# EDGAR Filing Document

**Accession Number:** 0001835539
**File Stem:** 0001835539-23-000024
**Filing Date:** 2023-2
**Character Count:** 49485
**Document Hash:** a5e4a492274a8327de3cb8ee0f264869
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001835539-23-000024.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001835539-23-000024

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Olink Holding AB (publ)
- **CENTRAL INDEX KEY:** 0001835539
- **STANDARD INDUSTRIAL CLASSIFICATION:** LABORATORY ANALYTICAL INSTRUMENTS [3826]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** V7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40277
- **FILM NUMBER:** 23645220

**BUSINESS ADDRESS:**
- **STREET 1:** UPPSALA SCIENCE PARK
- **CITY:** UPPSALA
- **STATE:** V7
- **ZIP:** SE-751 83
- **BUSINESS PHONE:** 46 (0) 18 444 39 70

**MAIL ADDRESS:**
- **STREET 1:** UPPSALA SCIENCE PARK
- **CITY:** UPPSALA
- **STATE:** V7
- **ZIP:** SE-751 83

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Knilo HoldCo AB
- **DATE OF NAME CHANGE:** 20201208

![imagea.jpg](imagea.jpg)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO SECTION 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of February 2023<br>Commission File Number: 001-40277**

**OLINK HOLDING AB (PUBL)**

(Exact Name of Registrant as Specified in its Charter)

**Uppsala Science Park**

**SE-751 83**

**Uppsala, Sweden**

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

**Form 20-F** ![image_1a.jpg](image_1a.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Form 40-F** ![image_2a.jpg](image_2a.jpg)

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ![image_2a.jpg](image_2a.jpg)

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ![image_2a.jpg](image_2a.jpg)

![imagea.jpg](imagea.jpg)

------

On February 21, 2023, Olink Holding AB (publ) issued a news release announcing unaudited results for the twelve months ended December 31, 2022, which are further described in the

Presentation dated February 21, 2023, copies of which are furnished as Exhibit 99.1 and 99.2, respectively, to this Form 6-K.

**<u>Exhibit No.</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.1](olk_4q22xpr.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Olink Holding AB (publ) news release dated February 21, 2023.](olk_4q22xpr.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.2](olk_4q22xdeck.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Olink Holding AB (publ) Presentation, February 21, 2023.](olk_4q22xdeck.htm)</u>

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**OLINK HOLDING AB (PUBL)**

By: <u>/s/ Jon Heimer</u> 

Name:Jon Heimer

Title: Chief Executive Officer

Date: February 21, 2023

## Exhibit 99.1

Exhibit 99.1

**Olink reports fourth quarter and full year 2022 financial results**

UPPSALA, Sweden, February 21, 2023 (GLOBE NEWSWIRE) -- Olink Holding AB (publ) ("Olink") (Nasdaq: OLK) today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2022.

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fourth quarter revenue totaled $57.9 million, representing year over year growth of 33% on a reported basis and 37% on a constant currency adjusted like-for-like basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full year 2022 revenue totaled $139.8 million, achieving year over year growth of 47% on a reported basis and 53% on a constant currency adjusted like-for-like basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total Explore customer installations reached 52, with 12 installations during the fourth quarter, and more than doubling during 2022 compared to 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Signature Q100 placements reached 91, with 28 placements during the fourth quarter, and more than tripling during 2022 compared to 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Explore revenue of $43.2 million accounted for 75% of total fourth quarter revenue, with Explore Kit revenue totaling $25.1 million, or 58% of total Explore revenues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fourth quarter Kit revenue and analysis services revenue represented 53% and 40% of total revenue, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fourth quarter 2022 net income was $5.4 million, with adjusted EBITDA of $14.9 million compared to fourth quarter 2021 net loss of ($8.0) million and adjusted EBITDA of ($1.4) million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised $95 million in additional capital after the close of the fourth quarter 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Olink expects 2023 full year reported revenue to be in the range of $192 million to $200 million, representing growth of approximately 37% to 43% on a reported basis, and growth of approximately 38% to 44% on a constant currency basis; and expects the Company will return to profitability in 2023, as measured by EBITDA excluding share-based compensation expenses

"Olink enters 2023 with considerable business momentum across its entire customer base, and will continue to operate with science-driven thinking, customer-focused product innovation, and strong commercial execution," said **Jon Heimer, CEO of Olink**. "Olink exited 2022 with record-setting Explore installations and strong Signature placements, as well as robust revenue growth. We anticipate 2023 will be another year of market-leading innovation and strong growth as we make further progress in developing the nascent and promising field of modern proteomics."

**Fourth quarter and full year financial results**

"Our robust performance and strong financial profile are enabled by focused investment and disciplined spending into areas with significant opportunities to provide a strong return for Olink," said **Oskar Hjelm, CFO of Olink**. "We are executing on our strategy to maximize the substantial commercial opportunity in proteomics and return to profitability, providing an excellent platform for long-term revenue and profit growth."

