14th Oct 2021 18:11
(Alliance News) - Recently-floated Oxford Nanopore Technologies PLC lifted revenue guidance for its core unit on Thursday, as the DNA sequencing firm continued to enjoy strong demand so far in the second half of 2021.
Oxford Nanopore now expects constant currency revenue growth between 60% and 70% in 2021 at its Life Science Research Tools unit. It was previously eyeing growth between 30% and 40%, so Thursday's announcement represented a greatly improved guidance hike.
"The significant increase in demand seen in the first half of the year to 30 June 2021 has continued through the third quarter, and September saw the strongest ever trading month in the group's history," the company said.
"Drivers of LSRT growth included continued demand for the group's products for sequencing the SARS-CoV-2 virus, increasing demand for the group's products for large-scale human genomics programmes and the addition of new customers across other areas of genomics research."
The new guidance excludes expansion plans, so it does not factor in any of its activities in a large-scale human genomics programme in the UAE.
"The group 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," Oxford Nanopore said.
The life sciences business ended its third quarter to September 30, with a GBP4.9 billion market capitalisation. It had priced its initial public offering at 425 pence per share upon listing at the end of last month, with a GBP3.4 billion value on admission.
Shares in Oxford Nanopore closed 3.7% higher at 570.00p each in London on Thursday, giving a market value of around GBP4.6 billion.
By Eric Cunha; [email protected]
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