Olink Holding AB (publ)

Q2 2023 revenue was $29.4 million, up 7% year over year reported and on a constant-currency basis. Revenue included $10.5 million of kits, $15.5 million of analysis services, and $3.4 million of other revenue. Adjusted gross profit margin was 62% versus 65% in Q2 2022; kits margin was 81% versus 91%; services margin was 56% versus 58%. Adjusted EBITDA was negative $11.6 million versus negative $7.9 million a year ago, and net loss was $8.3 million, or $0.07 per share, versus a net loss of $4.8 million, or $0.04 per share, in Q2 2022. Cash ended the quarter at $150 million. For 2023, management reiterated revenue guidance of $192 million to $200 million, implying about 37% to 43% reported growth, and said it expects to return to adjusted EBITDA profitability this year. They also said kit mix should be 50% for 2023, with kit margins expected to improve sequentially in Q3 and Q4 and service margins also improving sequentially.

Jon Heimer framed the quarter around continued momentum plus a major product inflection with the July launch of Explore HT. He said the launch marks a new chapter for Olink, with much higher throughput, lower cost per data point, a smaller environmental footprint, and the same high data quality, and he described early customer reaction as remarkably strong. His tone was upbeat and confident, while acknowledging that macro headwinds and the launch contributed to a back-half weighted revenue pattern.

Oskar Hjelm emphasized that the quarter was softer on profitability but still in line with the company’s seasonal setup for the year. He pointed to $29.4 million of revenue, 62% adjusted gross margin, and negative $11.6 million of adjusted EBITDA, while noting kits revenue grew 47% to $10.5 million. He said gross margins were pressured by supplier costs, logistics, and component scrapping that should be transitory, and he expects kit margins to improve sequentially in Q3 and Q4. He also said Olink exited Q2 with $150 million in cash and intends to remain disciplined while still pursuing internal investment and external opportunities.

Analysts focused on whether the reiterated full-year guide assumed customers were pausing orders ahead of Explore HT and how much Q4 spending flush could help or hurt. Management said some orders were intentionally pushed into the second half because of HT timing and customer planning, but they would not quantify the shift; they said the pipeline and early HT reception support the guide. Questions also centered on pricing and margins for HT, with management saying HT carries about a 20% premium to Explore 3072, but lower operating cost per sample helps total experiment economics and that service margins should benefit over time from higher throughput.