Olink Holding AB (publ) (OLK) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Olink Proteomics Q2 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Olink Proteomics 2023 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Jan Medina, VP of Investor Relations and Capital Markets. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係和資本市場副總裁 Jan Medina。請繼續。

Thanks, Judy, and good morning, everyone. Thank you all for participating in today's conference call.

謝謝，朱迪，大家早安。感謝大家參加今天的電話會議。

On the call from Olink, we have Jon Heimer, Chief Executive Officer; Carl Raimond, President; and Oskar Hjelm, Chief Financial Officer.

在 Olink 的電話會議上，我們採訪了執行長 Jon Heimer；卡爾雷蒙德，總裁；和財務長奧斯卡耶爾姆 (Oskar Hjelm)。

Earlier today Olink released financial results for the second quarter ended June 30, 2023. A copy of the press release and an updated corporate presentation are available on the company's website.

今天早些時候，Olink 發布了截至 2023 年 6 月 30 日的第二季財務業績。新聞稿副本和更新的公司介紹可在公司網站上查閱。

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 US federal securities laws, which are made pursuant to the safe harbor provisions of the US 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.

在我們開始之前，我想提醒您，管理層將在本次電話會議中發表聲明，其中包括美國聯邦證券法所定義的前瞻性聲明，這些聲明是根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的。本次電話會議中包含的任何與未來事件、結果或表現的預期或預測有關的聲明均為前瞻性聲明。由於各種因素，實際結果可能與前瞻性陳述中表達或暗示的結果有重大差異。

For a list and description of the risks and uncertainties associated with Olink's business, please refer to the Risk Factors section on Form 20-F, commission file number 001-40277 filed with the US Securities and Exchange Commission on March 27, 2023, 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.

有關 Olink 業務相關的風險和不確定性的清單和說明，請參閱 2023 年 3 月 27 日向美國證券交易委員會提交的 20-F 表格（委員會文件編號 001-40277）中的風險因素部分，以及我們向美國證券交易委員會提交的其他文件。我們敦促您考慮這些因素，並且您應該意識到這些聲明僅應被視為估計值，並不能保證未來的表現。

Also in our remarks or responses to questions, management may mention some non-IFRS financial measures. Reconciliations of adjusted gross profit and EBITDA, constant currency revenue growth, and certain other non-IFRS financial measures to the most directly comparable IFRS measures are available in the recent earnings press release available on the company's website.

另外，在我們的評論或對問題的回答中，管理階層可能會提到一些非國際財務報告準則的財務指標。調整後的毛利和 EBITDA、固定匯率收入成長以及某些其他非國際財務報告準則 (IFRS) 財務指標與最直接可比較的國際財務報告準則 (IFRS) 指標的對帳表可在公司網站上的最新收益新聞稿中找到。

This conference call contains time-sensitive information and is accurate only as of the live broadcast, today, August 9, 2023. Olink 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.

本次電話會議包含時間敏感訊息，僅在現場直播時（即 2023 年 8 月 9 日）準確無誤。除非法律另有規定，否則 Olink 不承擔更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是由於新資訊、未來事件或其他原因。

And with that, I'll turn the call over to Jon. Jon?

說完這些，我會把電話轉給喬恩。喬恩？

Thank you, Jan, and good morning, everyone. And thank you for joining Olink's Second Quarter 2023 Earnings Call.

謝謝你，Jan，大家早安。感謝您參加 Olink 2023 年第二季財報電話會議。

I'll begin with the highlights of the quarter and recent progress, including our launch of Explore HT and other innovations at Olink. Then I will turn the call over to Carl to provide more details on our commercial results, Explore HT and outlook. Following that, Oskar will discuss our financials.

我將從本季的亮點和最近的進展開始，包括我們推出的 Explore HT 和 Olink 的其他創新。然後，我將把電話轉給卡爾，讓他提供有關我們的商業成果、探索 HT 和展望的更多詳細資訊。接下來，奧斯卡將討論我們的財務狀況。

Olink saw continued success on business momentum in the second quarter. From high plex to low plex, our reach within customer labs around the world continue to expand, driven by strong externalization with both Explore and Signature. We navigated through a challenging external operating environment, which, in combination with our new product launch, pushed our revenue seasonality to be more back-half weighted as indicated earlier in the year. Overall, we continue to make expected and solid progress on all major strategic objectives. As we entered the second half of the year, Olink's commitment to transformative innovation entered a new chapter with the launch of Explore HT.

Olink 在第二季度的業務勢頭繼續取得成功。從高複雜性到低複雜性，在 Explore 和 Signature 強大的外部化的推動下，我們在世界各地客戶實驗室的覆蓋範圍不斷擴大。我們度過了充滿挑戰的外部營運環境，再加上我們推出的新產品，導致我們的營收季節性更加明顯，正如今年稍早所指出的。整體來看，我們在各項重大策略目標上持續取得預期的紮實進展。進入下半年，Olink致力於變革性創新，隨著Explore HT的推出，開啟了新的篇章。

Explore 1536 and Explore 3072 were both incredible innovations that helped launch the next-generation proteomics market, while also laying the foundation for Olink's leadership. In July, we launched Explore HT to usher in a new era of proteomics, increasing our ambition while doing so and improving upon every major design feature of 3072. We increased the breadth and depth of the library to 5,300-plus validated protein assays, the majority which belong to Olink, yielding an 80% increase in unique assays.

Explore 1536 和 Explore 3072 都是令人難以置信的創新，幫助推出了下一代蛋白質組學市場，同時也為 Olink 的領導地位奠定了基礎。 7 月，我們推出了 Explore HT，開啟了蛋白質體學的新紀元，同時進一步提升了我們的目標，並改進了 3072 的每個主要設計特點。我們將庫的廣度和深度擴展到 5,300 多個經過驗證的蛋白質檢測，其中大多數屬於 Olink，從而使獨特檢測數量增加了 80%。

HT also has 7-fold higher data throughput and a 4-fold sample throughput that is scalable from tens to millions of samples, a 6-fold reduction in components with a 10-fold reduction in boxes and 90% reduction in plastics. Significantly reduced cost per data point, including lower sequencing and labor cost and a simplified workflow, all while maintaining our industry-leading data quality.

HT 還具有 7 倍更高的數據吞吐量和 4 倍的樣本吞吐量，可從數千萬個樣本擴展到數百萬個樣本，組件數量減少 6 倍，盒子數量減少 10 倍，塑料數量減少 90%。顯著降低每個數據點的成本，包括更低的測序和人工成本以及簡化的工作流程，同時保持我們領先業界的數據品質。

The power and capability of Explore HT seemed almost unthinkable just a handful of years ago, and we are very proud to offer a product with this level of performance to empower new discoveries in health care. Carl will discuss Explore HT and its launch in greater detail. So, I will say that it's been eagerly anticipated by customers, and we believe the initial launch period is going remarkably well. We expect that Explore HT will help further cement our market-leading position by demonstrating our commitment to high-quality products and innovation.

幾年前，Explore HT 的強大功能幾乎是不可想像的，我們非常自豪能夠提供具有這種性能水平的產品，為醫療保健領域的新發現提供動力。卡爾將更詳細地討論 Explore HT 及其發布。所以，我想說的是，客戶對此非常期待，我們相信初始發布階段進展非常順利。我們期望 Explore HT 能夠展示我們對高品質產品和創新的承諾，從而進一步鞏固我們的市場領先地位。

In software and our data ecosystem, we also made strong progress with Olink Insight by significantly expanded its normal ranges resource with data from 2 large cohorts. This includes data from more than 52,000 UK Biobank samples and a subset of data from the China Kadoorie Biobank, one of the world's largest prospective cohort studies with more than 0.5 million participants.

在軟體和數據生態系統方面，我們也透過 2 個大型群體的數據顯著擴展了 Olink Insight 的正常範圍資源，從而取得了長足的進步。其中包括來自英國生物庫 52,000 多個樣本的數據，以及來自中國嘉道理生物庫的部分數據，中國嘉道理生物庫是世界上最大的前瞻性隊列研究之一，參與者超過 50 萬人。

Now proteins in health individuals is a critical biological problem. The question, what does normal look like? It's a fundamental one that remains largely unanswered. And answers are needed across a myriad of disease states to learn what is not normal. When one considers variables in human populations such as ethnicity, age and sex, then the diversity of the data pool, the quality of the data measurement and the competence of the data analysis become critical. Olink Insight enables all of these and in the process of driving multiple new use cases across customer R&D.

