Oxford Nanopore now in ‘strong position’ amid challenging backdrop, says CEO

Oxford Nanopore Technologies has delivered a performance ‘in line with expectations’ for the six months ended 30 June 2024.

The company, which is developing molecular sensing technology based on nanopores, saw half-year revenues of £84 million for its life sciences research tools – down slightly from £86 million in H1 2023.

Growth has been strongest at the firm’s PromethION franchise for DNA and RNA sequencing, with a number of new product launches and contracts.

“We delivered robust underlying revenue growth this half despite a challenging macroeconomic backdrop,” said CEO Gordon Sanghera.

“We enter the second half in a strong position – new contract wins coupled with the increased productivity of our sales teams in the second quarter reinforces our confidence in our full year 2024 outlook.

“In addition, the launch of new products from our regulated pipeline, including GridION Q-Line and ElysION, our sample-to-answer automated sequencing solution, will drive adoption in new clinical and applied markets in the near and medium-term.”