TIDMONT
RNS Number : 4874L
Oxford Nanopore Technologies plc
06 September 2023
06 September 2023
Oxford Nanopore Technologies plc
Interim results for the six months ended 30 June 2023
- Underlying(1) Life Science Research Tools (LSRT) revenue up
53% or 46% on a constant currency basis driven by high quality,
recurring consumables revenue and new customer acquisition
- LSRT gross margin up 280 basis points driven by improvements
to flow cell margins from optimised manufacturing techniques and
efficiency
- Continued investment in innovation and commercial
infrastructure drives increased use of our technology by existing
and new customers, further strengthening market position
Oxford Nanopore Technologies plc (LSE: ONT) ("Oxford Nanopore"
or the "Group"), the company behind a new generation of molecular
sensing technology based on nanopores , today announces its interim
results for the six months ended 30 June 2023.
Gordon Sanghera, Chief Executive Officer, commented:
"We delivered strong performance in the first half, with
underlying Life Science Research Tools revenue up 46% on a constant
currency basis, as more researchers harnessed our sequencing
technology to help find solutions to some of the planet's most
pressing problems. We have invested significantly in innovative new
products and platform enhancements, so that customers can benefit
from richer, faster and more accessible data wherever they need it.
We have also launched important new partnerships and collaborations
aimed at opening opportunities in clinical and applied sequencing
markets."
Summary financial performance
GBP million Change Change
Unless otherwise stated H1 2023 H1 2022 reported CC(2)
=================================================== ======== ======== ========== ========
Total revenue 86.0 122.3 (29.7)% (33.0)%
* Legacy Covid Testing Revenue - 51.8 (100)% (100)%
* Life Science Research Tools (LSRT) revenue 86.0 70.6 +22% +16%
Underlying(1) LSRT revenue 75.6 49.4 +53% +46%
Gross profit 49.5 78.0 (37)%
Gross margin 57.6% 63.7% (610)bps
LSRT Gross margin 57.6% 54.8% +280bps
Adjusted EBITDA(3) (39.4) (34.6) (4.8)
Loss for the period (70.1) (30.2) (39.9)
=================================================== ======== ======== ========== ========
Notes:
Certain numerical figures included herein have been rounded.
Therefore, discrepancies in between totals and the sums may occur
due to such rounding.
1 Underlying revenue excludes revenue from COVID sequencing and
revenue from the Group's largest customer, The Emirati Genome
Program (EGP). All references to underlying growth in this document
have been adjusted for COVID sequencing and EGP revenues.
(2) Constant currency applies the same rate to the H1 23 and H1
22 non-GBP results based on H1 22 rates
3 Adjusted EBITDA is the EBITDA adjusted for i) Share-based
payment expense on founder LTIP ii) Employers' social security
taxes on pre-IPO awards, iii) Revenue and expenses associated with
the settlement of the COVID testing contract with the DHSC and iv)
impairment of investment in associate - see note 4(b).
H1 Financial highlights
-- LSRT revenue increased by 22% to GBP86 million, primarily
driven by new customer acquisition, partially offset by a GBP9.9
million headwind from COVID sequencing, as expected and previously
guided to.
-- Underlying LSRT revenue growth up 46% on a constant currency basis.
-- LSRT growth in all regions; led by the Americas with revenue
up 41% on a reported basis and 72% on an underlying basis.
-- Strong underlying growth across all LSRT customers (S1, S2,
S3, indirect) up 36%, 61%, 53% and 61% respectively.
-- LSRT gross margin increased by 280 bps to 57.6%,
predominantly driven by improvements in manufacturing efficiency,
partially offset by one off costs associated with excess COVID
sequencing kit write offs and investment in compute upgrades.
-- Total revenue and gross margin decline of 29.7% and 610 basis
points respectively, reflects, as expected and previously
announced, the conclusion of the Group's legacy Covid testing
contract with the Department of Health and Social Care (DHSC) in
2022.
-- Adjusted EBITDA loss of GBP(39.4) million (H1 22: GBP(34.6)
million); higher LSRT gross profit offset by increased operating
expenses, reflecting investment in commercial and marketing teams,
to support long term sustainable growth.