Total revenue for the fourth quarter of 2022 was $57.9 million, as compared to $43.7 million for the fourth quarter of 2021, which represents reported growth of 33%, driven primarily by the strength in Explore. Reported full year 2022 revenue grew 47% to $139.8 million, as compared to $95.0 million for 2021.

Kits revenue for the fourth quarter of 2022 grew 100% to $30.6 million, or 53% of total revenue, as compared to $15.3 million for the fourth quarter of 2021, or 35% of total revenue, driven by strength in Explore, as well as Target. Full year 2022 kits revenue grew 106%, totaling $55.1 million, versus $26.8 million during 2021.

Analysis services revenue for the fourth quarter of 2022 was $23.4 million, as compared to $23.7 million for the fourth quarter of 2021, in line with Olink's goal of driving product mix toward kits. Year-over-year analysis services revenue declined 1% in the fourth quarter on a reported basis, but grew approximately 30% when adjusting for completion of the UK Biobank Pharma Proteomics Project (UKB-PPP). Full year 2022 analysis service revenue totaled $73.0 million, versus $60.2 million for 2021, representing 21% growth.

------

Exhibit 99.1

Other revenue was $3.9 million for the fourth quarter of 2022, as compared to $4.7 million for the fourth quarter of 2021. Full year 2022 other revenue totaled $11.7 million, versus $8.0 million for 2021.

By geography, revenue during the fourth quarter of 2022 was $31.9 million in North America, $20.0 million in EMEA (including Sweden), and $6.0 million in China and RoW (including Japan). Year-over-year revenue in EMEA (including Sweden) decreased 1% in the fourth quarter on a reported basis, and grew approximately 39% when adjusting for completion of the UKB-PPP. By geography, revenue during the full year 2022 was $66.5 million in North America, $57.7 million in EMEA (including Sweden), and $15.6 million in China and RoW (including Japan).

Net income was $5.4 million for the fourth quarter of 2022 and adjusted EBITDA was $14.9 million, as compared to a net loss of ($8.0) million and adjusted EBITDA of ($1.4) million for the fourth quarter of 2021. Full year 2022 net loss was ($12.9) million and adjusted EBITDA was ($3.9) million, versus a net loss of ($38.3) million and adjusted EBITDA of ($18.5) million for 2021.

Consolidated gross profit was $43.1 million in the fourth quarter of 2022, as compared to $25.3 million in the fourth quarter of 2021. Full year 2022 gross profit totaled $94.5 million, versus $58.2 million for 2021. Consolidated adjusted gross profit was $44.0 million in the fourth quarter of 2022, as compared to $26.5 million in the fourth quarter of 2021. Full year 2022 adjusted gross profit totaled $97.9 million, versus $61.3 million for 2021.

By segment, adjusted gross profit margin for kits was 87.6% for the fourth quarter of 2022, as compared to 85.1% for the fourth quarter of 2021; and reported gross profit margin for kits was 86.9% for the fourth quarter of 2022, as compared to 84.0% for the fourth quarter of 2021. Full year 2022 adjusted gross profit margin for kits was 88.4%, versus 86.4% for 2021; and full year 2022 reported gross profit margin for kits was 87.1%, versus 84.7% for 2021.

Adjusted gross profit margin for analysis services was 66.9% for the fourth quarter of 2022, as compared to 50.2% for the fourth quarter of 2021; and reported gross profit margin for analysis services was 64.1% for the fourth quarter of 2022, as compared to 45.9% for the fourth quarter of 2021. The increase in analysis services margin in the fourth quarter of 2022 compared to 2021 was related to the completion of the UKB-PPP earlier in the year as well as improved operational efficiency in the labs. Full year 2022 adjusted gross profit margin for analysis services was 60.1%, versus 57.3% for 2021; and full year 2022 reported gross profit margin for analysis services was 56.5%, versus 53.0% for 2021.

Adjusted and reported gross profit margin for Other was 40.6% for the fourth quarter of 2022, as compared to 34.1% for the fourth quarter of 2021. Full year 2022 adjusted and reported gross profit margin for Other was 45.2%, versus 45.3% for 2021.

Total operating expenses for the fourth quarter of 2022 were $34.9 million, as compared to $33.1 million for the fourth quarter of 2021. Full year 2022 total operating expenses were $125.1 million, as compared to $102.9 million for 2021. The increase in full year 2022 was largely due to continued investment in Olink's commercial organization and research and development and driven by additional costs as a public company as well.

Net income for the fourth quarter of 2022 was $5.4 million, as compared to a net loss of ($8.0) million for the fourth quarter of 2021. Full year 2022 net loss totaled ($12.9) million, as compared to ($38.3) million for 2021.

Net income per share for the fourth quarter of 2022 was $0.05 based on a weighted average number of outstanding shares of 119,943,003 as compared to a net loss per share of ($0.07) in the fourth quarter of 2021 based on a weighted average number of outstanding shares of 119,007,062. Full year 2022 net loss per share totaled ($0.11), versus ($0.43) per share in 2021.

**2023 guidance**

------

Exhibit 99.1

Olink expects 2023 full year reported revenue to be in the range of $192 million to $200 million, representing growth of approximately 37% to 43% on a reported basis, and growth of approximately 38% to 44% on a constant currency basis.

