Oxford Nanopore reiterates guidance for full-year sales growth

Oxford Nanopore guided towards a big increase in first half sales while reiterating its full-year guidance for the same.

"We have delivered strong underlying revenue growth in the first half of 2023, as demand for our technology continues to grow from an increasingly broad and diverse base of customers," said Oxford Nanopore boss Gordon Sanghera.

"We have also made considerable progress positioning the business for future growth: launching a number of innovative new products and platform updates that provide users with higher accuracy and richer data than ever before; forming significant collaborations to open up new opportunities in clinical and applied markets; and investing to ensure we have the required levels of inventory to support the continued expansion of our customer base."

In a trading update covering the six months finishing on 30 June, the DNA/RNA specialist said that sales at its Life Sciences Research Tool unit were expected to grow by 22% on a reported basis during the period to reach £86m.

LSRT sales excluding the Emirati Genome Program and COVID-19 sequencing meanwhile were seen up by 46% on a constant currency basis.

Guidance for full-year LSRT sales growth of 16-30% was maintained and pegged at over 30% on an underlying basis.

Underlying LSRT sales were also seen growing by more than 30% over the medium-term.

As of 1026 BST, shares of Oxford Nanopore Technologies were rising by 3.50% to 230.80p.