-- Increase in loss year-on-year to GBP(70.1) million (H1 22:
GBP(30.2) million). The result for H1 22 included the income from
the conclusion of the Group's Covid testing contract with the DHSC
as described above, a net benefit of GBP37.9 million.
-- Cash, cash equivalents and other liquid investments of
GBP484.6 million[1], compared to GBP558.0 million as of 31 December
2022 .
H1 Key strategic and operational highlights
Continued innovation to strengthen our unique market
position
-- Q20+ chemistry roll-out nearing completion with a large
proportion of all new orders placed being for the upgraded flow
cells and kits. The Q20+ chemistry generates single molecule
accuracy of 99% and is delivering highly accurate variant and
methylation detection at unparalleled scale with no additional
capital investment necessary by our customers, further
strengthening our market position.
-- Acceleration and simplification of sequencing analysis
pipelines with the latest software release enabling Q20+ data to be
generated and basecalled in real time, including methylation, on
the A-series PromethION(R) compute. The A-series compute upgrade is
highly sought after by high-throughput users as they continue to
scale nanopore-based projects. With all basecalling, 5mC, 5hmC and
other modifications fully analysed on the sequencer, customers
workflows are simple and easy to scale.
-- Democratising access to large genomes, transcriptomes and
other high output applications with the PromethION 2 (P2) product
range launch underway. A diverse range of customers have purchased
the P2 Solo, there are now hundreds of P2 Solos in the field in
over 45 countries, with potential to expand the high-output market
to substantially more users. Users can plug these highly accessible
devices into their GridION (R) or a stand-alone compute. The fully
integrated P2(i) is with developers before broader early access
launch later in 2023.
-- Driving the highest accuracy: Early access of High Duplex
flow cells is underway with key users, as they explore nanopore Q30
(99.9%) single molecule accuracy for the most demanding use cases,
such as 'Telomere-to-Telomere' genomes, metagenomic assemblies or
strand specific methylation.
Strategic collaborations and programmes that access and develop
new growth markets, in stated target areas of human genetics,
cancer and infectious disease
-- Collaborations for clinical and applied markets: New
strategic collaborations to optimise the Group's impact in emerging
health and industrial applied markets, including: bioMérieux to
develop innovative infectious disease diagnostics, 4bases in human
and cancer genetics and Pathoquest to advance biological
therapeutics.
-- Large scale UK psychiatric research programme: Announced
22,000 sample cohort study led by the UK National Institute for
Health and Care Research (NIHR) BioResource to further research in
the initial areas of psychiatric, common and rare disease.
-- German programme for rare disease : Announced research
collaboration agreement with "lonGER the 'Clinical Long-read Genome
Initiative' a new national German programme developed to evaluate
the clinical and research applications of comprehensive
nanopore-based sequencing to advance the understanding of rare
disease.
-- Large scale US neurodegeneration research programme: National
Institutes of Health (NIH) Center for Alzheimer's and Related
Dementias (CARD) published an end-to-end pipeline using Oxford
Nanopore technology that produces state-of-the-art single
nucleotide polymorphism (SNP), structural variant and methylation
calls, while being cost-effective and scalable for large
projects.
-- Pathogen sequencing in ICU improves outcomes: Guy's and St
Thomas' hospital published evidence of respiratory metagenomics
workflow using Oxford Nanopore resulting in improved patient
outcomes. Project scaleup continues.
-- Stanford shows methylation helps monitor cancer: A Stanford
University team published a nanopore-based method for
characterising cell-free DNA methylomes, highlighting the future
potential of applying this method for longitudinal monitoring of
cancer during treatment.
Investment in operations and people to support growth
strategy
-- Improving global distribution for faster and easier product
delivery: Agreement signed with UPS to drive rapid and easy global
logistics and ease of delivery for broad customer base, with
specific impact in North America and Asia Pacific. Flow cells will
be stored in UPS Healthcare's high tech distribution facility in
Singapore for the first time and be delivered within 24 to 48 hours
through UPS's distribution capabilities to destinations across Asia
Pacific.
-- Expansion of teams to optimise commercial traction: Global
Commercial headcount increased to 346 at 30 June 2023.
-- Board expansion reflects Pharma/Biotech potential: Kate
Priestman appointed as Non-Executive Director, adding extensive
experience as a biopharma executive, serving in leadership roles
across commercial, operations, corporate strategy, communications,
and government affairs.