目前蛋白質對於健康個體來說是一個關鍵的生物學問題。問題是，正常是什麼樣子的？這是一個基本問題，但基本上仍未得到解答。我們需要對多種疾病狀態進行解答，以了解哪些是不正常的。當考慮人類群體中的種族、年齡和性別等變數時，資料池的多樣性、資料測量的品質和資料分析的能力就變得至關重要。 Olink Insight 實現了所有這些功能，並在客戶研發過程中推動了多個新用例。

As a complete unique data set, we believe Olink Insight's normal ranges resource represents the most extensive collection of proteomics data of its kind. And this is only the beginning. As Olink Insight's users base and data pool both expand over time, its value will increase dramatically for customers within the Olink ecosystem and can be further enhanced through advanced data techniques like machine learning and algorithmic approaches.

作為一個完整獨特的資料集，我們相信 Olink Insight 的正常範圍資源代表了同類中最廣泛的蛋白質體學資料集合。而這只是個開始。隨著 Olink Insight 的用戶群和資料池不斷擴大，其對 Olink 生態系統內客戶的價值將大幅提升，並可透過機器學習和演算法方法等先進的數據技術進一步增強。

Our mind share within the scientific community continued to grow during the second quarter as well. Late last year, we reached a milestone of 1,000 peer-reviewed publications citing the use of PEA technology, a feat more than 5 years in the making. Today, less than a year from that impressive achievement, we've exceeded 1,300 and expect to see the rate of strong scientific productivity to continue.

我們在科學界的知名度在第二季也持續成長。去年年底，我們達到了一個里程碑，即引用 PEA 技術的同行評審出版物數量達到 1,000 篇，這項成就歷時五年多。如今，距離這項令人矚目的成就還不到一年，我們的科學研究人數已超過 1,300 人，我們期望強勁的科學研究生產力將持續下去。

Olink and PEA have a growing presence at major medical meetings as well, including the European Society of Human Genetics Conference and the Alzheimer's Association International Conference in June and July, respectively. We believe Olink's culture of ceaseless innovation has yielded the industry's broadest and most well-positioned product portfolio today, across high to low-plex and with end-to-end workflow solutions. The engine of Olink's success is stronger than ever, and we look to the future with even greater optimism.

Olink 和 PEA 在主要醫學會議上的出席率也越來越高，包括分別於 6 月和 7 月舉行的歐洲人類遺傳學學會會議和阿茲海默症協會國際會議。我們相信，Olink 不斷創新的文化已經產生了當今業界最廣泛、定位最精準的產品組合，涵蓋從高端到低端的複雜程度以及端到端的工作流程解決方案。 Olink 成功的引擎比以往任何時候都更強大，我們對未來充滿信心。

I'll now turn the call over to Carl to provide more details on our commercial efforts in the second quarter, the Explore HT launch and what we're seeing in the market. Carl?

現在，我將把電話轉給卡爾，讓他提供有關我們第二季度商業努力、Explore HT 推出以及我們在市場上看到的情況的更多細節。卡爾？

Thank you, Jon.

謝謝你，喬恩。

Revenue of $29.4 million during Q2 was comprised of $10.5 million in kits revenue, $15.5 million in analysis services revenue and $3.4 million in other. Total revenue on a reported basis grew 7% year-over-year with both Explore and Target contributing to kits growth that was near 50%.

第二季的營收為 2,940 萬美元，其中包括試劑盒收入 1,050 萬美元、分析服務收入 1,550 萬美元和其他收入 340 萬美元。據報道，總營收年增 7%，其中 Explore 和 Target 均對套件成長貢獻了近 50%。

Second quarter kit mix was 36% of total revenue versus 26% a year ago and down sequentially from Q1 2023. This sequential trend was expected and we remain on track with our goal of achieving 50% kit mix for 2023. Explore revenue totaled $18.2 million, representing 62% of our total revenue in Q2 and 68% on a trailing 12-month basis. It was another strong quarter for Explore externalizations with 11 new sites, and the total reaching 74 at the end of June.

第二季球衣組合佔總營收的 36%，而去年同期為 26%，且較上季 2023 年第一季有所下降。這一環比趨勢在預料之中，我們仍有望實現 2023 年球衣組合佔 50% 的目標。探索收入總計 1,820 萬美元，占我們第二季總收入的 62%，佔過去 12 個月的 68%。這是 Explore 外部化又一個強勁的季度，新增了 11 個站點，截至 6 月底站點總數已達 74 個。

These sites in aggregate represented nearly 1.3 million in annual sample volume potential and even greater potential when considering the ability of customers to upgrade to Explore HT, a process that is now underway for many customers. We also achieved approximately $700,000 in average customer pull-through during the 12 months ended June 30, 2023. This pull-through remains healthy and the sequential quarterly decline was driven in part by the expected lower kit mix in Q2 versus Q1 of this year.

這些站點總計代表著每年近 130 萬的樣本量潛力，如果考慮到客戶升級到 Explore HT 的能力，則潛力更大，許多客戶目前正在進行這項升級過程。在截至 2023 年 6 月 30 日的 12 個月內，我們也實現了平均約 70 萬美元的客戶轉換率。這一轉換率保持健康，季度環比下降的部分原因是預計第二季的套件組合將低於今年第一季。

On instruments, we delivered 15 new Signature Q100s to customers during the quarter, reaching an installed base of 132. Geographic highlights included very strong performance from APAC led by China and Japan, with APAC revenue nearly doubling year-over-year. In addition, while reported revenue growth in EMEA was negative in Q2 once again, due largely to the high plex biopharma market. Trends in the base business improved from the first quarter.

在儀器方面，我們在本季向客戶交付了 15 台新的 Signature Q100，安裝基數達到 132。地理亮點包括以中國和日本為首的亞太地區表現非常強勁，亞太地區收入比去年同期幾乎翻了一番。此外，據報道，歐洲、中東和非洲地區第二季的營收成長再次出現負值，這主要歸因於生物製藥市場複雜性較高。基礎業務趨勢較第一季有所改善。

Also when adjusting for UK BB revenue in the second quarter of last year, EMEA grew more than 15% year-over-year in Q2 of 2023. Customer activity, more notably with biopharma customers, continued to be impacted by the macroeconomic environment, which we previously cited. The result has been an increase in deal friction that has lengthened our sales cycle and impacted timing of customer purchases, which has been compounded by customer anticipation of the recently launched Explore HT. The aggregate results on our revenue was that several late-quarter orders were pushed into the second half of the year, particularly in the Americas, where year-over-year growth in the region is expected to rebound strongly in Q3.

此外，根據去年第二季英國 BB 的營收進行調整後，2023 年第二季 EMEA 地區的營收年增超過 15%。客戶活動（尤其是生物製藥客戶）繼續受到我們之前提到的宏觀經濟環境的影響。結果是交易摩擦增加，延長了我們的銷售週期並影響了客戶購買的時間，而客戶對最近推出的 Explore HT 的期望又加劇了這種情況。我們收入的總體結果是，幾個季度末的訂單被推遲到下半年，特別是在美洲，該地區的年增長預計將在第三季度強勁反彈。

Our academic customer market continues to perform more strongly than the biopharma market and grew close to 30% year-over-year. Setting temporary factors aside, more recent customer conversations have been constructive and appetite for our products on a global basis continues to be robust, with investing in next-generation proteomics a priority. As usual, execution from our commercial team remains very strong, and we are confident in our pipeline for the rest of the year.

我們的學術客戶市場持續表現優於生物製藥市場，較去年同期成長近 30%。撇開暫時因素不談，最近與客戶的對話是建設性的，全球對我們產品的需求持續強勁，而對下一代蛋白質體學的投資是當務之急。像往常一樣，我們的商業團隊的執行力仍然非常強勁，我們對今年剩餘時間的銷售情況充滿信心。

We've seen essentially no change in our high win rate, and we consider the recent launch of Explore HT, we anticipate our commercial moat will expand over time. While we considered Explore 3k to already to be the best product in its class, Explore HT improves upon every major product feature the customers have been asking for, significantly increased plex, much higher sample throughput and data throughput that enables true population scale proteomics, smaller environmental footprint, reduced sample size requirements, lower cost per data point and less labor, all while maintaining our industry-leading data quality that is available plug-and-play for nearly all existing Explore users.