The Company also expects revenues in 2023 will continue to progress along a seasonal pattern that is weighted toward the second half of the year, and fourth quarter specifically. In addition, Olink believes with continued growth and scale up, it will return to profitability in 2023, as measured by EBITDA excluding share-based compensation expenses.

**Webcast and conference call details**

Company management will host a conference call to discuss financial results at 8:00 am ET. Investors interested in listening to the conference call are required to register online here. A live webcast will be available in the "Events" section of the Company's website at https://investors.olink.com/investor-relations. The webcast will be archived and available for replay for at least 90 days after the event.

**Statement regarding use of non IFRS financial measures**

We present certain non-IFRS financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of these non-IFRS measures facilitates investors' assessment of our operating performance. We caution readers that amounts presented in accordance with our definitions of adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, adjusted gross profit margin by segment, and constant currency revenue growth, may not be the same as similar measures used by other companies. Not all companies and Wall Street analysts calculate the non-IFRS measures we use in the same manner. We compensate for these limitations by reconciling each of these non-IFRS measures to the nearest IFRS performance measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

We are not able to forecast constant currency revenue on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting foreign currency exchange rates and, as a result, are unable to provide a reconciliation to forecasted constant currency revenue.

**Investor contact**

Jan Medina, CFA

VP Investor Relations & Capital Markets

Mobile: +1 617 802 4157

jan.medina@olink.com

**Media contact**

Andrea Prander

Corporate Communications Manager

Mobile: +46 768 775 275

andrea.prander@olink.com

**Forward-looking statements**

This press release contains forward-looking statements that are based on management's beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our 2023 revenue outlook, our Explore externalizations, our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations. In some cases, you can identify forward-looking statements by the words "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the

------

Exhibit 99.1

information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under the caption "Risk Factors" in our Form 20-F (Commission file number 001-40277) and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections for the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.

**About Olink** Olink Holding AB (Nasdaq: OLK) is a company dedicated to accelerating proteomics together with the scientific community, across multiple disease areas to enable new discoveries and improve the lives of patients. Olink provides a platform of products and services which are deployed across major biopharmaceutical companies and leading clinical and academic institutions to deepen the understanding of real-time human biology and drive 21st century healthcare through actionable and impactful science. The Company was founded in 2016 and is well established across Europe, North America, and Asia. Olink is headquartered in Uppsala, Sweden.

**INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
|<br>*Amounts in thousands of U.S. Dollars* | **2022** | **2021** | **2022** | **2021** |
| **Revenue** | 57885 | 43683 | 139848 | 94973 |
| Cost of goods sold | (14760) | (18379) | (45349) | (36763) |
| **Gross profit** | **43125** | **25304** | **94499** | **58209** |
| Selling expenses | (13379) | (11950) | (44673) | (33668) |
| Administrative expenses | (13882) | (11826) | (54274) | (47495) |
| Research and development expenses | (6584) | (8722) | (26345) | (22141) |
| Other operating income | (1102) | (596) | 191 | 443 |
| **Operating (loss)/income** | **8178** | **(7791)** | **(30602)** | **(44652)** |
| Interest income | 1119 | 98 | 1159 | 98 |
| Interest expense | (124) | (136) | (531) | (2146) |
| Foreign exchange, net | (2847) | 2523 | 14059 | 1875 |
| Other financial income/(expenses) | 508 | 19 | 508 | (1719) |
| (Loss)/income before tax | 6834 | (5288) | (15407) | (46545) |
| Income tax benefit/(expense) | (1404) | (2685) | 2556 | 8206 |
| **Net (loss)/income for the period (Attributable to shareholders of the Parent)** | 5430 | (7972) | (12851) | (38339) |
| Other comprehensive (loss)/income: |  |  |  |  |
| **Items that may be reclassified to profit or loss:** |  |  |  |  |
| *Exchange differences from translation of foreign operations* | 23772 | (13570) | (60606) | (37659) |
| Other comprehensive (loss)/income for the period, net of tax | 23772 | (13570) | (60606) | (37659) |
| Total comprehensive (loss)/income for the period, net of tax | 29202 | (21542) | (73457) | (75998) |
| **Total comprehensive (loss)/income for the period (Attributable to shareholders of the Parent)** | **29202** | **(21542)** | **(73457)** | **(75998)** |
| **Basic and diluted (loss)/income per share** | $**0.05** | $**(0.07)** | $**(0.11)** | $**(0.43)** |