A full list of announcements in H1 23 can be found here
Key post period end highlights
-- Using Oxford Nanopore alone, for 'platinum'
telomere-to-telomere (T2T) human genomes: Researchers from a
Chinese consortium published the first T2T human reference genome
for a Han Chinese male, using Oxford Nanopore's ultra-long reads,
further illustrating that ultra-high quality T2T human genomes are
now possible using only Oxford Nanopore sequencing technology,
having previously been assembled with a mixture of
technologies.
-- Research shows cancer utility of nanopore single cell RNA
analysis: A research team at Northwestern University, USA,
developed a computational tool, scNanoGPS (single cell Nanopore
sequencing analysis of Genotypes and Phenotypes Simultaneously) to
accelerate RNA sequencing analysis of same-cell genotypes and
phenotypes in tumours, as detailed in a study published in
Nature.
-- Using Oxford Nanopore to detect drug-resistant tuberculosis
and infectious disease: The World Health Organization (WHO)
announced that a rapid sequencing solution being developed by
Oxford Nanopore meets the class-based performance criteria to
detect drug resistance after TB diagnosis, to guide clinical
decision-making for drug-resistant TB treatment.
Financial guidance
We expect full year 2023 LSRT revenue growth of 18-25% on a
constant currency basis, within the range we previously guided to.
This range includes:
- COVID sequencing revenue: anticipated headwind of
approximately GBP18m, slightly lower than previously expected.
- EGP revenue: expected to be lower than the prior year period (FY22: GBP13.2 million).
FY23 Underlying LSRT revenue growth, excluding COVID sequencing
and the EGP, is expected to be more than 40% on a constant currency
basis.
We now expect gross margin to be greater than 57% for FY23,
reflecting i) the one off impact of investment in upgrading the
compute towers on our large PromethION devices, which delivers
competitive performance advantage by delivering high output rapid
data analysis for large datasets, to drive higher long term
utilisation and new customer acquisition and also ii) the write off
of excess COVID sequencing kits.
All medium-term (FY26) targets are unchanged:
-- Underlying LSRT revenue growth of more than 30% per annum on a constant currency basis
-- LSRT gross margin of greater than 65% by FY26
-- Adjusted EBITDA breakeven by FY26
Presentation of results
Management will host a conference call and webcast today at
12:00pm GMT/ 7:00am ET.
For details, and to register, please visit
https://nanoporetech.com/about-us/investors/reports . The webcast
will be recorded and a replay will be available via the same link
shortly after the presentation.
For further details please contact ir@nanoporetech.com
Capital Markets Day - 19 October 2023
Oxford Nanopore will be hosting a Capital Markets Day for
sell-side analysts and institutional investors on Thursday, 19
October 2023 from 12:00pm. The event will be held at The Science
Museum, Exhibition Rd, South Kensington, London SW7 2DD.
The event will include presentations and Q&A sessions from
Oxford Nanopore's Executive Leadership Team and includes a customer
panel and product demonstrations.
Places are limited so if you would like to attend in-person
please contact ir@nanoporetech.com . The event will also be webcast
live.
-S-
For further information, please contact:
Oxford Nanopore Technologies plc
Investors: ir@nanoporetech.com
Media: media@nanoporetech.com
Teneo (communications adviser to the Company)
Tom Murray, Olivia Peters
+44 (0) 20 7353 4200
OxfordNanoporeTechnologies@teneo.com
About Oxford Nanopore Technologies plc:
Oxford Nanopore Technologies' goal is to bring the widest
benefits to society through enabling the analysis of anything, by
anyone, anywhere. The company has developed a new generation of
nanopore-based sensing technology that is currently used for
real-time, high-performance, accessible, and scalable analysis of
DNA and RNA. The technology is used in more than 120 countries, to
understand the biology of humans, plants, animals, bacteria,
viruses and environments as well as to understand diseases such as
cancer. Oxford Nanopore's technology also has the potential to
provide broad, high impact, rapid insights in a number of areas
including healthcare, food and agriculture.
For more information please visit: www.nanoporetech.com
Forward-looking statements
This announcement contains certain forward-looking statements.
