Oxford Nanopore Technologies plc Upgrade to full-year revenue guidance (1553P)
15 October 2021 - 03:33AM
UK Regulatory
TIDMONT
RNS Number : 1553P
Oxford Nanopore Technologies plc
14 October 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014)
WHICH FORMS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018.
14 October 2021
Oxford Nanopore Technologies plc
Trading update
Upgrade to full-year revenue guidance
Oxford Nanopore Technologies plc (the "Group"), the company
behind a new generation of nanopore-based sensing technology, today
provides an update on its trading performance and increases
guidance for core Life Science Research Tools ("LSRT") revenue
growth for the current financial year.
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.
All three of the Group's customer segments (as set out in its
Prospectus dated 30 September 2021) have contributed to strong LSRT
growth in the period.
Drivers of LSRT(1) 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.
As disclosed in its Prospectus, the Group was previously
targeting LSRT revenue growth of 30-40% in the year ended 31
December 2021 ("FY21") on a constant currency basis, excluding the
potential impact of an expansion of the Group's activities with the
large-scale human genomics programme in the UAE.
Given the strong trading outlined above, and the Group's
expectations for the remainder of the financial year, the Group is
now expecting LSRT revenue growth of 60-70% in FY21(2) , calculated
on a constant currency basis.
The revised expectation excludes the potential FY21 impact of an
expansion, if any, of the Group's activities with the 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
FY21.
Notes
1. As per the Prospectus, LSRT compromises three customer
categories according to the value of invoiced revenue they
generated for the Group in the previous 12 months:
"S1" customer accounts generate invoiced revenue less than
$25,000. Customer accounts in this category are typically users of
the low-cost MinION device and are usually supported with a 'light
touch' customer journey. Customers in this category with
strategically important applications, or potential to grow, are
typically offered additional services, in order to support their
growth.
"S2" customer accounts generate invoiced revenue between $25,000
and $250,000. Customer accounts within this category could be users
of the MinION, GridION or PromethION devices. Such customers are
typically supported with a blend of online and office- based
resources, and in-field resources are deployed to ensure customer
success. Many of these customers either choose to purchase
additional services or are targeted with additional in-house and
field based support due to their potential to grow into larger
customers.
"S3" customer accounts generate invoiced revenue in excess of
$250,000. Typically, customers in this category run networks of
GridIONs or PromethION devices with larger or more complex
projects, or have high-impact uses. These customers are typically
supported by designated field-based account managers and support
teams.
2. LSRT delivered revenue of GBP65.5m in FY20
The person responsible for arranging the release of this
announcement on behalf of the Company is Hannah Coote, Company
Secretary of Oxford Nanopore Technologies plc.
Media Enquiries
media@nanoporetech.com
Tulchan Group (communications adviser to the Company)
Tom Murray, Olivia Peters, Deborah Roney
+44 (0) 20 7353 4200 OxfordNanopore@tulchangroup.com
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