我們的高勝率基本上沒有變化，考慮到最近推出的 Explore HT，我們預計我們的商業護城河將隨著時間的推移而擴大。雖然我們認為 Explore 3k 已經是同類產品中最好的產品，但 Explore HT 在客戶一直要求的每個主要產品功能上都進行了改進，顯著提高了複雜性，更高的樣本吞吐量和數據吞吐量，從而實現了真正的群體規模蛋白質組學，更小的環境足跡，減少樣本量要求，降低每個數據點的成本和減少數據，同時保持了我們行業的所有 Explore。

Let me provide more detail on our early commercial efforts with Explore HT. There was tremendous anticipation for the launch in the first few weeks of its introduction, give us even more optimism. Yesterday, we announced that the Baylor College of Medicine Human Genome Sequencing Center is adopting Explore HT, and they are among today's initial HT adopters. In addition, there is already a substantial and growing Explore HT pipeline across all our major regions, with numerous requests for Explore upgrading in de novo HT installs, all from customers and prospects across biopharma, academia and government, providing significant momentum as we head into the second half of the year.

讓我詳細介紹一下我們早期與 Explore HT 合作的商業活動。在推出後的頭幾週，人們對其寄予厚望，這讓我們更加樂觀。昨天，我們宣布貝勒醫學院人類基因組定序中心正在採用 Explore HT，他們是當今首批 HT 採用者之一。此外，我們所有主要地區都已經擁有大量且不斷增長的 Explore HT 管道，來自生物製藥、學術界和政府的客戶和潛在客戶對從頭 HT 安裝中的 Explore 升級提出了大量請求，這為我們進入下半年提供了巨大的動力。

The spirit of innovation at Olink remains incredibly strong, and Explore HT is just the latest in a series of new product launches since our IPO, which has included Explore 3k, Signature Q100, Olink Insight and Olink Flex. We continue to strengthen our human capital as well, ending the second quarter with 667 employees, including 224 full-time employees on the commercial team. To expand upon our strong internal R&D capabilities, we're actively monitoring external opportunities, including tuck-in M&A that can augment our antibody, antigen development and supply chain capability.

Olink 的創新精神依然異常強勁，Explore HT 只是我們 IPO 以來推出的一系列新產品中的最新一款，其他產品包括 Explore 3k、Signature Q100、Olink Insight 和 Olink Flex。我們也持續加強人力資本，截至第二季末，公司共有員工 667 人，其中包括商業團隊的 224 名全職員工。為了擴大我們強大的內部研發能力，我們正在積極監測外部機會，包括可以增強我們的抗體、抗原開發和供應鏈能力的併購。

Now to our outlook. We are reiterating our 2023 revenue guidance range of $192 million to $200 million, representing growth of approximately 37% to 43% on a reported basis, which incorporates a view of our overall sales pipeline and our strong opportunity with Explore HT, which is balanced by the ongoing macroeconomic headwinds and deal friction. Olink also expects its revenues will progress along a seasonal pattern, weighted more towards the second half of 2023 than in recent years and the fourth quarter specifically, but with fundamentals that continue to be positive overall.

現在談談我們的展望。我們重申 2023 年收入預期範圍為 1.92 億美元至 2 億美元，報告顯示成長率約為 37% 至 43%，這考慮到了我們的整體銷售管道和 Explore HT 的強勁機遇，並與持續的宏觀經濟逆風和交易摩擦相平衡。 Olink 也預計其收入將呈現季節性模式，與近年來相比，2023 年下半年的收入將更加突出，尤其是第四季度，但整體基本面仍將保持積極。

I'll now turn the call over to Oskar to provide additional financial details.

我現在將電話轉給奧斯卡，以提供更多財務細節。

Thanks, Carl, and hello, everyone.

謝謝，卡爾，大家好。

First, a quick reminder that tomorrow Olink will be participating in the Canaccord Genuity Annual Growth Conference in Boston. Our fireside chat will be hosted at 11:00 AM Eastern and we hope to see some of you there.

首先，快速提醒一下，明天 Olink 將參加在波士頓舉行的 Canaccord Genuity 年度成長會議。我們的爐邊談話將於東部時間上午 11:00 舉行，我們希望在那裡見到你們。

Second quarter revenue growth was 7% on a reported basis and constant currency basis. Also when adjusting for UK Biobank revenue in the year ago quarter, Q2 2023 total revenue and EMEA revenue growth, revenue both grew more than 15% year-over-year. In addition, we reported adjusted EBITDA of negative $11.6 million versus negative $7.9 million in second quarter of 2022.

以報告基礎和固定匯率計算，第二季營收成長率為 7%。此外，根據去年同期英國生物樣本庫的營收進行調整後，2023 年第二季的總營收和 EMEA 地區營收成長均年增超過 15%。此外，我們報告的調整後 EBITDA 為負 1,160 萬美元，而 2022 年第二季為負 790 萬美元。

As Carl discussed, there was another robust quarter for externalizations and average customer pull-through for Explore kit customers over the past 12 months remains strong. We continue to expect variability in quarter-to-quarter pull-through, which could be further impacted by a customer spending seasonality, though, we anticipate continued growth over time.

正如卡爾所討論的，外部化又經歷了一個強勁的季度，過去 12 個月探索套件客戶的平均客戶轉換率仍然強勁。我們仍然預期季度間的拉力會有所不同，這可能會受到客戶支出季節性的進一步影響，不過，我們預計隨著時間的推移會持續成長。

With contributions from Explore and Target, second quarter kits revenue grew 47% to $10.5 million as compared to $7.1 million in the second quarter of 2022. Analysis service revenue for the second quarter was $15.5 million versus $17.9 million for the second quarter of 2022. This brought the second quarter product mix to 36% kits and 53% services, shifting more towards services from Q1 as we expected. And looking into the remainder of the year, we continue to expect kit mix to be 50% for 2023.

在 Explore 和 Target 的貢獻下，第二季套件營收成長 47%，達到 1,050 萬美元，而 2022 年第二季為 710 萬美元。第二季的分析服務收入為 1,550 萬美元，而 2022 年第二季為 1,790 萬美元。這使得第二季的產品組合達到 36% 的套件和 53% 的服務，正如我們預期的那樣，從第一季開始更多地轉向服務。展望今年剩餘時間，我們預計 2023 年的球衣​​組合比例仍將達到 50%。

Other revenue was $3.4 million compared to $2.5 million for the second quarter last year. By geography, revenue during the second quarter was $12.9 million in North America, $11.9 million in EMEA and $4.7 million in China and rest of the world. Consolidated adjusted gross profit margin was 62% during Q2 as compared to 65% for the second quarter of 2022. Adjusted gross profit margin for kits was 81% for the second quarter of 2023 as compared to 91% for the second quarter of 2022. The decrease were primarily due to increased supplier cost and logistics expenses, with additional impact in the second quarter from component scrapping that we expect will be transitory.

其他收入為 340 萬美元，而去年第二季為 250 萬美元。按地區劃分，第二季北美收入為 1,290 萬美元，歐洲、中東和非洲地區收入為 1,190 萬美元，中國及世界其他地區收入為 470 萬美元。第二季綜合調整後毛利率為 62%，而 2022 年第二季為 65%。 2023 年第二季套件調整後毛利率為 81%，而 2022 年第二季為 91%。下降的主要原因是供應商成本和物流費用增加，以及第二季零件報廢帶來的額外影響，我們預計這將是暫時的。

In Q3 and Q4, we expect kits margin will improve sequentially. In addition, over the long term, we continue to see strong opportunity for kits gross margins to improve as we increase our own content on the platform. Adjusted gross profit margin for analysis services was 56% as compared to 58% in the second quarter of 2022, with improved AS efficiencies offset by increased component scrapping that we expect to be transitory.