For example, statements regarding expected revenue growth and
profit margins are forward-looking statements. Phrases such as
"aim", "plan", "expect", "intend", "anticipate", "believe",
"estimate", "target", and similar expressions of a future or
forward-looking nature should also be considered forward-looking
statements. Forward-looking statements address our expected future
business and financial performance and financial condition, and by
definition address matters that are, to different degrees,
uncertain. Our results could be affected by macroeconomic
conditions, the COVID pandemic, delays in our receipt of components
or our delivery of products to our customers, suspensions of large
projects and/or acceleration of large products or accelerated
adoption of pathogen surveillance. These or other uncertainties may
cause our actual future results to be materially different than
those expressed in our forward-looking statements.
Business Review
Notes:
In this section, all growth rates are year-on-year unless
otherwise stated. Underlying revenue equals LSRT revenue minus
COVID sequencing and EGP revenues. All underlying growth rates
referred to in this report have been adjusted for EGP and COVID
sequencing. See reconciliation on pages 12-13.
Certain numerical figures included herein have been rounded.
Therefore, discrepancies in between totals and the sums may occur
due to such rounding.
Performance summary
The Group delivered strong performance in the first half of
2023, delivering LSRT revenue of GBP86.0 million, up 22% on a
reported basis and 16% on a constant currency basis. This includes
a GBP9.9 million year-on-year headwind from COVID sequencing as
expected and a GBP0.9 million decline in revenue from the EGP.
Total revenue of GBP86.0 million for H1 23 compares to GBP122.3
million in H1 22, which included the one off GBP51.8 million of
revenue from the conclusion of the Group's legacy Covid testing
contract with the DHSC, as previously announced.
On an underlying basis, excluding revenues from the EGP and
COVID sequencing, we delivered 46% LSRT revenue growth on a
constant currency basis. The strong results we continue to deliver
are a testament to our highly differentiated sequencing technology
platform and the strength and dedication of our teams across the
globe.
Growth continues to be driven by high quality, recurring
consumables revenue, accounting for 75% of LSRT revenue in H1 23,
largely consistent with last year. Growth in consumables was
strong, up 18% year-on-year despite a GBP9.9 million headwind from
COVID sequencing, which predominantly comprised consumables
revenue. The continued increase in the user base and utilisation of
our technology is reflected in the growth of both i) consumables
and ii) device, licence and warranty and other revenue during the
period, up 36% year-on-year.
We delivered strong underlying growth across all LSRT customer
groups in H1. After excluding revenue from the EGP and COVID
sequencing, year-on-year underlying growth in the S1, S2 and S3
customer groups was 36%, 61% and 53% respectively. In addition,
sales through distributors (the "indirect" group) increased by 61%
year-on-year on an underlying basis.
LSRT gross margin increased by 280 basis points year-on-year to
57.6%. This margin expansion was predominantly driven by
improvements to flow cell margins from optimised manufacturing
techniques, more than offsetting the net negative impact of one-off
costs including the write-off of COVID sequencing kits.
At a regional level, we delivered LSRT growth across all three
regions, led by the Americas.
Americas - achieved growth of 72% on an underlying basis, driven
by strong demand for PromethION devices and consumables. Strong
commercial execution in this region reflects increased investment
in commercial resources and growing demand for our unique
technology platform. For our largest customers revenue growth in
this region is principally driven by research in human disease in
the USA and Canada, including projects looking at cancer and
neurological diseases.
EMEAI - revenue grew by 57% on an underlying basis. Growth was
driven by sales of consumables and PromethION devices in the UK and
Germany where our largest customers are conducting human genetics
and cancer research.
APAC - revenue grew 23% on an underlying basis, driven by growth
in consumables and services sold through our distributors. APAC is
dominated by China, which was unchanged year-on-year, but showed a
strong underlying growth after excluding COVID sequencing.
Adjusted EBITDA loss of GBP(39.4) million, an increase of GBP4.8
million (H1 22: GBP(34.6) million). This was primarily driven by
higher LSRT gross profit offset by increased operating expenses,
reflecting investment in innovation and investment in commercial
and marketing teams, to support long-term sustainable growth.
The loss for the period was GBP(70.1) million, a year-on-year
increase of GBP39.9 million (H1 22: GBP(30.2) million). The result
for H1 22 included the income from the conclusion of the Group's
Covid testing contract with the DHSC as described above, a net
benefit of GBP37.9 million.
