Olink Holding AB (publ)

Good day and thank you for standing by. Welcome to the O-Link Proteomics First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you will need to press star 1 on your telephone. Please be advised that today's conference may be recorded. If you require any further assistance, please press star then 0. I would now like to hand the conference over to your host today, John Medina, Vice President, Investor Relations and Capital Markets. Please go ahead.

Thanks, Michelle, and good morning, everyone. Thank you all for joining today's conference call. On the call from O-Link, we have John Heimer, Chief Executive Officer, and Oscar Hjelm, Chief Financial Officer. Earlier today, O-Link released financial results for the first quarter ended March 31, 2022. and a copy of the press release and an updated corporate presentation are available on the company's website. Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the U.S. federal securities laws, which are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results, or performance are forward-looking statements. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. For a list and description of the risks and uncertainties associated with OLINC's business, please refer to the Risk Factors section on Form 20F, Commission File Number 001-40277, filed with the U.S. Securities and Exchange Commission on March 17, 2022, and in our other filings with the SEC. We urge you to consider these factors and you should be aware that these statements should be considered estimates only and are not a guarantee of future performance. Also, in our remarks or responses to questions, management may mention some non-IFRS financial measures. Reconciliations of adjusted gross profit and EBITDA and certain other non-IFRS financial measures to the most directly comparable IFRS measures are available in the most recent earnings press release available on the company's website. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 12, 2022. O-Link disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise, except as required by law. And with that, I will turn the call over to John. John?

