Oxford Nanopore 2021 earnings penalized by costs; 2022 LSRT Revenues Increased

By Ian Walker

Oxford Nanopore Technologies PLC announced an expanded net loss for 2021 on Tuesday as it booked an equity base payment charge and costs from its September initial public offering, and raised its LSRT, or Life Science, revenue forecast. Research Tools, for the coming year.

The DNA sequencing specialist recorded a net loss for the year ended December 31, 2021 of £167.6m ($220.7m) compared to a loss of £61.2m the year former.

Group turnover fell from £113.9 million to £133.7 million. As part of this, LSRT revenue nearly doubled from £65.5m to £127.0m, beating the increased forecast of £120m provided in January. Revenue from Covid-19 testing fell to £6.7m from £48.3m.

The company said it expects to report LSRT revenue of between £145m and £160m this year, down from a forecast of £135m to £145m provided in November.

The forecast for 2023 has also been raised to between £190m and £220m, from £170m to £190m.

“We see tremendous opportunities ahead, reflected both in the progress we have made in the current research market and in the preparations we are making to address the many potential uses of our technology in applied markets, from diseases infectious diseases to agricultural optimization,” said the general manager. said Gordon Sanghera.

Shares at 12:39 GMT were down 36.0 pence, or 8.1%, at 406.0 pence. The company floated on the London Stock Exchange last September at 425 pence.

Write to Ian Walker at [email protected]

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