---

------

Exhibit 99.1

**INTERIM CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| *Amounts in thousands of U.S. Dollars* | **As of December 31, 2022** | **As of December 31, 2021** |
| **ASSETS** |  |  |
| **Non-current assets** |  |  |
| Intangible assets | 257480 | 308124 |
| Property, plant and equipment | 15056 | 12696 |
| Right-of-use asset | 9891 | 8778 |
| Deferred tax assets | 10846 | 9091 |
| Other long-term receivables | 571 | 422 |
| **Total non-current assets** | **293844** | **339111** |
| **Current assets** |  |  |
| Inventories | 44246 | 28940 |
| Trade receivables | 52743 | 42061 |
| Other receivables | 2562 | 4094 |
| Prepaid expenses and accrued income | 7786 | 7476 |
| Cash at bank and in hand | 75109 | 118096 |
| **Total current assets** | **182446** | **200667** |
| **TOTAL ASSETS** | **476290** | **539778** |
| **EQUITY** |  |  |
| Share capital | 30988 | 30964 |
| Other contributed capital | 514133 | 506008 |
| Reserves/(Deficit) | (58581) | 1701 |
| Accumulated Deficit | (75855) | (62997) |
| **Total equity attributable to shareholders of the Parent** | **410685** | **475676** |
| **LIABILITIES** |  |  |
| **Non-current liabilities** |  |  |
| Lease liabilities | 7322 | 5427 |
| Deferred tax liabilities | 22196 | 27092 |
| **Total non-current liabilities** | **29518** | **32519** |
| **Current liabilities** |  |  |
| Lease liabilities | 2113 | 2952 |
| Accounts payable | 6885 | 8668 |
| Current tax liabilities | 1389 | 314 |
| Other current liabilities | 25700 | 19649 |
| **Total current liabilities** | **36087** | **31583** |
| **Total liabilities** | **65605** | **64102** |
| **TOTAL EQUITY AND LIABILITIES** | **476290** | **539778** |

---

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Exhibit 99.1

**INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Twelve months ended** **December 31,** | **Twelve months ended** **December 31,** |
| **Amounts in thousands of U.S. Dollars** | **2022** | **2021** |
| **Operating activities** |  |  |
| Loss before tax | (15407) | (46545) |
| *Adjustments reconciling loss before tax to operating cash flows:* |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 17326 | 15802 |
| &nbsp;&nbsp;&nbsp;Net finance (expense)/income | (15164) | 1893 |
| &nbsp;&nbsp;&nbsp;Loss on sale of assets | 465 | 502 |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense | 7907 | 2524 |
| &nbsp;&nbsp;&nbsp;Other | 233 |  |
| *Changes in working capital:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) in inventories | (18934) | (10158) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) in accounts receivable | (13867) | (12172) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) in other current receivables | (1950) | (6105) |
| &nbsp;&nbsp;&nbsp;(Decrease)/Increase in trade payables | (751) | 3014 |
| &nbsp;&nbsp;&nbsp;Increase in other current liabilities | 7643 | 2039 |
| Interest received | 1159 | 98 |
| Interest paid | (531) | (2312) |
| Other finance income | 508 |  |
| Tax received/(paid) | 1297 | (2266) |
| **Cash flow used in operating activities** | **(30066)** | **(53687)** |
| **Investing activities** |  |  |
| Purchase of intangible assets | (1378) | (4325) |
| Purchase of property, plant and equipment | (7173) | (10482) |
| Proceeds from sale of property, plant and equipment |  | 144 |
| (Increase) in other non-current financial assets | (162) | (297) |
| **Cash flow used in investing activities** | **(8713)** | **(14960)** |
| **Financing activities** |  |  |
| Proceeds from issue of share capital | 24 | 264706 |
| Share issue costs |  | (19484) |
| Proceeds from interest-bearing loans and borrowings |  | 2312 |
| Repayment of interest-bearing loans and borrowings |  | (65627) |
| Payment of principal portion of lease liability | (2908) | (2845) |
| **Cash flow (used in)/from financing activities** | **(2884)** | **179062** |
| Net cash flow during the period | (41663) | 110415 |
| Cash at bank and in hand at the beginning of the period | 118096 | 8656 |
| Net foreign exchange difference | (1324) | (975) |
| **Cash at bank and in hand at the end of the period** | **75109** | **118096** |

