Oxford Nanopore Technologies posts full-year revenues of £200m

Oxford Nanopore Technologies plc has reported reduced losses and strong growth driven by its Life Science Research Tools (LSRT) arm for the year ended 31 December 2022.

Based out of The Oxford Science Park, the firm was founded in 2005 as a University of Oxford spinout. It uses nanopores to develop sequencing technology which determines the structure of molecules.

The company saw revenues of £198.6 million last year, up from £133.7 million in 2021, and brought losses down from £167.6 million to £91 million. Orders for tools across a breadth of applications fuelled 16 per cent growth in LSRT revenues specifically.

Demand continues to come from a growing customer base in the Americas, Europe, and particularly China, where revenues were up 66 per cent on the previous year. This is despite a recent decline in COVID-19 sequencing following the relaxation of China’s zero-COVID policy.

The team at Oxford Nanopore Technologies forecasts LSRT revenue growth for the coming year in the range of 16–30 per cent on a constant currency basis. It also anticipates a year-over-year headwind from COVID-19 sequencing valued at approximately £20 million.

Chief Executive Gordon Sanghera said: “We enter 2023 with good momentum. Our balance sheet remains strong and we will continue to invest in ground-breaking innovations and operational expansion to support continuous growth and deliver long-term value for shareholders.”

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