Life Sciences Research Tools revenues rise at Oxford Nanopore

By Nicky Godding

18 July 2023

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Oxford Nanopore Technologies plc, the company delivering a new generation of molecular sensing technology based on nanopores, has reported that its Life Sciences Research Tools (LSRT) revenue for the six months ended 30 June 2023 was approximately £86 million, up from £70.6 million in the first half of last year.

This is a growth of around 22 per cent on a reported basis and 16 per cent on a constant currency basis.

Underlying LSRT revenue growth, excluding revenue from the Emirati Genome Program (EGP) and COVID-19 sequencing, is expected to be approximately 46 per cent on a constant currency basis.

The company said that growth continues to be driven by expansion of the Group's customer base.

Gordon Sanghera, Chief Executive Officer, said: "We have delivered strong underlying revenue growth in the first half of 2023, as demand for our technology continues to grow from an increasingly broad and diverse base of customers. We have also made considerable progress positioning the business for future growth: launching a number of innovative new products and platform updates that provide users with higher accuracy and richer data than ever before; forming significant collaborations to open up new opportunities in clinical and applied markets; and investing to ensure we have the required levels of inventory to support the continued expansion of our customer base."

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.