在第三季和第四季，我們預計套件利潤率將環比提高。此外，從長遠來看，隨著我們在平台上增加自己的內容，我們將繼續看到套件毛利率大幅提升的巨大機會。分析服務的調整後毛利率為 56%，而 2022 年第二季為 58%，AS 效率的提高被組件報廢量的增加所抵消，我們預計這只是暫時的。

As we consider Q3 and Q4, we expect service margins will improve on a sequential basis. Adjusted gross profit margin for others was 27% in Q2 2023 as compared to 45% for Q2 of 2022. Total operating expenses for the second quarter were $36.3 million as compared to $31.7 million for the second quarter of 2022. The increase was largely due to expansion and investment into the overall Olink organization.

考慮到第三季和第四季，我們預計服務利潤率將逐季提高。 2023 年第二季其他業務的調整後毛利率為 27%，而 2022 年第二季為 45%。第二季總營運費用為 3,630 萬美元，而 2022 年第二季為 3,170 萬美元。成長主要是由於 Olink 整體組織的擴張和投資。

Operating expenses are broken out as follows. Selling expenses were $12.6 million versus $10.6 million for Q2 2022. Administrative expenses were $15.8 million for Q2 2023 versus $14 million for Q2 2022, and R&D totaled $8.1 million versus $7.3 million for Q2 2022. Net loss for the second quarter was $8.3 million as compared to a net loss of $4.8 million for the second quarter of 2022, while net loss per share was $0.07 as compared to a net loss per share of $0.04 for the second quarter 2022.

營業費用明細如下。銷售費用為 1,260 萬美元，而 2022 年第二季為 1,060 萬美元。 2023 年第二季的管理費用為 1,580 萬美元，而 2022 年第二季為 1,400 萬美元，研發費用總計 810 萬美元，而 2022 年第二季為 730 萬美元。第二季淨虧損為 830 萬美元，而 2022 年第二季淨虧損為 480 萬美元，每股淨虧損為 0.07 美元，而 2022 年第二季每股淨虧損為 0.04 美元。

We exited the second quarter with $150 million in cash. As we consider our options to further accelerate investment into strategic internal initiatives and the evaluation of external opportunities, we'll remain disciplined with use of our balance sheet and expect to operate within our previously issued profitability guidance. In addition to reiterating our 2023 revenue guidance, Olink believes it will return to profitability this year as measured by our adjusted EBITDA. Looking further ahead, as we consider the strong launch of Explore HT, our very strong competitive position and our early days of penetrating the next-generation proteomics market, we see exceptional room for growth.

我們在第二季結束時擁有 1.5 億美元現金。當我們考慮進一步加快對策略內部舉措的投資和對外部機會的評估時，我們將繼續嚴格使用我們的資產負債表，並期望在我們之前發布的盈利指導範圍內運作。除了重申我們 2023 年的營收預期外，Olink 還相信，根據我們調整後的 EBITDA 衡量，該公司今年將恢復獲利。展望未來，考慮到 Explore HT 的強勢推出、我們非常強大的競爭地位以及我們早期進入下一代蛋白質組學市場的階段，我們看到了巨大的成長空間。

At this point, we'll open up the call for questions. Operator?

現在，我們將開始提問。操作員？

(Operator Instructions). And our first question comes from Kyle Mikson of Canaccord Genuity.

（操作員指令）。我們的第一個問題來自 Canaccord Genuity 的 Kyle Mikson。

I guess, on the reiteration of the '23 guidance, I mean, good to see that. It does obviously imply pretty significant or a healthy step-up in the second half of the year. I'm just kind of curious what you're assuming there and baking in terms of delays and friction in biopharma? I guess, internationally, China is not an issue, but are you confident in EMEA kind of having strength going forward?

我想，關於重申 23 條指導意見，我的意思是，很高興看到這一點。這顯然意味著下半年經濟將出現相當顯著或健康的成長。我只是有點好奇，您對生物製藥領域的延遲和摩擦有何假設？我想，從國際上看，中國不是一個問題，但您是否有信心 EMEA 地區未來會繼續保持強勁發展？

And then finally, maybe for Oskar on the gross margin. I mean, how high above the historical trend rate could that get to given this soft quarter that you just had?

最後，也許奧斯卡會關注毛利率。我的意思是，考慮到你們剛剛經歷的這個疲軟季度，這個成長率能比歷史趨勢成長率高出多少呢？

Kyle, thanks for your questions. So yes, so as we sort of alluded to both, well, in the formal script and in our earlier conversations, right, so yes, we are extremely excited as you can hear of the launch of Explore HT. We had quite a significant number of customer discussions that we value very highly. And so we pushed some of the business from the first half of the year into the second half of the year.

凱爾，謝謝你的提問。是的，正如我們在正式腳本和之前的對話中提到的那樣，對的，是的，當您聽到 Explore HT 的推出時，我們非常興奮。我們與客戶進行了相當多的討論，我們非常重視這些討論。因此我們將上半年的部分業務延後到了下半年。

So, these discussions have been ongoing for quite some time, right? And that is why we feel good where we're at or very optimistic and despite the softer quarter. So, this is sort of really from our side, like in our planning really that, okay, we're launching Explore HT here very, very early in the first half of the -- in the beginning of July. So taking all of that into account, the pipeline that we already see growing, all the customer interaction and discussions we have, we feel very good where we're at and then, obviously, maintaining our guide.

那麼，這些討論已經持續了相當長一段時間了，對嗎？這就是為什麼儘管本季表現疲軟，但我們仍然對目前的情況感到滿意或非常樂觀。所以，這實際上從我們的角度來看，就像在我們的計劃中一樣，好的，我們將在上半年很早的時候（即 7 月初）在這裡推出 Explore HT。因此，考慮到所有這些，我們已經看到管道正在增長，我們與所有客戶的互動和討論，我們對目前的狀況感到非常滿意，然後顯然保持我們的指導。

So, I don't know, Carl, Oskar, if you want to add to that?

那麼，我不知道卡爾、奧斯卡，你們是否想補充一點？

Yes. I'll just -- thanks. Kyle, it's Carl. Yes, I think as Jon noted and we sort of considered all of these factors, including the health of the pipeline, the early and very, very positive reception of Explore HT, I mean, we launched just July 12 and already the response has been tremendous to say the least. So yes. So, we feel good about that. And we've considered, of course, as noted in the commentary some of those macro headwinds that exist out there. While there's pockets of friction, I think it's also important to note, there's also pockets of strength and optimism as well in the marketplace, and we're seeing that positivity carry through, we believe, in the second half. And we see that reflected in our pipeline in our view of the second half.

是的。我只是——謝謝。凱爾，我是卡爾。是的，我認為正如喬恩所說，我們考慮了所有這些因素，包括管道的健康狀況、探索 HT 的早期和非常非常積極的反響，我的意思是，我們在 7 月 12 日推出，但反響已經非常熱烈。是的。因此，我們對此感到很高興。當然，正如評論中所指出的，我們已經考慮了存在的一些宏觀不利因素。儘管存在一些摩擦，但我認為值得注意的是，市場上也存在一些力量和樂觀情緒，我們相信，這種積極性將在下半年持續下去。我們認為這反映在我們對下半年的展望中。

Okay. That was great. And then, Oskar, a quick one for you. Just want to confirm. I think you mentioned this at the end of your prepared remarks. But again, given the margins here, your path to adjusted EBITDA positivity and cash breakeven, I mean, all those targets remain in place, right? There's no risk for those at this point, correct?

好的。那很棒。然後，奧斯卡，給你一個快速答案。只是想確認一下。我想您在準備好的演講結束時提到了這一點。但是，再次考慮到這裡的利潤率，您調整後的 EBITDA 正值和現金盈虧平衡的路徑，我的意思是，所有這些目標仍然保持不變，對嗎？目前這些還沒有任何風險，對嗎？

No. So, I think as we sort of previously discussed and then sort of Jon mentioned, I think, sort of largely sort of the year is sort of unfolding as expected. I think we pointed earlier to the year to sort of backend year in terms of revenue seasonality. And with that sort of comes also seasonality in our profitability profile, both on the gross margin side and on the sort of EBITDA side. So as we look to the full year, expecting sort of kit margins in the sort of mid-80s and service margin with sort of a 6 handle on them and then sort of a total sort of corporate gross profit margin sort of close to above sort of 70% and reiterating the adjusted EBITDA profitability for the full year. So that's sort of very much intact.

