Oxford Nanopore revenues drop, but its science research revenues are up

Published by

Tom Kilkelly

Credit: Oxford Nanopore Technology

Life-science company Oxford Nanopore Technologies has announced its interim results for the six months ended 30 June 2023.

The company reported that its 'Underlying Life Science Research Tools' revenue was up 53 per cent, going from £49.4 million in H1 2022 to £75.6 million this year.

With this being said the firm's total revenue was down 29.7 per cent, from £122.3 million in H1 2022 to £86 million in H1 2023.

The firm has attributed the loss to the conclusion of the Group's legacy Covid testing contract with the Department of Health and Social Care in 2022.

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Going forward, the company believes that the completion of its Q20+ chemistry roll out will strengthen its market position.

Oxford Nanopore is also confident that its collaborations with bioMérieux, 4bases and Pathoquest will provide it with significant growth.

Gordon Sanghera, Chief Executive Officer of Oxford Nanopore, said: "We delivered strong performance in the first half, with underlying Life Science Research Tools revenue up 46 per cent on a constant currency basis, as more researchers harnessed our sequencing technology to help find solutions to some of the planet's most pressing problems.

''We have invested significantly in innovative new products and platform enhancements, so that customers can benefit from richer, faster and more accessible data wherever they need it.

''The firm is also part of important new partnerships and collaborations aimed at opening opportunities in clinical and applied sequencing markets."

Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022. During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan). His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.