Genome sequencing firm Oxford Nanopore raises revenue growth guidance
Oxford Nanopore Technologies has raised revenue growth guidance for its core unit for the current financial year.
The nanopore-based sensing technology firm increased guidance for the core Life Science Research Tools (LSRT) unit after strong growth.
The company now expects constant currency growth between 60 per cent and 70 per cent at the unit in 2021. This is a considerable increase from its previous expectation of growth between 30 per cent and 40 per cent.
All three of the group’s customer segments contributed to strong LSRT growth in the period.
Drivers of growth included continued demand for the group’s products for sequencing the SARS-CoV-2 virus.
The firm also experienced increased demand for products “for large-scale human genomics programmes and the addition of new customers across other areas of genomics research.”
The fresh guidance excludes expansion plans and it does not cover any activities in a large-scale human genomics programme in the UAE.
Oxford Nanopore said it “remains in discussions with the UAE customer at this time and anticipates that a new contract, if any, would result in revenues primarily after 2021.”
The LSRT unit delivered revenue of £65.5m in FY20.
Shares in the company soared up to rocketed 45 per cent on the day it went public, the best-ever London market debut for a company of its size.
The firm’s selection of London was a rare choice among UK life science firms, who tend to select New York’s tech-focused Nasdaq exchange.