不。所以，我認為正如我們之前討論過的，以及喬恩所提到的，我認為今年的情況基本上是按照預期發展。我認為我們早些時候指出，就收入季節性而言，今年屬於後端年份。隨之而來的是，我們的獲利狀況也呈現出季節性，無論是毛利率方面還是 EBITDA 方面。因此，當我們展望全年時，我們預計套件利潤率將在 80% 左右，服務利潤率將在 6% 左右，而企業總毛利率將接近 70% 以上，並重申全年調整後的 EBITDA 獲利能力。所以這還是相當完整的。

Okay. Awesome. And if I could just ask one quick one before I hop off. On Explore HT, congrats on the launch there. It sound good to great ramp so far. Any thoughts on where pull-through could get to how high above $700,000, $800,000 you can get to over time? And then which customers are getting -- which customers are interested in this relative to the 3k basically Explore? And could we possibly see an acceleration in externalization given how robust this new kind of kit platform is?

好的。驚人的。在我下車之前，我能否快速問一個問題？關於 Explore HT，祝賀其發布。到目前為止，聽起來很不錯。您有想過，隨著時間的推移，突破金額可以達到 700,000 美元或 800,000 美元嗎？那麼哪些客戶會得到——相對於 3k 基本探索，哪些客戶對此感興趣？考慮到這種新型套件平台的強大功能，我們是否可能看到外部化的加速？

Yes. All good questions in that. Average pull-through number is something we often discuss together, right? And it's very difficult to predict. Obviously, Explore HT tees up a significant improvement in throughput, as I stated in my script. So obviously, that opens up for even higher annual pull-throughs. But I don't want to speculate on those numbers. The only thing we can very clearly state is that the throughput of HT is 4-fold what the current Explore 3k is. So it's obviously -- yes, it sets up a meaningful possibility of increasing that. But we'll see how that will play out.

是的。其中都是好問題。平均拉通率是我們經常一起討論的話題，對吧？而且這很難預測。顯然，正如我在腳本中所述，Explore HT 可以顯著提高吞吐量。顯然，這將帶來更高的年度獲利。但我不想對這些數字進行猜測。我們唯一可以非常清楚地說明的是，HT 的吞吐量是目前 Explore 3k 的 4 倍。所以很明顯——是的，它為增加這一點提供了有意義的可能性。但我們將拭目以待事情將如何發展。

And in terms of adoption, I mean, most of our customers or I would actually say all converted from Explore 1536 to 3k. So, we're expecting most and all of our customers also to convert over to the HT. We know that if they are running longitudinal projects or studies, they don't want to change platform in the middle of a program. So obviously, 3k will be around for some time. But overall, we really think most customers will jump on to the HT platform. And with this extreme innovation that was done again and the simplification of both the product itself and its workflow is really, really dramatic. So already now early in August here, we already have customers that sort of declined the 3k platform, but are now onboarded on the HT platform due to its simplified workflow. So it's -- yes, no, great product and a fantastic start. And yes, it's going to be very meaningful to us as we look ahead.

就採用而言，我的意思是，我們的大多數客戶或我實際上會說所有人都從 Explore 1536 轉換到了 3k。因此，我們預期大多數客戶也會轉換到 HT。我們知道，如果他們正在運行縱向專案或研究，他們不想在專案進行過程中更改平台。顯然，3k 將會存在一段時間。但總體而言，我們確實認為大多數客戶都會選擇 HT 平台。透過再次進行這種極端創新，產品本身及其工作流程的簡化確實非常顯著。因此，早在 8 月初，我們就已經有客戶拒絕了 3k 平台，但由於其簡化的工作流程，現在他們已經加入了 HT 平台。所以，是的，這是一款很棒的產品，也是一個絕佳的開始。是的，展望未來，這對我們來說意義重大。

And our next question comes from Puneet Souda of Leerink Partners.

我們的下一個問題來自 Leerink Partners 的 Puneet Souda。

So the first one is really on the HT launch. It seems like you're clearly excited about the launch here. The product appears very powerful. I would love to understand how much of the shift, if I may say, from 2Q into the second half, so to speak, for the revenue is because of the market sort of pausing or freezing ahead of the HT launch and adoption? I would like to know sort of what percent of Explore customers are waiting or holding their orders, 3k orders in order to place the 5.3k HT order? And I mean, this is a phenomena that frequently happens with your analytical back-end instrumentation for Illumina NovaSeq, but this is not something we have seen or familiar with on the Olink side. So maybe just walk us through that, help us understand sort of what's happening as far as the customer orders and the behavior here with the Explore HT launch?

因此第一個確實是關於 HT 的發布。看起來你對這次發表會非常興奮。該產品看起來非常強大。我很想了解一下，從第二季到下半年，收入的轉變有多少是因為市場在 HT 推出和採用之前暫停或凍結？我想知道有多少百分比的 Explore 客戶正在等待或持有他們的訂單，3k 個訂單以便下達 5.3k HT 訂單？我的意思是，這種現像在 Illumina NovaSeq 的分析後端儀器中經常發生，但在 Olink 方面我們從未見過或熟悉。那麼也許您可以向我們介紹一下這一點，幫助我們了解客戶訂單的情況以及 Explore HT 發布後的行為？

Thanks for good questions. Yes, no. So I mean, how we operate with our customers, right? Obviously, this is a very close relationship that you have. And when -- I mean, across both academia, biopharma and if we call it the population health segments of our market, they're not randomly sort of running projects. This is a process that goes underway with thorough planning over time. So, obviously, I mean, we have put a lot of effort into building those relationships for a very long time. And hence, some of those programs that I just sort of referred to were happening in the first half of this year, where we then shared some information on what's coming.

謝謝您提出的好問題。是的，不是。所以我的意思是，我們如何與客戶合作，對嗎？顯然，你們的關係非常親密。我的意思是，無論是在學術界、生物製藥領域，還是我們稱之為人口健康領域的市場，他們並不是隨機地運行專案。這是一個需要長期周密規劃的過程。所以，顯然，我的意思是，我們長期以來為建立這些關係付出了很多努力。因此，我剛才提到的一些項目是在今年上半年進行的，我們當時分享了一些即將開展的項目的資訊。

So, this is careful planning. And we're not going to share with you exact percentage or dollar amounts or whatnot. But as you heard on the script, right, obviously, there were some orders that were -- we pushed into the second half of the year because that was the better decision for the customer. And with sort of those discussions that we had before and now after the launch, I mean, we are, as you heard, again, right, very, very excited about the customer and market's reaction to the HT product, and that's why we're reiterating our guidance. So maybe I'm not sort of specifically answering your question in terms of actual dollar amounts or order sizes or percentages. But hopefully, you can hear from sort of the narrative here that this was sort of expected from us and that we believe we're sitting in a very good place. And yes, that's why we are reiterating our guidance for the rest of the year.

所以，這是一個經過深思熟慮的計畫。我們不會告訴您確切的百分比或金額等等。但正如您在腳本中聽到的那樣，顯然，有些訂單 - 我們推遲到了下半年，因為這對客戶來說是更好的決定。透過我們在發布之前和發布之後進行的討論，我的意思是，正如您所聽到的，我們對客戶和市場對 HT 產品的反應感到非常非常興奮，這就是我們重申指導的原因。因此，也許我沒有根據實際金額或訂單規模或百分比具體回答您的問題。但希望您能從這裡的敘述中聽出，這是我們所期望的，我們相信我們處於一個非常有利的位置。是的，這就是我們重申今年剩餘時間的指導的原因。

Yes. That's helpful, Jon. Yes, please. Go ahead.

是的。這很有幫助，喬恩。是的，請。前進。

But just sort of adding to that and I think sort of in terms of looking at -- I think we were very sort of clear sort of early in the year that sort of our seasonality of this year would sort of be more similar to 2021 versus 2022. And 2021 was a year when we sort of launched Explore 3k late in the year. So, I think sort of looking sort of at that seasonality profile and sort of comparing that to sort of the implied profile for this year and I think those are very similar as you try and sort of understand sort of the buildup for the rest of the year.