At 30 June 2023, cash and cash equivalents and liquid
investments [2] totalled GBP484.6 million, compared to GBP558.0
million at 31 December 2022.
Like many other similar technology companies, we took a decision
last year to secure the long-term supply of inventory, to mitigate
global supply risks affecting multiple technology and life science
industries, that could potentially affect availability of core
components. At the balance sheet date, inventory was GBP102.9
million, GBP15.2 million higher than at 31 December 2022. The
significant increase in inventory in H1 reflects the shortening of
lead times on core components, leading to earlier than planned
deliveries of these items.
We expect inventory levels and capital expenditure on assets
under operating leases to return to normal levels in relation to
sales from 2024 onwards.
Execution of our strategy
Disruptive Innovation
Our commitment to continuous innovation is central to our
strategy for growth, as our technology delivers both new and
improved ways for customers to answer biological questions and
therefore reshapes the market. In line with the strategic
priorities set out earlier this year we have focused on driving
rapid adoption of PromethION 2 (P2) Solo, strengthening the
PromethION 24 (P24) and PromethION 48 (P48) with accelerated
compute, and Q20+ chemistry. In addition, we are rogressing our
innovation pipeline with upcoming releases, including products such
as P2i, the "project TurBOT" [3] automation system and MinION Mk1D
device.
High-performance and rapid sequencing, across the nanopore
sequencing platform:
In the first half of 2023 we continued to focus on driving
performance improvements in the field through the rollout of our
Q20+ chemistry, consisting of Kit 14 sample preparation kits and
flow cells containing the new R10.4.1 nanopore chemistry. Q20+
chemistry combines very high single-molecule accuracy with the
ability to reach all parts of the genome and characterise all types
of genetic variation, through the ability to sequence any length
fragments of native DNA/RNA. The platform now delivers simplex
accuracy (when a single strand is read by the nanopore) of over
99%. Simplex accuracy delivers market leading detection and
characterisation of Single Nucleotide Polymorphisms (SNP),
Structural Variants (SV) and methylations. This mode is extensively
used by all large studies of plants, animals and humans.
Field performance with our new chemistry continues to move from
strength to strength and it has been exciting to see the first wave
of scientific publications come through.
In one preprint , researchers from the University of California,
Santa Cruz and the National Cancer Institute sequencing on
PromethION 48 noted that using a single flow cell with the latest
'Q20+ chemistry', they could " detect SNPs with F1-score better
than short read sequencing " and " discover structural variants
with F1-scores comparable to state-of-the-art methods involving
[alternative long read sequencing] and trio information (but at
lower cost and greater throughput )". The paper also describes how
with nanopore-based phasing, it is possible to combine and phase
small and structural variants at megabase scales, all of which
combines to give the clearest picture yet of the whole genome.
In a peer-reviewed Nature publication , researchers from the
Children's Hospital of Philadelphia used Q20+ chemistry to
demonstrate a low-cost method for targeted long-read RNA
sequencing. Called TEQUILA-seq, the method enhances throughput for
long-read RNA sequencing by targeted sequencing, using a
preselected gene panel to analyse full-length transcripts of 468
cancer genes in 40 breast cancer cell lines. They identified novel
isoforms and revealed a mechanism for inactivating tumour
suppressor genes via aberrant isoform variation and
degradation.
In the first half of the year, we also announced the early
availability of the High Duplex flow cells, suitable for the most
challenging of applications, such as 'Telomere-to-Telomere'
assembly of genomes, metagenomic assemblies and strand specific
methylation research. Duplex refers to the analysis of combined
measured signals from double-stranded DNA to produce 99.9% single
molecule accuracy (Q30).
Enabling accessible, distributed sequencing for anyone,
anywhere
We continue to innovate towards a new future of near-sample,
real-time, low-cost technology that can characterise biological
samples in any environments from clinics to factories to
classrooms.
The P2 Solo rollout continues, opening up new high-output
sequencing possibilities with compact form factor. Developer access
to the P2i, with integrated compute and screen, started in H1 and
will continue through the year.
