Olink(US:OLK)2024-03-25 12:02Financial Performance - Revenue for the year ended December 31, 2023, was $169,597,000, representing a 21.3% increase from $139,848,000 in 2022[25]. - Loss after financial items for 2023 was $(39,905,000), compared to a loss of $(15,407,000) in 2022[25]. - Gross profit increased to $114,461,000 in 2023, up from $94,499,000 in 2022, reflecting a gross margin improvement[30]. - Net loss for the period attributable to owners of the company was $31,600,000 in 2023, compared to a loss of $12,851,000 in 2022, indicating a significant increase in losses[30]. - Total comprehensive loss for the period was $15,307,000 in 2023, a substantial improvement from a loss of $73,140,000 in 2022, primarily due to positive foreign exchange differences[30]. - Total financial income for the year ended December 31, 2023, was $11,229 thousand, a decrease from $15,726 thousand in 2022, reflecting a decline of approximately 28.5%[152]. - The company reported a loss before tax of $39,905 thousand for the year ended December 31, 2023, compared to a loss of $15,407 thousand in 2022, indicating a significant increase in losses[155]. - The income tax expense for 2023 was $8,305 thousand, up from $2,556 thousand in 2022, representing an increase of approximately 224%[153]. Assets and Equity - Total assets increased to $602,252,000 in 2023 from $476,290,000 in 2022, reflecting a growth of 26.4%[25]. - Total equity attributable to owners of the company rose to $502,698,000 in 2023, compared to $410,685,000 in 2022, reflecting a solid equity position[31]. - Non-current assets as of December 31, 2023, were valued at $315,707,000, an increase from $293,844,000 in 2022[132]. - As of December 31, 2023, the total goodwill and other intangible assets amounted to $307,589 thousand, with goodwill specifically at $151,693 thousand[164]. Cash and Liquidity - Cash at bank and in hand increased to $120,957,000 as of December 31, 2023, compared to $75,109,000 at the end of 2022, showing improved liquidity[31]. - Cash at bank as of December 31, 2023, was $121.0 million, with restricted cash of $1.4 million and no outstanding loan balances[181]. - The Group's cash is held in Investment Grade credit rated banks, with regular monitoring to mitigate counterparty risk[120]. Employee and Operational Metrics - The number of employees rose to 707 in 2023, up from 582 in 2022, indicating a 21.5% increase[25]. - Employee benefits expenses for the year ended December 31, 2023, totaled $90,212,000, up from $71,252,000 in 2022, marking an increase of approximately 26.7%[140]. - The average number of employees increased from 582 in 2022 to 707 in 2023, representing a growth of approximately 21.5%[142]. Research and Development - Olink plans to continue significant investments in research and development to enhance existing products and develop new solutions[18]. - Research and development expenses increased to $34,183,000 in 2023 from $26,345,000 in 2022, highlighting a commitment to innovation[30]. - The Group conducts research and development on new antibodies for Kit products, expensing unsuccessful development costs as research and development expenses[82]. Sales and Customer Base - The company has served approximately 1,059 customer accounts in over 40 countries, supporting 75% of the world's largest 50 biopharmaceutical companies by 2022 research and development spending[10]. - The Group's sales were concentrated, with 46% of sales in 2023 coming from biopharmaceutical and academia customers based in the Americas[11]. - Revenue from external customers in the United States for 2023 was $73,642,000, accounting for approximately 43.4% of total revenue[130]. Financial Management and Risk - The Group's financial risk management is predominantly controlled by senior management, focusing on minimizing market, credit, and liquidity risks[110]. - The Group applies a simplified approach for expected credit losses (ECL) on trade receivables, recognizing a loss allowance based on lifetime ECLs[84]. - The expected credit loss for trade receivables in 2023 is disclosed in Note 16, indicating a historically low credit loss rate[119]. Lease and Goodwill - The Group's lease liabilities increased from $11,187,000 in 2022 to $32,721,000 in 2023, reflecting a significant rise in financial obligations[122]. - The total lease liabilities as of December 31, 2023, were $26,789 thousand, compared to $9,435 thousand in 2022, indicating a substantial increase in leasing commitments[175]. - The Group has not recorded any impairment charge on goodwill historically, indicating stable asset valuation[104]. Shareholder and Capital Management - The company issued 5,010,253 shares in a public offering in January 2023, raising net proceeds of $96.2 million[194]. - The Group's capital management aims to maximize shareholder value, with continuous reviews of the capital structure based on market conditions and growth rates[123]. - The total number of authorized shares increased to 400,000,000, with 124,342,715 shares issued and outstanding as of December 31, 2023[189].