但補充一點，我認為從觀察的角度來看——我認為我們在年初就非常清楚，今年的季節性將與 2021 年而不是 2022 年更加相似。 2021 年是我們在年底推出 Explore 3k 的一年。因此，我認為，透過觀察季節性概況，並將其與今年的隱含概況進行比較，我認為當您嘗試了解今年剩餘時間的累積情況時，它們是非常相似的。

Got it. Makes sense. Jon, just maybe a follow-up for you and maybe for Carl, too. I mean, what can 5.3 for Explore HT do for you that the 3k product couldn't? And maybe what I'm asking along the lines of, are there customers who are waiting to do larger studies here for HT or they can utilize HT and leverage and do those studies that they couldn't do before potentially or experiments they couldn't do before?

知道了。有道理。喬恩，也許這只是對你和卡爾的後續跟進。我的意思是，Explore HT 5.3 能為您做什麼而 3k 產品不能做的？也許我想問的是，是否有客戶正在等待在這裡為 HT 進行更大規模的研究，或者他們可以利用 HT 和槓桿作用來做那些他們以前無法做的研究或以前無法做的實驗？

And then just one small one that I'll just wrap it up in this question. China, could you -- you obviously grew their tools companies, having grown. Throughout this quarter, China has been a pain point. So, you seem to be doing well there. If you could elaborate a little bit on that, too.

然後只有一個小問題，我將在這個問題中總結一下。中國，你能否──你顯然已經發展壯大了他們的工具公司。整個季度，中國一直是個痛點。那麼，你在那裡似乎做得很好。如果您能對此進行詳細說明的話。

Sure, Puneet. Yes. So I mean, we've completely reengineered and redesigned HT over 3k. So if we would have sort of continued with the old 3k design into well above 5,000 assays, we would be looking at like 128 probe, tubes or vials in the product. And here, we've shrunk that with increased multiplexing down to 16 tools. So just imagine that how much simplified the product in itself is. And with that simplification and higher multiplexing, you will only need to run the sample once instead of several, several times.

當然，Puneet。是的。所以我的意思是，我們已經完全重新設計並重新設計了 3k 以上的 HT。因此，如果我們繼續採用舊的 3k 設計，進行超過 5,000 次檢測，我們將在產品中看到 128 個探針、管子或小瓶。在這裡，我們透過增加多路復用將其縮小到 16 個工具。想像一下產品本身有多簡化。透過這種簡化和更高的多路復用，您只需運行一次樣本，而不是多次。

So if we would have continued the old Explore design, we would have basically run every sample 16 times. Now, you're going to run it once. And keep in mind, it's the exact same automation and setup for any Explore lab. So it's very, very easy to move into HT from Explore 3k. So that is sort of the numbers that we're referring to with the product design itself, which gives you sort of 4-fold increase in throughput. If you take into account almost doubling the number of assays, it's 6x the throughput.

因此，如果我們繼續舊的探索設計，我們基本上會對每個樣本運行 16 次。現在，您要運行它一次。請記住，它與任何探索實驗室的自動化和設定完全相同。因此從 Explore 3k 進入 HT 非常非常容易。這就是我們在產品設計本身中提到的數字，它可以讓吞吐量提高 4 倍。如果考慮到偵測次數幾乎增加一倍，那麼吞吐量就是 6 倍。

So, this has been obviously very thoughtfully designed from our perspective based on close discussions with the market. We see appetite across academia, biopharma and if we call it population health studies, significant cohorts. So being able -- we -- this product is really opening up. If you want to run, as we said, the full UK Biobank or projects of that scale, you can now run that basically within a year. At the back end of that, we invested significant in the data QC and in software development. So, we also have designed the full product, not only sort of the physical parts but also software support, et cetera, to be able to run and execute those significant scale and size population health programs and whatnot. So hopefully, that will help you sort of get a better perspective of the dramatic improvement that we've done from 3k to HT.

因此，從我們的角度來看，這顯然是根據與市場的密切討論而精心設計的。我們看到學術界、生物製藥界以及人口健康研究領域都有著濃厚的興趣。因此，我們能夠——這個產品確實具有開放性。正如我們所說，如果您想運行完整的英國生物庫或這種規模的項目，您現在基本上可以在一年內運行。在此之後，我們在數據品質控制和軟體開發方面投入了大量資金。因此，我們還設計了完整的產品，不僅包括實體部件，還包括軟體支援等等，以便能夠運行和執行那些規模龐大的人口健康計劃等等。所以希望這能幫助您更了解我們從 3k 到 HT 所做的顯著改進。

On the question of China, yes, I mean, obviously, when you compare us to many others likely -- I mean, we obviously start from smaller starting points in terms of dollar revenues, right? So, we are extremely impressed about our Chinese team and their success in the market. They've been executing extremely well. But we're starting off from small numbers. So, we're not facing maybe what other companies that already have a significant business there. But nevertheless, they've done fantastic.

關於中國的問題，是的，我的意思是，顯然，當你將我們與許多其他國家進行比較時——我的意思是，就美元收入而言，我們的起點顯然較小，對嗎？因此，我們的中國團隊及其在市場上的成功給我們留下了深刻的印象。他們的表現非常出色。但我們是從小數字開始的。因此，我們可能不需要面對其他已在那裡開展大量業務的公司所面臨的問題。但無論如何，他們已經做得非常出色了。

So, I don't know, Carl, Oskar, if you also want to add on something on China or HT.

所以，卡爾、奧斯卡，我不知道你們是否還想補充一些關於中國或 HT 的內容。

Yes. I'll just reiterate what you said, Jon. I think on Explore HT, I think you captured it well. I think it's much more than the content. It's sort of what the platform enables with all of those innovations that are significant. And we've only touched on a few. I mean, we've improved all facets, including software, the way we do QC. So the list goes on and on, which just enables the market to adopt the technology even that much more easily. And the content is certainly important, and people want more high-quality assays, which is what we deliver. So, we were very precise in the effort to deliver a lot more high-quality content for our customers. And I think that's -- I think that will be certainly a catalyst for even more interests. There's no question there.

是的。我只是重申你所說的話，喬恩。我認為在探索 HT 上，你捕捉到了這一點。我認為它的意義遠不止內容。這就是該平台透過所有這些重要的創新所實現的功能。我們僅僅談到了其中的幾個。我的意思是，我們改進了所有方面，包括軟體、我們進行品質控制的方式。這樣的清單可以不斷延伸，這使得市場能夠更輕鬆地採用該技術。內容當然很重要，人們想要更多高品質的分析，而這正是我們所提供的。因此，我們非常努力地為客戶提供更多高品質的內容。我認為這肯定會激發更多的興趣。毫無疑問。

And then China, you captured it well. I would only add that we benefited from a little bit, still in Q2 from instrument stimulus program that have been in China, that has since discontinued. But otherwise, I mean, just fundamentally, yes, we have a fantastic team that's executing very well, I think is really the statement. And so, yes, so we benefited greatly from it. And I think that also just sort of reflects the global trend of next-generation proteomics, really being significant. It's not a regional or market-specific opportunity. It's quite broad across the globe.

然後是中國，你就很好地把握住了這一點。我只想補充一點，我們在第二季度仍然受益於中國實施的工具刺激計劃，但該計劃現已停止。但除此之外，我的意思是，從根本上來說，是的，我們擁有一支出色的團隊，他們的表現非常出色，我認為這才是真正的聲明。是的，我們從中受益匪淺。我認為這也反映了下一代蛋白質體學的全球趨勢，確實意義重大。這不是一個特定區域或特定市場的機會。它在全球範圍內相當廣泛。

Yes. Thanks for highlighting that, Carl. I sort of skipped over the validation part, which is obviously crucial. And so I think we're taking it so much for granted, but it's really worth mentioning, right? So, we're doing the exact identical validation on each and every assay, Puneet, that we've done across any Target product or the Explore 1536 or 3072. So each and every of the 5,300-plus assays have gone through a single plex validation. So it's, yes, to ensure the highest data quality possible. So yes, it's very, very impressive.

是的。謝謝你強調這一點，卡爾。我有點跳過了驗證部分，但這顯然是至關重要的。所以我認為我們把它視為理所當然，但它確實值得一提，對吧？因此，我們對每一次檢測 (Puneet) 都進行完全相同的驗證，就像我們對任何 Target 產品或 Explore 1536 或 3072 進行過驗證一樣。因此，超過 5,300 次檢測中的每一次都經過了單重驗證。所以，是的，這是為了確保盡可能最高的數據品質。是的，這確實非常令人印象深刻。

That's great. And congrats on the HT launch.

