Olink(OLK) - 2021 Q4 - Annual Report

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]