Trading update

RNS Number : 9002M

Oxford Nanopore Technologies plc

17 January 2023

 

17 January 2023

Oxford Nanopore Technologies plc

Trading update

· Total Group revenue for fiscal year 2022 is expected to be approximately £199 million

· Core Life Science Research Tools revenue is expected to be approximately £147 million during the period

· Life Science Research Tools revenue is estimated to have grown by approximately 15.7% on a reported basis and by approximately 25% on an underlying basis¹

Oxford Nanopore Technologies plc (LSE: ONT) ("Oxford Nanopore" or "the Group"), the innovator and provider of a new generation of molecular sensing technology based on nanopores ,  today provides a trading update, ahead of reporting its annual results in March.

Performance for the year ended 31 December 2022 is expected to be in line with the Life Science Research Tools ("LSRT") revenue guidance set out in the Group's 2021 annual results, on 22 March 2022.

The Group expects to report LSRT revenue for the year ended 31 December 2022, of approximately £147 million compared to LSRT revenue of 127.0 million for the year ended 31 December 2021, representing annual growth of approximately 15.7% on a reported basis and approximately 25% on an underlying basis, excluding the impact of FX, revenue from COVID-19 sequencing and revenue from the Emirati Genome Program.

The Group expects to report total revenue of approximately £199 million, for the year ended 31 December 2022, which includes non-recurring revenue of £51.8 million following the conclusion of the Group's COVID-19 testing contract with the Department of Health and Social Care, compared to total revenue of 133.7 million in 2021.

Gordon Sanghera, Chief Executive Officer, commented:

"Oxford Nanopore continues to demonstrate strength and resilience with strong core revenues driven by growth across all customer groups in 2022. This reflects an increase in global demand for our DNA/RNA sequencing technology across many areas of scientific research. Our latest technology improvements have propelled this growth, enabling our customers to generate highly accurate, high-yield, information-rich data, in real time and from any length fragments of DNA/RNA, from short to ultra-long.

"The 2022 launch of the high-yield, highly accessible palm-sized PromethION 2 (P2) Solo device was well received and is further expanding our growing PromethION² user base. This launch coupled with our Q20+ chemistry continues to establish Nanopore as a highly accessible, accurate, information rich platform at any scale.

"With a single high-performance technology for all users' sequencing needs, we enter 2023 with good momentum as we continue to invest in our operational expansion alongside our innovation."

Notice of results

The Group is planning to report annual results for the year ended 31 December 2022 on 21 March 2023 and publish its Annual Report shortly thereafter.

[ENDS]

This trading update is based upon unaudited management accounts and has been prepared solely to provide additional information on trading to the shareholders of Oxford Nanopore Technologies plc. All figures are provisional and subject to further review.

For further information, please contact:

Oxford Nanopore Technologies plc

Investors:  [e-mail]

Media:  [e-mail]

Tulchan Group (communications adviser to the Company)

Tom Murray, Olivia Peters

[phone]

[e-mail]

About Oxford Nanopore Technologies plc:

Oxford Nanopore Technologies' goal is to bring the widest benefits to society through enabling the analysis of anything, by anyone, anywhere. The company has developed a new generation of nanopore-based sensing technology that is currently used for real-time, high-performance, accessible, and scalable analysis of DNA and RNA.  The technology is used in more than 120 countries, to understand the biology of humans, plants, animals, bacteria, viruses and environments as well as to understand diseases such as cancer. Oxford Nanopore's technology also has the potential to provide broad, high impact, rapid insights in a number of areas including healthcare, food and agriculture. 

Oxford Nanopore devices sequence DNA and RNA directly and sequence short to ultra-long fragments of DNA, for a truly comprehensive picture of the genome. Data is streamed in real-time and can enable rapid insights.  The technology is fully scalable - from pocket-sized to ultra-high throughput devices. 

For more information please visit: www.nanoporetech.com

Forward-looking statements

This announcement contains certain forward-looking statements. For example, statements regarding expected revenue growth and profit margins are forward-looking statements. Phrases such as "aim", "plan", "expect", "intend", "anticipate", "believe", "estimate", "target", and similar expressions of a future or forward-looking nature should also be considered forward-looking statements. Forward-looking statements address our expected future business and financial performance and financial condition, and by definition address matters that are, to different degrees, uncertain. Our results could be affected by macroeconomic conditions, the COVID-19 pandemic, delays in our receipt of components or our delivery of products to our customers, suspensions of large projects and/or acceleration of large products or accelerated adoption of pathogen surveillance. These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements.

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¹ Underlying growth is defined as reported revenue growth minus impact of FX, revenue from the EGP and COVID-19 sequencing

² Which includes PromethION 24 and PromethION 48 devices 

 

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