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Oxford Nanopore’s Revenue Surge Fuels Share Price Boost
Oxford Nanopore Technologies, a leading entity in the gene sequencing sector, has witnessed a significant surge in its share price following a positive trading update. The company, a member of the FTSE 250 index, reported an 11% revenue increase year-over-year, reaching an anticipated £183 million for the year. This boost in revenue is crucial as it reflects investor confidence and positions Oxford Nanopore as a formidable player in the life sciences industry.
The update provided by Oxford Nanopore revealed that, notwithstanding a substantial £16 million impact from declining Covid-19 sequencing-related sales and a significant Emirati genome project, the company’s growth would have stood at approximately 23%. Investors were particularly encouraged by the gross margin performance, which exceeded the prior guidance of around 57%. This demonstrates Oxford Nanopore’s commitment to efficient operational management and strategic growth. The firm reiterated its medium-term financial targets, emphasising enhancing revenue momentum, expanding gross margins, and maintaining cost efficiency. These factors collectively underpin its goal to achieve break-even on an adjusted earnings basis by 2027.
Oxford Nanopore’s latest financial performance and strategic outlook have invigorated the market, as evidenced by the rise in its share price. By addressing challenges head-on and capitalising on its strengths, the company is well-positioned for a promising future in the gene sequencing industry. This optimistic trajectory is likely to have a ripple effect, fostering job creation and innovation across the life sciences sector.
For the latest updates and in-depth insights into the world of Life Science, including breakthrough treatments, industry trends, and regulatory news, contact James Higgins today!
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