Olink(US:OLK)2024-05-13 10:04Revenue Performance - Revenue for Q1 2024 was $28.8 million, a 5% increase from $27.5 million in Q1 2023, driven by a 30% growth in the Kit segment[53]. - Kit revenues accounted for 61% of total revenues in Q1 2024, up from 49% in Q1 2023, with a gross margin of 78%[56]. - Service revenues represented 27% of total revenues in Q1 2024, down from 38% in Q1 2023, with a gross margin of 29%[58]. Profitability - Gross profit for Q1 2024 decreased to $17.4 million, down 1% from $17.6 million in Q1 2023, due to increased production costs and unfavorable product mix[54]. - Adjusted gross profit for Q1 2024 was $18.8 million, with an adjusted gross profit percentage of 65.4%, down from 67.1% in Q1 2023[69]. - Adjusted EBITDA for Q1 2024 was a loss of $15.5 million, compared to a loss of $9.4 million in Q1 2023[63]. Expenses and Losses - Total operating expenses rose by 21% to $42.4 million in Q1 2024, compared to $34.9 million in Q1 2023, reflecting business growth and strategic initiatives[55]. - The net loss for Q1 2024 was $16.1 million, compared to a net loss of $14.0 million in Q1 2023[49]. - Total comprehensive loss for Q1 2024 was $44.0 million, significantly higher than $10.9 million in Q1 2023, primarily due to foreign exchange losses[50]. Management Adjustments - Management adjustments for Q1 2024 included $1.1 million related to costs from a tender offer by Thermo Fisher Scientific Inc.[63].