Great. Thank you, John. Good morning, everyone, and thank you for joining Oling's first quarter 2022 earnings call. First, I'll begin by saying that in these difficult times, our minds and hearts remain with those impacted by the war in Ukraine. The Oling community has contributed in its own modest way to relief efforts in the hope of improving situation, and we continue to do what we can to support humanitarian efforts. I will now start by providing some recent financial and operating highlights, discuss a few areas where Olink is driving the science of proteomics, then I'll wrap up things by quickly discussing our outlook for the remainder of 2022. I'll then turn over the call to Oscar to provide more financial details. During the first quarter of 2022, Olink continued to execute and build on its considerable progress from last year. We remain confident in achieving another year of strong growth with further accomplishment in the fast-growing next-gen proteomics industry that promises to reshape drug research and development and human health. We're pleased to have delivered quarterly revenue of $22.7 million, representing 66% growth over the first quarter of 2021. Cumulative explore installations during the first quarter reached 27, and we delivered nine additional signature instruments to customers as well. These were in line with our plan and consistent with expected seasonality given customer buying patterns. The net impact of the pandemic environment was largely as we anticipated during Q1, and we continue to remain vigilant with our customers to navigate the COVID impact on their work. Explore represented 69% of our total revenue in the latest quarter. Total kit revenue was $4 million, up 41% over Q1 2021. While service revenue totaled $16.6 million, up 74% compared to Q1 2021. Total kits revenue represented 18% of total revenue in Q1 2022, consistent with our internal plan. It was just about a year ago that the Explore kits were launched. And on a training 12-month basis, Explore Kits represented 29% of total Explore revenue and 19% of total revenue. Generally speaking, initial pull-through with Explore Kits has come in towards the high end of our internal expectations. And during the first quarter of 2022, Target Kits became a more substantial growth driver due to the recent launch of Signature. Overall, we remain confident in the continued shift of our revenues from services to kits, with our 2022 outlook supported by the performance of the first quarter. As we've discussed, the first quarter is traditionally O-Link's lowest revenue quarter of the year, given the procurement and budgeting cycles of many of our customers, including government or grant funding customers, academic customers, and biopharma customers. Our underlying business momentum in Xplore target and focus remained very strong in Q1 and as we have entered Q2. Xplore continues to benefit from strong pull-through and continued uptake of our new Xplore 3K kit. We remain on track to expand to 4,500 protein biomarker targets late this year, and we continue to aggressively build out our library of antibodies as long as our customers tell us to do so to drive their clinical and diagnostic research efforts. We're also committed to making our Xplore line of products as accessible as possible. In line with this ambition, we're collaborating with multiple partners to enable Xplore on several of the new sequencing instruments entering the market. This effort will translate into increased flexibility as customers will be able to choose from a menu of detection platform alternatives. Olink also continues to expand its reach within the low- and mid-plex proteomics market with Signature, which began deliveries to customers late last year. The ability of Olink's product platform to address multiple use cases at the same customer is becoming more and more clear, with multiple Signature customers also being explored users. Our downstream efforts toward diagnostic application continues. In February, our partner, OptiBioScience, had a significant presence at the ACTRMS meeting in West Palm Beach, Florida, with multiple posters, presentations, highlighting the utility of the MSDA protein signature derived with O-Link's PA technology, including this signature's relationship with MS disease activity and progression. We believe ACTRMS also showcased the very diligent analytical and clinical validation steps OCTAVE have performed with the MSDA test. OCTAVE is preparing plans for early use of the MS disease activity test in select multiple sclerosis centers over the course of the year. Orlin continues to prioritize collaborating with customers and thought leaders to advance the field of proteomics. We're truly excited to be part of the ongoing groundbreaking scientific discovery effort with the UK Biobank project. And we continue to deepen relationship with the 13 pioneering biopharma members. As we previously discussed, by the end of last year, we delivered 56,000 samples to the UK Biobank consortium. And in 2022, we began running the expansion phase on the Explore 3072 platform. When data from this research is published later this year, it will be published using O-Link's unit of expression, MPX, or normalized protein expression, providing O-Link a unique opportunity to help define the language of next-generation proteomics. We believe the UK Biobank project will be the most comprehensive data set available to aid the research and discovery efforts for clinical and diagnostic solutions. Today, Olink is part of several consortia exploring the role of protein biomarkers. The UK Biobank, of course. Scallop, which is a proteogenomics effort for disease orders like coronary artery disease, rheumatoid arthritis, bipolar disease, heart failure, dementia, or metabolic syndrome. Coral for neurological conditions and colibri for inflammatory bowel disease. And beyond these, We see significant excitement across many large and strategic cohorts around the world. We are executing against the opportunity to deepen our strategic relationships across the industry. Olink is well positioned to be a key contributor in protein and multi-omic studies, given our product platform and service capabilities. The foundation of Olink's success is science. and there are more than 860 studies published to date describing the use of PEA conducted by thousands of researchers across the globe, covering every major therapeutic category. These studies highlight O-Link's clinical impact, and we thought it would be helpful to share two of them today. A recent study published in Circulation by a team from University College of London along with cardiovascular thought leaders, including Professor Fayet Samad from the Homage Consortium and Alex Anders-Malartig from Scallop, supports the role of PQTLs in identifying relevant and novel protein drug targets. The study investigated the role of 90 cardiovascular proteins in heart failure that were derived from 3,019 participants with 732 heart failure events. The effects of these heart failure-associated proteins were then investigated using cis-PQTL data generated from those genome-wide association studies in over 30,000 individuals. The findings were striking. 44 of the 19 proteins were positively associated with the risk of incident heart failure. with eight of these 44 proteins showing evidence of causal association with heart failure. Two of the associated proteins have already been targeted in ongoing early clinical trials to provide biological validation for these findings, and five of the remaining six are classified as programmable genes according to public databases. Another publication from the University of Mississippi used publicly available OLIM data from the Mass General Hospital longitudinal COVID-19 study to understand the frequently seen link between COVID-19 and cardiovascular implications. As a background, Olink had previously joined forces with MGH to quantify the abundance of over 1,400 proteins in plasma of patients from a cohort of 306 COVID-19 patients and 78 virus-negative patients. What the authors found were clear associations between different types of immune system T-cell pathways and the levels of important cardiometabolic proteins. potentially explaining the cardiovascular complications associated with severe systematic inflammation in COVID-19 patients. These are just two recent examples of how O-Link is helping inform the role of proteins in disease and further downstream actionability. The studies represent just the latest data points in the expanding body of evidence that speaks to the importance of cardiomics and the quality of the data of the O-Link platform. More importantly, it supports the sentiment shared by many of our customers in their real-world experience as well. Operationally, we continue to strengthen O-Link's already considerable talent pool. We started the year with 416 employees and reached 465 by the end of the first quarter, including 163 full-time employees in the commercial team. In April, we appointed two new independent board members to our board of directors. Mary Rumus, CFO of Keila Pharmaceuticals, and Bob Sheeran, CEO of Natera. Both Bob and Mary have considerable experience and expertise, and we welcome their contributions in helping shape the future of our company. Additionally, in March, we were excited to publish our inaugural sustainability report. which can be found on our investor relations website. The report outlines Oling's contribution to improving global health, including early progress with our partner OptiBioScience in MS. We look forward to further refining our sustainability principles over time and to fulfilling our promise to science and society for a better future for generations to come. Turning to our expectations. We are maintaining our 2022 revenue guidance range of $138 to $145 million, and Oscar will go into more detail in a bit. Beyond this year and over the long term, we remain very optimistic about our strategic and financial outlook. In summary, we remain confident in our ability to execute, expand, and lead the largely untapped next-gen proteomics market. There are exciting things happening at Olink. I will now turn the call over to Oskar to discuss our financial results. Oskar?