Oxford Nanopore Technologies doubles its turnover

Gene Sequencing Company Revenue Oxford Nanopore Technologies more than doubled as life science research continues to boom, according to interim results released yesterday (Tuesday).

Group revenue fell from £59m to £122.3m in the six months to June 30, while pre-tax losses narrowed to £27.6m from 44, £4m a year ago.

Revenue from Covid testing rose year on year from £6.4m to £51.8m – an increase of more than 700% – while revenue from its science research tools of life went from £52.6m to £70.6m.

Looking ahead, the company said it expects revenue from its life science research tools to be between £145m and £160m in 2022, an increase of at least 14% on to the previous year.

CEO Gordon Sanghera said: “Oxford Nanopore continues to make significant progress, with another period of strong core revenue growth.

“We are seeing growing demand worldwide for our unique offering and we are extremely proud of the new ground our customers are breaking through using our technology, in areas spanning population genomics, viral surveillance, neurological disorders , cancer and environmental conservation.

“This breadth underscores the magnitude of the opportunities we see before us, as we seek to enable analysis of anything, by anyone, anywhere.

“We have a clear strategy to accomplish this mission and I am delighted with what we have achieved over the past six months: we have continued to invest in innovation, further improving the performance and accessibility of our technology; We have further expanded our sales team and manufacturing processes to meet growing demand and are pleased to see our focus on innovative and sustainable manufacturing resulting in increased margins.

“While we remain attentive to the macroeconomic environment, this progress, coupled with our strong balance sheet, gives us confidence for the future.”