---

------

Exhibit 99.1

**Reconciliations of adjusted gross profit to gross profit, the most directly comparable IFRS measure, by segment (unaudited):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| *Amounts in thousands of U.S. Dollars unless otherwise stated* | **2022** | **2021** | **2022** | **2021** |
| **Kit** |  |  |  |  |
| Revenue | 30555 | 15263 | 55091 | 26797 |
| Cost of goods sold | (4011) | (2439) | (7131) | (4112) |
| **Gross profit** | **26544** | **12824** | **47960** | **22685** |
| **Gross profit margin** | **86.9%** | **84.0%** | **87.1%** | **84.7%** |
| Less: |  |  |  |  |
| Depreciation charges | 157 | 114 | 569 | 431 |
| Share-based compensation expenses | 57 | 48 | 176 | 48 |
| **Adjusted Gross Profit** | **26758** | **12986** | **48705** | **23164** |
| **Adjusted Gross Profit %** | **87.6%** | **85.1%** | **88.4%** | **86.4%** |
| **Service** |  |  |  |  |
| Revenue | 23389 | 23693 | 73012 | 60221 |
| Cost of goods sold | (8407) | (12826) | (31776) | (28299) |
| **Gross profit** | **14982** | **10867** | **41236** | **31922** |
| **Gross profit margin** | **64.1%** | **45.9%** | **56.5%** | **53.0%** |
| Less: |  |  |  |  |
| Depreciation charges | 563 | 986 | 2448 | 2561 |
| Share-based compensation expenses | 105 | 52 | 220 | 52 |
| **Adjusted Gross Profit** | **15650** | **11905** | **43904** | **34535** |
| **Adjusted Gross Profit %** | **66.9%** | **50.2%** | **60.1%** | **57.3%** |
| **Corporate / Unallocated** |  |  |  |  |
| Revenue | 3940 | 4727 | 11745 | 7955 |
| Cost of goods sold | (2342) | (3115) | (6442) | (4352) |
| **Gross profit** | **1598** | **1612** | **5303** | **3603** |
| **Gross profit margin** | **40.6%** | **34.1%** | **45.2%** | **45.3%** |
| Less: |  |  |  |  |
| Depreciation charges |  |  |  |  |
| Share-based compensation expenses |  |  |  |  |
| **Adjusted Gross Profit** | **1598** | **1612** | **5303** | **3603** |
| **Adjusted Gross Profit %** | **40.6%** | **34.1%** | **45.2%** | **45.3%** |

---

------

Exhibit 99.1

**Reconciliation of constant currency revenue growth to revenue growth as reported under IFRS, the most directly comparable IFRS measure (unaudited):**

We use the non-IFRS measure of constant currency growth, which we define as our total revenue growth from one fiscal year to the next on a constant currency exchange rate basis. We measure our constant currency revenue growth by applying the current fiscal period's average exchange rate to the prior year fiscal period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended**<br>**December 31** | **Three months ended**<br>**December 31** | **Twelve months ended**<br>**December 31,** | **Twelve months ended**<br>**December 31,** |
| *Amounts in thousands of U.S. Dollars, unless otherwise stated* | **2022** | **2021** | **2022** | **2021** |
| Revenue | 57885 | 43683 | 139848 | 94973 |
| Revenue growth (IFRS) | 33% |  | 47% |  |
| Foreign exchange impact | -4% |  | -6% |  |
| **Constant currency revenue growth** | **37%** |  | **53%** |  |

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**Reconciliation of consolidated adjusted gross profit to gross profit, the most directly comparable IFRS measure (unaudited):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended**<br>**December 31** | **Three months ended**<br>**December 31** | **Twelve months ended**<br>**December 31,** | **Twelve months ended**<br>**December 31,** |
| *Amounts in thousands of U.S. Dollars, unless otherwise stated* | **2022** | **2021** | **2022** | **2021** |
| Revenue | 57885 | 43683 | 139848 | 94973 |
| Cost of goods sold | (14760) | (18379) | (45349) | (36763) |
| **Gross Profit** | **43125** | **25304** | **94499** | **58210** |
| **Gross Profit %** | **74.5%** | **57.9%** | **67.6%** | **61.3%** |
| Less: |  |  |  |  |
| Depreciation charges | 720 | 1100 | 3017 | 2992 |
| Share-based compensation expenses | 162 | 100 | 396 | 100 |
| **Adjusted Gross Profit** | **44007** | **26504** | **97912** | **61302** |
| **Adjusted Gross Profit %** | **76.0%** | **60.7%** | **70.0%** | **64.5%** |

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**Reconciliation of adjusted EBITDA to operating loss, the most directly comparable IFRS measure (unaudited):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| *Amounts in thousands of U.S. Dollars* | **2022** | **2021** | **2022** | **2021** |
| Operating income/(loss) | 8178 | (7791) | (30602) | (44652) |
| Add: |  |  |  |  |
| Amortization | 2682 | 2993 | 11212 | 11090 |
| Depreciation | 1610 | 1635 | 6114 | 4713 |

---

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Exhibit 99.1

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | 12470 | (3163) | (13276) | (28849) |
| Management Adjustments | 298 | (85) | 1288 | 7777 |
| Share-based compensation expenses | 2084 | 1888 | 8047 | 2524 |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | **14852** | **(1360)** | **(3941)** | **(18548)** |

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## Exhibit 99.2

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4Q 2022 earnings February 21, 2023 Olink Proteomics Vision Enable understanding of real-time human biology Mission Accelerate proteomics together Exhibit 99.2