We have been pleased to see the strong interest in both of these
devices across a diverse set of customers. P2 Solo has now been
deployed into hundreds of laboratories in over 45 countries.,
across a broad range of users and applications. We have received
orders from over 500 customers to date, with approximately 20%
coming from new accounts.
With MinION, an upcoming software release will enable users to
take full advantage of Apple(R) [4] 's latest silicon development
(the M2, M2Max and M2Pro, enabling customers to pair our most
affordable sequencer with the convenience of Apple hardware and
generate, basecall and analyse data on the go. In addition, the
MinION will be revamped for the first time since 2015 and the new,
smaller format, with iPad(R) (4) connectivity (the "MK1D") will be
with developers in H2 23 [5] ), ahead of a wider launch in 2024.
The new MinION will continue to enable a broad scientific community
to take control of their high-performance experiments, rapidly and
in any environment. The MK1D will have improved temperature control
enabling customers to deploy it in a broader set of environments
whilst maintaining the temperature in range to generate Q20+ data.
An iPad (R) case, in development, will offer easy compatibility
from the MinION Mk1D to an iPad Pro (R) , enabling it to use all
the latest features including long battery life, accelerated
processing, 5G mobile connectivity and more.
Also, in development and now showing "Q20+" sequencing, is a
new, small and low-power chip (application specific integrated
circuit - ASIC) which will further drive the ability to analyse
anything, anywhere. This new ASIC will underpin a new family of
lower-cost, lower-power devices, including the MinION MkII while
the standard MinION ASIC is also being revamped to deliver data
more quickly.
Transforming PromethION devices
In 2022, we upgraded the PromethION compute from NVIDIA (R) 's
V100 to A-series technology on new PromethION devices. As with the
rest of our devices, existing PromethION users are offered seamless
upgrade routes to the A-Series compute with its increased
processing power enabling it to keep up with basecalling and
methylation detection.
In the first half of 2023, we have seen strong demand for new
devices and upgrades from our existing users. With the integration
of our latest Algorithm architecture Dorado into our device
software MinKNOW, users are seeing a 4.5x increase in basecalling
speed by combining the new compute and new software. Our teams have
further improvements coming as we look to accelerate further and
begin to onboard secondary analysis pipelines.
Direct RNA sequencing launching in H2 23
In the first half of 2023 we announced that a new kit and flow
cell for direct RNA sequencing will launch in H2 23. The new RNA
kit and flow cell will deliver increased accuracy and output, with
the potential to unlock a new field of biological analysis. This
update will enable significant advancements in the RNA research
market alongside novel applications of direct single molecule
sensing such as mRNA vaccine research, where non-natural RNA bases
used in their development need to be sequenced. Single molecule
raw-read accuracy has increased significantly, while output has
improved 3-4x compared to existing Oxford Nanopore RNA sequencing
chemistry.
RNA, the messenger molecule that carries genetic information
from DNA and directs the synthesis of proteins, has traditionally
been sequenced by conversion to cDNA. New understanding of RNA's
functional significance - and related emergence in RNA-based
therapies including vaccines - has underscored the importance of
RNA-related research.
Oxford Nanopore offers the only direct RNA sequencing
technology, where other technologies rely on conversion of RNA to
cDNA, which loses important information in the process. This
represents an opportunity to provide a new generation tool and
develop new applications in RNA sequencing.
Simplifying products and workflows to support broader usage
To support different users taking advantage of nanopore
sequencing, innovations are being introduced to simplify and make
more accessible the end-to-end sequencing process. These include
provision of easy-to-use data analysis tools in EPI2ME, the
analytics tool set, for increasingly broad applications, from
infectious disease, biopharma quality control testing, human
variations and single cell. This enhanced interface equips users at
all levels of expertise with the information they need, wherever
they are. New features also include the ability to run on local
hardware or seamlessly integrate with cloud compute.
Our analysis platform EPI2ME support users doing applications
such as metagenomics, pathogen detection, single cell analysis and
others. Our Human Variation Workflow enables users in one analysis
to combine small variants, structural variants and methylation into
one simple pipeline.
Commercial execution
Our commercial model focuses on driving rapid adoption and
utilisation of our products to catalyse change and growth of the
sequencing and analysis market.