那太棒了。祝賀 HT 的發布。

Thank you.

謝謝。

And our next question comes from Sung Ji Nam of Scotiabank.

我們的下一個問題來自加拿大豐業銀行的 Sung Ji Nam。

On the Baylor College of Medicine adoption, congratulations on that. Just kind of curious if you guys have a sense of whether the [Oliver] project is implementing more proteomic profiling routinely. And if you could kind of talk about what's going on in terms of your pipeline for other population scale projects that might be ongoing, that might incorporate proteomic profiling as well?

對於貝勒醫學院的收養，我表示祝賀。只是有點好奇，你們是否知道 [Oliver] 計畫是否正在定期實施更多的蛋白質體學分析。您能否談談正在進行的其他人口規模項目的進展情況，這些項目可能也包含蛋白質體學分析？

Great. Carl, you can take both of these, right?

偉大的。卡爾，你可以拿走這兩樣東西，對嗎？

Yes. Absolutely. Baylor, thank you. Yes, I think that's yet another -- one of the top genome centers in the US, in the world adopting the platform. So, we're super excited about that. I'm not going to comment on any particular projects that we haven't made public yet. But I think similar to prior comments, nothing has changed there. I think the appetite for many of these population scale studies is very strong for proteomics. And those conversations continue to evolve and expand.

是的。絕對地。貝勒，謝謝你。是的，我認為這是另一個——美國乃至世界頂級基因組中心之一採用該平台。因此，我們對此感到非常興奮。我不會對我們尚未公開的任何具體項目發表評論。但我認為與之前的評論類似，那裡什麼都沒有改變。我認為許多此類人口規模研究對蛋白質體學的興趣非常強烈。這些對話還在不斷發展和擴大。

And obviously, Explore HT is, as Jon, was talking about, because the innovation is well beyond just adding more proteins is yet again changing the conversation. Being able to contemplate now a study on the scale of 500,000 to 1 million samples with the kind of throughput that we can do now is incredible to consider in how short a period of time that can now be executed, which is, I think, a very exciting proposition for the market. So, we're very excited in those conversations. Again, we launched less than a month ago really, but all of those conversations have now been and are being reengaged in light of a very significant product introduction here.

顯然，正如喬恩所說的那樣，探索 HT 的創新遠遠超出了添加更多蛋白質的範圍，因此再次改變了話題。現在我們能夠以現在的吞吐量來考慮一項規模為 50 萬到 100 萬個樣本的研究，想想在這麼短的時間內就能完成，真是令人難以置信，我認為這對市場來說是一個非常令人興奮的提議。因此，我們對這些對話感到非常興奮。再說一次，我們實際上推出該產品還不到一個月，但鑑於這裡推出的一款非常重要的產品，所有這些對話現在都已經並正在重新開始。

Great. And then just one other one on the Signature placement and the revenue pull-through. I'm seeing a sequential step down in terms of placements, but a significant step up in terms of the revenue pull-through based on my calculations. And I was just wondering kind of if you could talk more about the dynamics there, if this is kind of more of the normalized placement rate and then kind of if the revenue pull-through at this level would be sustainable going forward?

偉大的。然後還有關於簽名位置和收入拉動的另一個問題。根據我的計算，我看到投放數量正在連續下降，但收入成長卻顯著上升。我只是想知道您是否可以更多地談論那裡的動態，這是否更像是標準化的安置率，然後這種水平的收入拉動是否會在未來持續下去？

Got you. Is the question about Signature and mid-plex? Or were you asking about the high-plex as well?

明白了。問題是關於 Signature 和 mid-plex 的嗎？還是您也在問有關高級複合體的問題？

Just the mid-plex, yes, the Signature placement.

只是中間的 plex，是的，簽名位置。

Yes, no, we're very happy with the placements in Q2, met expectations for the first half, really tremendous. And I don't think we've talked about this, obviously, as Explore gets a lot of airtime, but again, strategically very important for us. So, we're really happy with that. We have a very strong pipeline going forward. And that revenue pull-through is -- it continue to be good there. We had good kit growth, again, as noted in Q2. So, we're continuing to see positive effects of growing that installed base of Signature instruments. So, we remain really positive on the outlook for the mid-plex business as well. And yes, those placements have continued to be robust, and we expect that to continue in the future.

是的，不，我們對第二季的安排非常滿意，達到了上半年的預期，真的很棒。而且我認為我們顯然沒有談論過這個問題，因為探索節目佔據了很多播出時間，但從戰略上來說，這對我們來說非常重要。所以我們對此感到非常高興。我們擁有非常強大的發展管道。而且收入拉動情況依然良好。正如第二季所指出的，我們的套件再次實現了良好的成長。因此，我們繼續看到 Signature 儀器安裝基數不斷擴大的正面影響。因此，我們對中型複合業務的前景仍然持非常樂觀的態度。是的，這些配置一直保持強勁，我們預計未來還會繼續保持這種勢頭。

And our next question comes from Matt Sykes of Goldman Sachs.

我們的下一個問題來自高盛的馬特·賽克斯。

Just a question on sort of the back-half growth and then I have a follow-up on longer-term margins. But just kind of 2 elements in terms of giving you confidence for the back-half growth. I know that when you launched HT, you had mentioned that, that launch is already baked into the current guide, which you've maintained. But just given sort of the positive dynamics that you've seen in the launch and sort of some of the color that you've given us, is some of the confidence in the back half that the HT launch -- I realize it's only been about a month, but that HT launch is going far better than your initial expectations, and therefore, that actually gives you confidence in the back half?

我只是想問一下下半年的成長情況，然後我想問長期利潤率的問題。但就讓你對下半年的成長充滿信心而言，只有兩個因素。我知道當您推出 HT 時，您曾提到，該發布已融入您一直維護的當前指南中。但是，鑑於您在發布會上看到的積極勢頭以及您給我們帶來的一些信息，您是否對 HT 的發布後半部分充滿信心？我知道這才過了大約一個月，但 HT 的發布進展遠遠超出了您最初的預期，因此，這實際上讓您對後半部分充滿信心？

And then the second element to this question is understanding the orders get pushed into the second half. But as we get into Q4, is there an element that you've seen historically in terms of budget flush and the need for your customers to spend that puts orders less at a risk of pushing from Q4 to Q1 relative to, say, Q2 to Q3?

然後，這個問題的第二個要素是了解訂單被推遲到下半年。但是，當我們進入第四季度時，從預算充裕和客戶支出需求方面來看，您是否看到過某種因素，使得訂單從第四季度推遲到第一季的風險小於從第二季度推遲到第三季度的風險？

Yes. Matt, it's Carl. I'll take some of that. Yes. So yes, as noted in that second half outlook and our sort of full-year guide, yes, we've sort of -- the optimism for Explore HT, I mean, we knew it was going to be a big hit. So, we contemplated that when we thought about our year. And that's certainly measured with -- we knew we were entering some stronger economic headwinds coming into the year as well. So it's all in balance, I guess, is the way we're looking at it right now. So that doesn't change, again, as noted, our guide for the full year.

是的。馬特，我是卡爾。我會拿一些。是的。所以是的，正如下半年展望和全年指南中所指出的那樣，是的，我們對 Explore HT 感到樂觀，我的意思是，我們知道它會大受歡迎。所以，當我們思考這一年時，我們考慮到了這一點。這當然是可以衡量的——我們知道，今年我們將面臨一些更強勁的經濟逆風。所以我想，我們現在看待這個問題的方式是，一切都是平衡的。因此，如前文所述，這不會改變我們對全年的指導。

But HT, we certainly expected it to have a very positive (inaudible) yes, year-end flush. I mean, for sure, like every year, we're relying on a certain amount of that sort of typical year-end spend. The degree of that is yet to be seen, of course. But again, I think we've sort of contemplated risk-adjusted and we look at our pipeline and so on. And we think that we're in good shape for the second half of the year. And yes, I think due to that fact, I think you -- when budget needs to be spent within a year, calendar year or fiscal year, that does tend to mitigate some slippage. So yes, we hope that will be, of course, a positive factor as well once we come to Q4. So again, overall, we feel very positive and HT is most definitely a part of that optimism, especially sort of the early signals that we're getting just in this past month.