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Disclaimer This presentation may contain certain forward-looking statements and opinions. Forward-looking statements are statements that do not relate to historical facts and events and such statements and opinions pertaining to the future that, for example, contain wording such as "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "objective," "anticipate," "believe," "estimate," "predict," "potential," "continue," "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the future. Forward-looking statements contained in this presentation include, but are not limited to, statements about: our addressable market, market growth, future revenue, key performance indicators, expenses, capital requirements and our needs for additional financing, our commercial launch plans, our strategic plans for our business and products, market acceptance of our products, our competitive position and developments and projections relating to our competitors, domestic and foreign regulatory approvals, third-party manufacturers and suppliers, our intellectual property, the potential effects of government regulation and local, regional and national and international economic conditions and events affecting our business. We cannot assure that the forward-looking statements in this presentation will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. The forward-looking statements and opinions contained in this presentation are based on our management's beliefs and assumptions and are based upon information currently available to our management as of the date of this presentation and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. Actual results, performance or events may differ materially from those in such statements due to, without limitation, risks generally associated with product development, including delays or challenges that may arise in the development, launch or scaling of our new products, programs or services, challenges in the commercialization of our products and services, the risk that we may not maintain our existing relationships with suppliers or enter into new ones, or that we will not realize the intended benefits from such relationships, any inability to protect our intellectual property effectively, changes in general economic conditions, in particular economic conditions in the markets on which we operate, changes affecting interest rate levels, changes affecting currency exchange rates, changes in competition levels, and changes in laws and regulations, and other risks described under the caption "Risk Factors" in our Form 20-F (Commission file number 001-40277) and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. The information, opinions ad forward-looking statements contained in this announcement speak only as of its date, and are subject to change without notice and we undertake no obligation to update any such forward-looking statements for any reason, except as required by law. This presentation contains estimates, projections and other information concerning our industry, our business, and the markets for our products and services. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. Unless otherwise expressly stated, we obtained this industry, business, market and other data from our own internal estimates and research as well as from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data and similar sources. While we believe our internal company research as to such matters is reliable and the market definitions are appropriate, neither such research nor these definitions have been verified by any independent source. 2

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Olink at a glance Company profile • Swedish proteomics company founded in 2016 active in protein biomarker discovery and development • Market leader with a unique proprietary technology, Proximity Extension Assay (PEA), with strong IP utilizing NGS and qPCR for readout - Agnostic to NGS and qPCR platforms • 582 employees with 208 on the commercial team • Strong commercial execution with KOLs, academia, biopharma, and service providers through a global direct sales force • Offers distributed kits and fee-for-service 4Q 2022 momentum and recent highlights - Achieved all strategic value drivers, with excellent progress toward a return to profitability - 33% revenue growth [37% constant currency]; 53% revenue from reagent kits • 50%+ 4Q revenue growth when excluding the UKB-PPP - 47% FY22 revenue growth [53% constant currency]; 39% revenue from reagent kits - Strength from hi-plex to low-plex - Explore was 75% of revenues with 58% generated from reagent kits - 52 Explore customer installations; with ~$800K LTM average customer pull-through - 91 Signature installations at end of 2022 - 1,100+ peer-reviewed publications citing use of PEA technology Market opportunity • $35B TAM for research and clinical applications - High-plex: 1,000s of proteins in 1,000s of samples - Mid-plex: 10-100s of proteins in 1,000s of samples - Low-plex and clinical applications: 5-10 proteins • Targeting ~8,000 NGS systems for high-plex, growing to 10,000+ in 20271 • Targeting ~4,500 mid-plex proteomics labs, growing to ~6,000 in 20271 • Clinical decision making Ambition and growth strategy • Aiming for #1 share in the emerging field of proteomics and establishing NPX as the gold standard • Growing customer internalization through a distributed kits model • Driving PEA in clinical decision making • Unlocking the mid-plex market with Signature and Olink Flex • Expanding protein library and increasing throughput of Explore platform • Investing in R&D to maximize the potential of the platform • Scaling up the organization to accelerate growth 3 1 Olink analysis.

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Sensitivity Specificity Dynamic range Sample consumption Throughput Cost"Casting a broad net" 4 Uniquely addressed all major challenges in proteomics – highest data quality

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Focus Custom developed panel of up to 21 proteins for each client's use case leveraging our entire library Explore 3072 Measure ~3k proteins with minimal biological sample Explore 384 Minute sample volume, and outstanding throughput Target 96 Choose from fifteen carefully designed panels built for specific area of disease or key biology process Target 48 Our 48-plex Cytokine panel with absolute quantification Signature Q100 Light and nimble benchtop system purpose built for PEA Insight A knowledge platform empowering users to understand and utilize the power of proteomics while streamlining the journey from results to discoveries Custom mix and match to 21-plex from pre-optimized library of ~200 proteins, setting a new standard in protein analysis Absolute quantification Flex 5 Unique and holistic product offering applicable from discovery to clinical applications

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Break-through science with Olink in high-impact peer reviewed literature 1,100+ publications across every major therapeutic area 6

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Singapore Shanghai Boston Tokyo Uppsala Leading execution, delivering on all strategic levers 47% Year over year revenue growth in FY22 (unaudited) 75% Explore revenues share of 4Q22 total revenues ~$140 FY22 $m revenue (unaudited) 100% Coverage of all major pathways of the plasma proteome using Explore 3072 ~4,500 Untapped base of proteomics labs addressable by Olink 7 ~8,000 Untapped base of Illumina NGS systems addressable by Olink 53% Reagent kit share of 4Q22 total revenues

