Oxford Nanopore Technologies, a leading DNA-sequencing specialist, has announced that it anticipates a significant rise in revenue for its life science research tools (LSRT) division in the first half of the year. The company attributes this growth to new customer acquisitions and has reiterated its full-year guidance.
Oxford Nanopore Technologies expects LSRT division revenue to reach approximately £86 million ($112.6 million), compared to £70.6 million in the previous year. This represents an underlying revenue growth of around 46% on a constant currency basis, excluding the Emirati Genome Program and coronavirus sequencing.
Continued Growth Outlook
The company remains optimistic about its full-year performance in the LSRT division and anticipates a growth range of 16%-30% on a constant currency basis. Oxford Nanopore Technologies is committed to achieving a gross margin of over 60% in 2023 and over 65% in the medium-term. Based on its current development and commercialization plans, the company expects to reach adjusted earnings breakeven by the end of 2026.
As a result of this positive news, Oxford Nanopore Technologies’ shares have seen an increase of 3.8 pence or 1.7%, reaching 226.8 pence at 0707 GMT.