但是 HT，我們當然期望它有一個非常積極的（聽不清楚）是的，年底沖洗。我的意思是，當然，就像每年一樣，我們依賴一定數量的典型年終支出。當然，其程度還有待觀察。但我再次認為我們已經考慮過風險調整，並且正在研究我們的管道等等。我們認為下半年情況良好。是的，我認為由於這個事實，我認為你——當預算需要在一年、日曆年或財政年度內花完時，這確實會減輕一些延誤。所以是的，我們希望，一旦進入第四季度，這當然也會是個正面因素。因此，總體而言，我們感到非常積極，而 HT 無疑是這種樂觀情緒的一部分，尤其是我們在過去一個月內收到的早期訊號。

Got it. And then just as a follow-up. Oskar, you mentioned in your prepared comments that in regards to the kit margins that over the long term, you kind of continue to see strong opportunity for those margins. But on the back of that, you're looking to improve those margins by increasing your own content on the platform. Could you just kind of flesh that out a little bit more in terms of the pacing and sort of development of margin expansion due to the increase of content on the platform and what that could mean?

知道了。然後只是作為後續行動。奧斯卡，您在準備好的評論中提到，關於套件利潤，從長遠來看，您將繼續看到這些利潤的巨大機會。但在此基礎上，您希望透過增加平台上自己的內容來提高利潤率。您能否更詳細地說明一下由於平台內容增加而導致的利潤擴張的節奏和發展情況，以及這可能意味著什麼？

Yes. So, I think as we sort of previously discussed and so I think sort of there's sort of low to mid-term kit volume. We are thinking about that sort of mid-80s and sort of -- so this year is sort of largely progressing sort of along the lines of sort of those expectations. And then over the long term, that this is sort of, I mean, several years out as we look to sort of increase the own content on the platform, that will sort of push the margins back perhaps to sort of the territory where we saw -- where we've sort of been historically and if you compare it to sort of 2022 and 2021 and sort of prior to that. But again, that is sort of a multiyear perspective on that sort of development, but it's proceeding according to plan.

是的。所以，我認為正如我們之前討論過的，我認為套件數量處於低到中期。我們正在考慮 80 年代中期左右的那種情況 - 所以今年基本上是在按照這些預期進行進展。從長遠來看，這意味著幾年後，當我們希望增加平台上的自有內容時，這將把利潤率推回到我們所看到的水平——如果你將它與 2022 年、2021 年以及之前的情況進行比較。但同樣，這只是對此類發展的多年展望，但它正在按照計劃進行。

And our next question comes from Tejas Savant of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Tejas Savant。

This is Yuko on the call for Tejas. Starting with the first question on HT. How are you pricing HT versus Explore 3k? And somewhat related to that, are there any differences in margins for HT product versus 3k that we should be thinking about? And then also, while still pretty early, would you speak on what you're seeing in terms of elasticity of demand for those who started to use HT?

我是 Yuko，正在為 Tejas 打電話。從 HT 的第一個問題開始。 HT 和 Explore 3k 的定價如何？與此相關的是，HT 產品與 3k 產品的利潤率是否有我們應該考慮的差異？另外，雖然還處於早期階段，但您能否談談您對開始使用 HT 的人的需求彈性的看法？

This is Carl. I'll take the first part of that question. So yes, HT pricing, I mean, it's roughly about a 20% premium over Explore 3072. That said, part of the innovation, which is important is actually the operating costs, meaning labor and ancillary reagents and so on. It is actually a reduction in cost per sample. So the incremental cost of an experiment isn't significantly greater for our customers when you consider cost of experiments. So that's a big positive in this product. I'll let Oskar comment on the margins.

這是卡爾。我來回答這個問題的第一部分。所以是的，HT 定價，我的意思是，它大約比 Explore 3072 高出 20%。也就是說，創新的一部分，重要的實際上是營運成本，即勞動力和輔助試劑等等。這實際上降低了每個樣品的成本。因此，當您考慮實驗成本時，實驗的增加成本對我們的客戶來說並不會顯著增加。所以這是該產品的一大優點。我會讓奧斯卡對邊緣進行評論。

But as far as the elasticity, we've been launched less than a month, but I think more of the comment there is the -- is we expect actually just great demand there. So, so far, again, in the context of what I stated in terms of pricing and then total cost per experiment, the product is being received extremely well. I mean, the value we're deriving from all of the benefits of the product, as we highlighted, is a significant step-up overall. And I think that's being recognized by our customers, which is a really positive statement in terms of, again, customer reception.

但就彈性而言，我們推出該產品不到一個月，但我認為更多的評論是 - 我們預計那裡的需求實際上很大。所以，到目前為止，就我所述的定價和每次實驗的總成本而言，該產品的反應非常好。我的意思是，正如我們所強調的，我們從產品的所有優勢中獲得的價值總體上有了顯著的提升。我認為這得到了我們客戶的認可，從客戶接受度來看，這是一個非常積極的信號。

And then, Oskar, maybe you want to comment on the margin bit?

然後，奧斯卡，也許你想對邊距部分發表評論？

Yes. Thanks, Carl. Yes, on the margin, I mean, the biggest sort of impact and sort of improvement we sort of see sort of the potential on the service side if you contemplate the increase in throughput and sort of the overall cost reduction in the workflow and the efficiency. So, we are very excited about that and sort of how that will sort of improve sort of margins on the service side as we consider sort of the second half of the year, in particular, sort of the 2024 and beyond.

是的。謝謝，卡爾。是的，從邊際來看，如果考慮到吞吐量的增加以及工作流程和效率的整體成本降低，那麼我們看到的最大影響和改進就是服務方面的潛力。因此，我們對此感到非常興奮，並考慮到今年下半年，特別是 2024 年及以後，這將如何提高服務的利潤率。

Great. And then on the -- it seems like from your opening comments, the academic end market clearly is holding up in the challenging macro compared to the biopharma customer segment. How are you thinking about the budget flush dynamics at year-end, particularly by the customer segment between academic and biopharma?

偉大的。然後——從您的開場白來看，與生物製藥客戶群相比，學術終端市場顯然在充滿挑戰的宏觀環境中保持了堅挺。您如何看待年底的預算充裕度動態，尤其是學術界和生物製藥界之間的客戶群？

Yes. I mean, the year-end budget flush tends to be more of a pharma dynamic, biopharma dynamic. And again, it's hard to sort of predict into the future. But as typical, I mean, I've been in this industry almost my entire life. I think even during some challenging times, this is a dynamic that tends to exist as some groups need to expand their budget for the full year. So again, and as I noted, the headwinds that even sort of you've heard and our peer groups talk about in the biopharma segment, there's pockets of headwinds is may be a good way to describe it because you can't paint all accounts with the same brush.

是的。我的意思是，年終預算的激增往往與製藥業、生物製藥業有關。而且，未來很難預測。但通常來說，我幾乎一生都在這個行業。我認為，即使在一些充滿挑戰的時期，這種動態仍會存在，因為有些團體需要擴大全年預算。所以，正如我所指出的，即使您聽說過我們的同行在生物製藥領域談論過逆風，但仍然存在一些逆風，這可能是一個很好的描述方式，因為您不能用同樣的筆觸來描繪所有帳戶。

So again, we remain sort of positive as we look at the second half of the year, and we're paying close attention to customer conversations and their planning. But the -- listening to the tone of those conversations and the building of the pipeline and the expansion we're hearing in terms of ambition levels to adopt next-generation proteomics, makes us, again, quite optimistic for what we'll see in the second half year.

因此，我們對下半年仍然保持樂觀態度，並密切關注客戶對話和他們的計劃。但是——聽到這些談話的基調、渠道的建設以及我們在採用下一代蛋白質組學的雄心水平方面所聽到的擴張，讓我們再次對下半年的情況感到相當樂觀。

Thank you. I would now like to turn the conference back to Jon Heimer for closing remarks.

謝謝。現在我想請喬恩·海默 (Jon Heimer) 致閉幕詞。

Thank you for joining us today and for your interest in Olink. We're excited about the future -- about what the future holds and we look forward to keeping you all updated on our progress. So have a great day, everyone, and thanks again.

感謝您今天加入我們並對 Olink 感興趣。我們對未來充滿期待－對未來將會發生的事情充滿期待，我們期待著向大家通報我們的進展。祝大家有個愉快的一天，再次感謝。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。