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Oxford Nanopore Technologies PLC on Tuesday touted its stably growing Life Science Research Tools business unit as a key driver of strong half-year revenue growth.
Pretax loss in the six months to June 30 narrowed to £27.6 million from £44.4 million a year prior. Revenue more than doubled to £122.3 million from £59.0 million.
The developer and seller of nanopore sequencing products emphasised Life Science Research Tools revenue grew by 34% to £70.6 million from £52.6 million.
Looking ahead, the company said trading from January 1 to September 13 is in line with expectations.
It anticipates 2022 Life Science Research Tools, or LSRT, revenue to be between £145 million and £160 million. That would be at least 14% higher than the £127.0 million it reported for 2021. LSRT has been delivering a stable turnover, growing from a revenue of £65.5 million back in 2020.
‘In the near term, we remain strategically focused on driving growth in our core LSRT business and continue to expect our S2 and S3 customer groups to be key drivers of revenue growth in 2022 and 2023,’ the firm touted. Oxford Nanopore explained that S2 customers generate revenue of $25,000 to $250,000 per year per account, while S3 customers generate revenue over $250,000 per year per account.
Oxford Nanopore shares were 10% higher at 300.00 pence each in London on Tuesday morning, though they remain down 51% over the past 12 months.
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