Source - Alliance News

Oxford Nanopore Technologies PLC on Tuesday posted a widened loss for 2021 but raised revenue guidance for the following two years.

The nanopore sequencing products developer said revenue in 2021 rose 17% to £133.7 million, from £113.9 million in 2020. The Oxford-based firm’s Life Science Research Tools unit led the way, posting 94% growth. Covid-19 testing revenue slumped 86%, however.

Oxford Nanopore’s pretax loss widened to £166.0 million from £73.2 million.

Selling, general and administrative expenses were up markedly at £161.8 million in 2021, from £71.4 million in 2020. Research and development costs were 56% higher year-on-year at £76.0 million.

The company booked £4.8 million in initial public offering costs. It listed back in September, pricing its float at 425 pence per share.

Its float represented a vote of confidence for London’s Main Market. Biotechnology firms have previously listed on the junior AIM market or have looked to make a mark on the Nasdaq in the US. Vaccitech PLC, which like Oxford Nanopore is a University of Oxford spin-out, opted to overlook London markets entirely to list on the Nasdaq back in April 2021. AIM-listed life science research tools firm Abcam PLC is also Nasdaq-listed.

Oxford Nanopore shares were 6.6% lower at 413.00p each in London on Tuesday morning, down 2.8% from its IPO price.

Chief Executive Gordon Sanghera commented: ‘We are proud of all that we achieved in 2021. 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.’

Looking to 2022, Oxford Nanopore expects Life Science Research Tools revenue between £145 million and £160 million, at best, up by over a quarter from 2021. This is tipped to rise further to between £190 million to £220 million in 2023.

The company had previously forecast revenue between £135 million to £145 million for 2022 and £170 million and £190 million for 2023.

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