Oxford Nanopore Technologies forecasts 15 per cent revenue growth for FY23

Oxford Nanopore Technologies has shared a trading update ahead of its full-year 2023 results this March, when it expects to report revenues of £169 million – up 15 per cent on the previous year.

This was driven largely by consumables sales, which account for around 75 per cent of total revenue.

While growth has slowed in China and the Middle East following the recently issued US trade rule on advanced AI semiconductors, the group hopes that product developments in 2024 will mitigate these headwinds.

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It has also begun exploring a new market area of affordable, accessible and high output sequencing through its latest product, the 700 PromethION 2 Solo.

Meanwhile, the Emirati Genome Programme with G42 Laboratories – valued at roughly £53.4 million – has thus far generated revenues of more than £34 million.

The programme makes use of cutting-edge DNA sequencing and artificial intelligence technologies to explore the genetic makeup and improve the health of the Emirati population.

Oxford Nanopore Technologies continues to expect underlying annual revenue growth of more than 30 per cent on a constant currency basis, in line with recent performance.

It will report full-year results on 6th March.

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