Continued growth and diversification of customer base
In the first half of 2023, we increased year-on-year LSRT
revenue in all customer groups and across all geographical regions,
driven by consumables sales and new customer acquisition.
Growth was driven by the Americas, up 41% year-on-year, or 72%
on an underlying basis, reflecting commercial expansion in this
region. After excluding revenue from the EGP and COVID sequencing,
year-on-year underlying growth in the S1, S2 and S3 customer groups
was 36%, 61% and 53% respectively. In addition, sales through
distributors (the "indirect" group) increased by 61% year-on-year
on an underlying basis.
S3 customers
Our S3 customers generate revenue greater than $250,000 per year
per account. These customers are typically the established large,
centralised sequencing researchers, or operators of large
programmes and service providers. Our growth in this group is
driven by use of our PromethION 24 and 48 devices. A key part of
this market is large scale human genomics programmes, some of which
support national genomics strategies, where thousands of samples
are sequenced for novel insights at scale. We have key partnerships
with customers including G42 in the EGP, and other high-throughput
human genomics projects including Genomics England with a cancer
screening project, and National Institutes of Health (NIH) in the
USA, which are using our information-rich data at scale for
analysis of clinical samples with neurodegenerative conditions.
Underlying S3 revenues have grown by GBP6.8 million or 53%
year-on year, with average spend per customer of approximately
$573,000 per year.
New S3 customers in the period included, a contract laboratory
using PromethION for plasmid sequencing. Requiring the ability to
sequence longer fragments, high-accuracy and high-output data at a
low cost of cost of entry, the customer decided to invest in and
standardise using Oxford Nanopore technology.
S2 customers
Our S2 customers generate between $25,000 and $250,000 per year
per account and are predominantly GridION users. These customers
are often experienced users of genomics technology, typically
research teams or smaller university departments. In some cases,
these customers have an existing sequencing platform and are taking
their first steps into nanopore based sequencing, to add greater
biological value to their projects or services. In other cases,
these are accounts that do not have access to large capital
budgets, previously sending samples to service providers. These
customers benefit from our affordable, plug- and-play platforms to
generate real-time sequencing data as part of their workflow.
S2 revenues have seen the highest level of growth year-on-year.
Underlying revenue growth in S2 customers, was GBP11.6 million or
61% year-on-year.
We continue to grow customers in this group which we believe is
uniquely open to Oxford Nanopore. We have added an additional 130
customers in this group, since the end of last year, whilst
maintaining average spend per customer of approximately $66,000 per
annum.
S1 customers
Our S1 customers generate revenue up to $25,000 per year per
account. These are typically MinION users that are key to providing
new insights in biology, exploiting the unique richness and
rapidity of nanopore sequence data, or everyday users of sequencing
technology for routine analyses. They also represent an easy entry
point for nanopore sequencing; many S1 users progress to
larger-scale genomics projects, or develop methods for small format
devices to potentially be used at scale (for example, in future
applied markets for near-sample analyses). We drive sales in this
customer group primarily through digital marketing and our unique
e-commerce platform.
Underlying S1 growth of GBP4.0 million, represented a growth
rate of 36% year-on-year, driven by a net increase of more than 350
customers in the period. Average revenues remained stable at
approx. $5,500 per annum.
To better communicate our distributor revenues, the Avantor
indirect sales channel which had been included previously in S1
have been moved into the indirect group with the other
distributors. This has been reflected in both the H1 22 and H1 23
numbers in this report.
Indirect (distributor served customers)
We are increasingly investing in improving the level of service
to more difficult to reach countries. We utilise an expanding
network of regionalised distributors to help us. Revenues for these
indirect customers increased by GBP3.8m (or 61%) year-on-year,
which was largely due to strong performance from Avantor, one of
our distributors for entry level products such as MinION.