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Singapore Shanghai Boston Tokyo Uppsala Strong execution of externalizations with significant headroom to grow 52 Explore customer installations APAC EMEAAmericas Explore labs 91 Cumulative Signature placements at end of FY22 8 71% Explore revenues share of LTM total revenues ~1M Sample potential on Explore externalizations 39% Kits revenue share of LTM total revenues 28 Signature Q100 placements in 4Q22 ~$800K LTM Explore average revenue pull-through per customer installation 23 46 17 21 23 17 8 22 6 Biomark core labs Signature labs

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9 Proprietary PEA technology Discovery to clinical applications Proximity Extension Assay (PEA) Solving fundamental challenges in proteomics $35bn TAM opportunity A market leader Strong commercial execution Market leader with a differentiated technology platform enabling customers from discovery to clinical applications 9

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Actionable science driving rapid customer adoption and growth 1,100+ publications as of February 2023 Evolution of publications based on PEA1 Number of publications (accumulated) 54 123 223 349 513 768 1,103 FY17FY16 FY20FY19FY18 FY21 Customer account acquisition Total number of accounts served since inception FY22 116 216 329 469 637 753 926 FY17FY16 FY20FY19FY18 FY21 FY22 ~65% 6-yr CAGR 40%+ 6-yr CAGR 1 PEA publication count exceeded 1,143 as of February 21, 2023. Publication counts are estimates. 10

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Fourth quarter financial results (unaudited) 1. Adjusted EBITDA is a non-IFRS measure and defined as profit for the year before accounting for finance income, finance costs, tax, depreciation, and amortization of acquisition intangibles, further adjusted for management adjustments and share based compensation expenses. Refer to Appendix for non-IFRS reconciliation. 2. Adjusted Gross Profit is a non-IFRS measure and defined as revenue less cost of goods sold, which is then adjusted to remove the impact of depreciation and the impact of material transactions or events that we believe are not indicative of our core operating performance, such as share based compensation expenses. Refer to Appendix for non-IFRS reconciliation. 4Q 2021 4Q 2022 Total revenue $43.7 $57.9 Total EBITDA ($3.2) $12.5 Total adjusted EBITDA1 ($1.4) $14.9 Gross profit (%) 57.9 % 74.5 % Adjusted gross profit (%)2 60.7 % 76.0 % 40% 53% 7% Service Kit Other Segment breakdown % of total Headcount development #Headcount Financial highlights USDM 70 71 106 135 214 416 582 FY16 FY17 FY19FY18 FY20 FY21 FY22 11

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Fourth quarter 2022 revenue (unaudited) 1. RoW includes Japan and RoW. 2. EMEA includes Sweden. $57.9 million in revenue for 4Q 2022, representing 33% YoY growth on a reported basis Revenue by segment USD'000 Revenue by geography USD'000 15,263 23,693 4,727 30,555 23,389 3,940 OtherKit Service +100% -17% 4Q21 4Q22 20,232 20,110 3,341 31,875 19,979 6,031 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 China & RoW (1)Americas EMEA (2) +58% -1% +81% 4Q21 4Q22 Explore accounted for 75% of revenue in 4Q 2022, with Y/Y reported kit segment and service segment growth of +100% and -1%, respectively [~30% services growth when adjusted for UKB-PPP] -1% 12 ~30% ex UKB-PPP ~39% ex UKB-PPP

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Fourth quarter 2022 adjusted gross profit percentage (unaudited) 1. Adjusted Gross Profit is a non-IFRS measure and defined as revenue less cost of goods sold, which is then adjusted to remove the impact of depreciation and the impact of material transactions or events that we believe are not indicative of our core operating performance, such as share based compensation expenses. Refer to Appendix for non-IFRS reconciliation. $44.0 million in adjusted gross profit for 4Q 2022, compared to $26.5 million in 4Q 2021 Adjusted gross profit percentage was 76.1% in 4Q 2022 versus 60.7% in 4Q21, reflecting improved kit mix, completion of the UKB-PPP and improved efficiency driving improvement in analysis service margins Adjusted gross profit percentage by segment1 USD'000 85% 50% 34% 88% 67% 41% Kit OtherService 4Q21 4Q22 Reported GM 84% Reported GM 87% Reported GM 46% Reported GM 64% Reported GM 34% Reported GM 41% 13

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Fourth quarter 2022 operating expenses (unaudited) $34.9 million in total operating expenses for 4Q 2022, compared to $33.1 million in 4Q 20211 Olink is investing according to its strategic plan, with operating expense growth moderating from year-ago levels Selling expenses USD'000 11,950 13,379 4Q21 Research and development expenses USD'000 8,722 6,584 4Q21 4Q22 General and administrative expenses USD'000 11,826 13,882 4Q224Q21 1. Total operating expenses includes Other operating income/(loss). 4Q22 14

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15Currency rates from Olink ERP system, sourced from the Swedish Riksbank Q4 2022 revenues by currency MUSD FX rate change Q4'22 on Q4'21 Index rebased at 100: Q4'21 base year 1.7 4.2 10.5 38.7 1.90.9 57.9 Q4 2022 SEK USD EUR GBP CNY JPN Comments • Olink generated 67% of revenues in USD in Q4 2022. • These currency flows largely stem from business activities in the Americas, but there are USD paying customers in other regions as well. • Other key currencies are EUR, SEK (Sweden) and GBP stemming from customer transactions in our EMEA region. 100 100 100 100 100 100 100 89 83 87 90 81 CNY USD SEK EUR GBP JPY -11% -17% -13% -10% -19% Q4 2021 Q4 2022 4Q22 constant currency revenue growth of 37% vs reported growth of 33% FX impact driven by strengthening of the USD against the EUR, SEK, and GBP

