Oxford Nanopore Technologies doubles revenue

By Sam Pither

15 September 2022

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Modern Medical Research Laboratory: Portrait of Latin and Black Young Scientists Using Microscope, Digital Tablet, Doing Sample Analysis, Talking. Diverse Team of Specialists work in Advanced Lab

Revenues at gene sequencing company Oxford Nanopore Technologies have more than doubled as life science research continues to boom, according to interim results published on 13 September.

Revenue at the group grew from £59 million to £122.3 million in the six months to June 30, while pretax losses narrowed to £27.6 million from £44.4 million a year prior.

Revenues from Covid testing grew year on year from £6.4 million to £51.8 million – an increase of over 700 per cent – while revenue from its Life Science Research Tools increased from £52.6 million to £70.6 million.

Looking ahead, the company said it anticipates revenue for its Life Science Research Tools to be between £145 million and £160 million in 2022 – an increase of at least 14 per cent on the previous year.

CEO Gordon Sanghera said: “Oxford Nanopore continues to make significant progress, with another period of strong growth in core revenue.

“We are seeing increasing demand around the world for our unique offering and are hugely proud of the new ground that our customers are breaking with the aid of our technology, in areas spanning population genomics, viral surveillance, neurological disorders, cancer and environmental conservation.

“This breadth underlines the scale of the opportunity we see ahead, as we seek to enable the analysis of anything, by anyone, anywhere.

“We have a clear strategy to achieve this mission and I’m delighted with what we’ve achieved over the last six months: we have continued to invest in innovation, further enhancing the performance and accessibility of our technology; we have further scaled our commercial team and manufacturing processes to meet growing demand and are pleased to see our focus on innovative and sustainable manufacturing driving increasing margins.

“While we remain mindful of the macroeconomic environment, this progress, coupled with our strong balance sheet, gives us confidence as we look ahead.”

By Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset.

A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise.

Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.