Revenues at Oxford Nanopore Technologies up 17 per cent
Revenues at Oxford Nanopore Technologies, which develops state-of-the-art technology to analyse individual molecules, were up 17 per cent to £133.7 million, according to its latest financial results.
The Oxford-based firm's Life Science Research Tools enjoyed 94 per cent revenue growth to £127 million. Covid testing revenue, though, slumped from £48.3 million in 2020 to £6.7 million in 2021.
The firm's net loss widened to £167.6 million from £61.2 million.
Gordon Sanghera, Chief Executive Officer, said: "We are proud of all that we achieved in 2021. We saw a significant increase in both existing and new research customers using our technology to address some of the world's biggest problems, from cancer and human genomics to public health and environmental genomics.
"The growing scientific impact of nanopore sequencing is reflected in the increase in scientific publications citing our technology, a 29 per cent increase in active direct customer accounts and the near doubling in our core Life Science Research Tools revenue.
"We continued to expand and enhance our technology offering, which now enables even more comprehensive genomic insights, and breadth of application, while - crucially - remaining accessible in order to maximise potential benefits to society. We also continued to invest in growing our commercial capabilities to support our ambitious global growth goals.
"We see extraordinary opportunities ahead, reflected both in the progress we have made in the current research market and in the preparations that we are making to address many potential uses for our technology in applied markets, from infectious disease to agricultural optimisation.
"We remain focused on our mission to bring the widest benefits to society through the analysis of anything, by anyone, anywhere. The progress we have made over the last year, combined with the new capital raised in our IPO, puts us in a strong position to achieve this goal."