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16Currency rates from Olink ERP system, sourced from the Swedish Riksbank FY 2022 revenues by currency MUSD FX rate change FY'22 on FY'21 Index rebased at 100: FY'21 base year 3.7 8.0 25.5 93.9 2.6 6.1 FY 2022 USD EUR SEK GBP CNY JPN 139.8 Comments • Olink generated 67% of revenues in USD in 2022. • These currency flows largely stem from business activities in the Americas, but there are USD paying customers in other regions as well. • Other key currencies are EUR, SEK (Sweden) and GBP stemming from customer transactions in our EMEA region. 100 100 100 100 100 100 100 89 85 90 96 84 USD GBP EUR SEK CNY JPY -11% -15% -10% -4% -16% FY 2021 FY 2022 FY22 constant currency revenue growth of 53% vs reported growth of 47% FX impact driven by strengthening of the USD against the EUR, SEK, and GBP

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2023 guidance – expecting rapid growth We expect full year 2023 revenue to be between $192 million and $200 million; representing growth of approximately 37% to 43% on a reported basis, and approximately 38% to 44% on a constant currency basis We expect strong sustainable growth, continued investment into our organization, and a return to profitability in 20231 2023 revenue guidance USDM 46 54 95 ~140 192-200 FY19 FY20 FY21 FY22 +17% +76% +47% 17 FY23 +37-47% 1. As measured by EBITDA excluding share-based compensation expenses

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A complete picture of real-time human biology Genomics ProteomicsEpigenomics Transcriptomics Metabolomics Accelerating proteomics together Our mission Enable understanding of real-time human biology Our vision

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Non-IFRS reconciliations 19 We present certain non-IFRS financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of these non-IFRS measures facilitates investors' assessment of our operating performance. We caution readers that amounts presented in accordance with our definitions of adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, adjusted gross profit margin by segment, and constant currency revenue growth, may not be the same as similar measures used by other companies. Not all companies and Wall Street analysts calculate the non-IFRS measures we use in the same manner. We compensate for these limitations by reconciling each of these non-IFRS measures to the nearest IFRS performance measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure. We are not able to forecast constant currency revenue on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting foreign currency exchange rates and, as a result, are unable to provide a reconciliation to forecasted constant currency revenue.

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Non-IFRS reconciliation (constant currency revenue growth) 20 ($ in thousands) Three mos ended Dec 31 Twelve mos ended Dec 31 2022 2021 2022 2021 Revenue $57,885 $43,683 $139,848 $94,973 Revenue growth (IFRS) 33 % 47 % Foreign exchange impact -4 % -6 % Constant currency revenue growth 37 % 53 % We use the non-IFRS measure of constant currency growth, which we define as our total revenue growth from one fiscal year to the next on a constant currency exchange rate basis. We measure our constant currency revenue growth by applying the current fiscal period's average exchange rate to the prior year fiscal period.

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Non-IFRS reconciliation (adjusted gross profit) ($ in thousands) Three mos ended Dec 31, 2022 Three mos ended Dec 31, 2021 Gross profit $43,125 $25,304 Gross profit % 74.5% 57.9% Less: Depreciation charges $720 $1,100 SBC expenses $162 $100 Adjusted gross profit $44,007 $26,504 Adjusted gross profit % 76.0% 60.7% 21

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Non-IFRS reconciliation (adjusted EBITDA) ($ in thousands) Three mos ended Dec 31, 2022 Three mos ended Dec 31, 2021 Operating profit (loss) $8,178 $(7,791) Add: Amortization $2,682 $2,993 Depreciation $1,610 $1,635 EBITDA $12,470 $(3,163) Management adjustments $298 $(85) SBC expenses $2,084 $1,888 Adjusted EBITDA $14,852 $(1,360) 22

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Non-IFRS reconciliation (adjusted gross profit) ($ in thousands) Three mos ended Dec 31, 2022 Three mos ended Dec 31, 2021 Gross profit $26,544 $12,824 Gross profit % 86.9% 84.0% Less: Depreciation charges $157 $114 SBC expenses $57 $48 Adjusted gross profit $26,758 $12,986 Adjusted gross profit % 87.6% 85.1% Three mos ended Dec 31, 2022 Three mos ended Dec 31, 2021 $14,982 $10,867 64.1% 45.9% $563 $986 $105 $52 $15,650 $11,905 66.9% 50.2% Three mos ended Dec 31, 2022 Three mos ended Dec 31, 2021 $1,598 $1,612 40.6% 34.1% - - - - $1,598 $1,612 40.6% 34.1% Kits revenue Service revenue Other revenue 23

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