Oxford Nanopore reports revenues of around £199M

By Nicky Godding

17 January 2023

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Oxford Nanopore Technologies plc, which develops molecular sensing technology based on nanopores, expects to report total revenue of approximately £199 million, for 2022.

It said performance for December 2022 is expected to be in line with the Life Science Research Tools ("LSRT") revenue guidance set out in the Group's 2021 annual results, on 22 March 2022.

Gordon Sanghera, Chief Executive Officer, said: "Oxford Nanopore continues to demonstrate strength and resilience with strong core revenues driven by growth across all customer groups in 2022. This reflects an increase in global demand for our DNA/RNA sequencing technology across many areas of scientific research. Our latest technology improvements have propelled this growth, enabling our customers to generate highly accurate, high-yield, information-rich data, in real time and from any length fragments of DNA/RNA, from short to ultra-long.

"The 2022 launch of the high-yield, highly accessible palm-sized PromethION 2 (P2) Solo device was well received and is further expanding our growing PromethION² user base. This launch coupled with our Q20+ chemistry continues to establish Nanopore as a highly accessible, accurate, information rich platform at any scale.

"With a single high-performance technology for all users' sequencing needs, we enter 2023 with good momentum as we continue to invest in our operational expansion alongside our innovation."

The Group expects to report LSRT revenue for the year ended 31 December 2022, of approximately £147 million compared to LSRT revenue of £127.0 million for the year ended 31 December 2021.

The Group expects to report total revenue of approximately £199 million, for the year ended 31 December 2022, which includes non-recurring revenue of £51.8 million following the conclusion of its COVID-19 testing contract with the Department of Health and Social Care, compared to total revenue of £133.7 million in 2021.

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.