EU[285](index=285&type=chunk) - The annual report was approved for issuance by the Board of Directors and the CEO on **March 16, 2022**[285](index=285&type=chunk)

Exhibit 99.1 The Board of Directors and the CEO of Olink Holding AB (publ) Corporate identity number 559189-7755 submit the following Annual report and consolidated financial statements for the financial year 1 January – 31 December 2021 Financial statements | Directors' report | 2 | | --- | --- | | Consolidated statement of income and other comprehensive income for the year ended December 31, 2021 and for the | | | year ended December 31, 2020 | 6 | | Consolidated statement of financial position as of Dece ...

Financial Performance - For the year ended December 31, 2021, the company reported an Adjusted EBITDA of $(18.5) million, a significant decrease from $11.0 million in 2020[423] - Revenue for the year ended December 31, 2021, was $94.97 million, representing a 75.5% increase from $54.07 million in 2020[426] - The Adjusted Gross Profit for 2021 was $61.30 million, with an Adjusted Gross Profit Percentage of 64.5%, down from 71.1% in 2020[428] - The net loss for the year ended December 31, 2021, was $38.3 million, compared to a net loss of $6.8 million in 2020[443] Cash Flow and Liquidity - Cash flow used in operating activities was $(53.69) million for 2021, compared to $(6.79) million for 2020, primarily due to increased inventory and accounts receivables[441] - Cash provided by financing activities increased to $179.06 million in 2021, a 599.6% increase from $25.60 million in 2020, driven by new share issuance[442] - The company had $118.1 million in cash at bank as of December 31, 2021, with no outstanding loan balances[432] - As of December 31, 2021, the company had sufficient cash and cash equivalents to cover planned funding needs until achieving positive cash flow[444] - The company has no off-balance sheet arrangements as of December 31, 2021[455] Liabilities and Receivables - As of December 31, 2021, the company has total lease liabilities of $8,379 thousand, with $2,952 thousand due within one year[447] - The company reported accounts payable of $8,668 thousand as of December 31, 2021, all of which are due within one year[447] - U.S. Dollar denominated trade receivables amounted to $31,640 thousand as of December 31, 2021, compared to $22,683 thousand in 2020, indicating a 39% increase[650] - The company has historically experienced almost non-existent credit losses, with expected credit loss for trade receivables deemed not material[651] Management and Strategic Plans - Management adjustments for 2021 included $7.8 million in costs associated with a secondary public offering, while 2020 adjustments were $3.9 million related to the Olink Acquisition[423] - The company plans to expand its commercial team globally and continue research and development efforts, which will incur significant expenses[443] Market and Operational Impact - The COVID-19 pandemic has disrupted customer operations, but the company has not seen material cancellations in its pipeline[429] - The company’s sales were concentrated, with 44% of sales in 2021 and 52% in 2020 coming from biopharmaceutical and academia customers based in the U.S.[650] Risk Management - The company’s liquidity risk is managed through credit facilities and cash at bank, with a shareholder loan converted to equity in 2020[653] - The company has no interest-rate risks as of December 31, 2021, due to the absence of debt structure post IPO[647]