Oxford Nanopore lifts revenue guidance

Biotech company Oxford Nanopore lifted its full-year revenue outlook on Tuesday as it reported a jump in revenue but a widening of its full-year losses.

In the year to the end of December, losses widened to £167.6m from £61.2m a year earlier, with adjusted operating losses of £82.9m versus £73.1m. The company said the losses were driven by the share based payment charge and costs from its IPO last October. Revenue rose to £133.7m from £113.9m.

Oxford Nanopore lifted 2022 guidance for its Life Science Research Tools (LSRT) business to between £145m and £160m from a previous range of £135m to £145m. LSRT revenue for 2023 was boosted to between £190m and £220m from between £170m and £190m.

The guidance accounts for an expected significant decline in Covid-19 sequencing revenue this year and the recognition of revenue from its largest customer in the fourth quarter of 2021, previously expected in the first quarter of 2022.

Chief executive Gordon Sanghera said: "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% increase in active direct customer accounts and the near doubling in our core Life Science Research Tools revenue."