New collaborations paving the way for clinical and applied
markets
We continue to focus on driving expansion from use of our
technology in LSRT for scientific discovery, through the
translational journey where methods are developed and piloted that
address needs in future clinical diagnostic or industrial "applied
market" applications. In the first half of 2023 we established new
collaborations across a broad range of applications to optimise our
impact in emerging health (such as clinical research) and
industrial applied markets. These included:
-- Cancer: Agreement with 4bases S.A. to provide for use of
nanopore sequencing devices in conjunction with 4bases' CE-IVD kits
to support rapid, high-accuracy analyses in human and cancer
genetics in Italy and Switzerland, with a first target of same-day
BRCA1 and BRCA2 analysis
-- Industrial applied markets: Collaboration with PathoQuest to
bring the first GMP-accredited, nanopore-based biologics genetic
characterisation test to market, for the biopharmaceutical industry
and the advancement of biological therapeutics
-- Technology: Collaboration with Tecan to configure Tecan
automation to enable easier nanopore library preparation for
high-output or larger sample numbers
-- Infectious disease: New strategic collaboration with
bioMérieux to develop innovative infectious disease diagnostics.
Initial areas of collaboration will include a test for determining
antibiotic resistance of tuberculosis; an assay to identify
pathogens in normally sterile clinical samples; and validating
Oxford Nanopore's sequencing platform with BIOMÉRIEUX EPISEQ(R) CS
application for rapid infection outbreak monitoring in patient-care
settings
Post period end, the World Health Organization (WHO) announced
that a rapid sequencing solution being developed by Oxford Nanopore
meets the class-based performance criteria to detect drug
resistance after TB diagnosis, to guide clinical decision-making
for drug-resistant TB treatment.
Operational excellence
In line with the strategic priorities set out earlier this year,
we have continued to invest in operational and manufacturing
infrastructure and processes to improve efficiency and drive margin
expansion.
As a result, we were able to improve LSRT margins by 280 basis
points year-on-year despite ongoing inflationary pressures. Margin
expansion was primarily driven by improvements to MinION and
PromethION Flow Cell margins, reflecting improved manufacturing
techniques and efficiency. Margins on consumables increased by
approximately 410 basis points year-on-year, partially offset by an
approximately 140 basis points headwind related to the COVID kit
obsolescence.
In addition, margins on devices and services remained relatively
flat year-on-year reflecting pricing pressures and the increased
cost of compute.
We continued to make good progress automating parts of flow cell
manufacturing during the period, to increase efficiency and scale.
The new automation systems for MinION and PromethION Flow Cells
have now been prepared for introduction into the flow cell
manufacturing processes,
During the period, we continued to invest in operational and
manufacturing infrastructure to ensure our future capacity
requirements are met to support growth. The refurbishment of a new
south Oxfordshire building to align with our occupational
requirements is underway and our intention is to repurpose the
existing building to serve current and future growth needs across
warehousing and logistics, whilst offering new technical labs and
associated office space. This new dedicated facility will
complement our portfolio of existing facilities which are dedicated
to R&D, corporate and manufacturing.
In February 2023, we announced an extension of our collaboration
with UPS Healthcare to accelerate the delivery of our sequencing of
our high-tech manufacturing facility products and consumables
across the Asia Pacific region. The collaboration will strengthen
our supply chain throughout Asia's main markets and our customers
will benefit from faster delivery with less complexity. Flow cells
will be stored in UPS Healthcare's distribution facility in
Singapore for the first time and be delivered within 24 to 48 hours
through UPS's distribution capabilities to destinations across the
Asia Pacific.
Sustainability - Planet, Product, People
From day one, we have sought to make biological information more
accessible to those who need it, and we are delighted to see how
nanopore users are bringing our tools to bear on the challenges
facing the world. Earlier this year we introduced a new
sustainability strategy - Product, Planet, People - that
encapsulates the consistency of our wider business strategy and our
long-term sustainability commitments. Highlights from those
commitments include:
Product
-- Continue to iterate on product design to develop smaller,
easier to use, and lower cost formats to enable more people in
broader communities to use the technology
-- Continue to establish global support and logistics to fulfil
our vision to enable anyone, anywhere to use Oxford Nanopore
products
Planet
-- Reduce the carbon intensity of our operations by identifying
projects to reduce carbon emissions with an updated target to
reduce the tonnes of CO(2) e emitted per GBPm revenue by 2.5% in
2023
-- Carry out further analysis with a view of preparing a
detailed plan by the end of 2023 that will set out how we will
achieve net zero
People
-- Embed the Values in Action programme to support an
employee-engagement culture, where employees have a voice to
contribute ideas that support key decisions
-- Increase our Board gender diversity to at least 40% female
representation within three years of IPO
Outlook and guidance
We are seeing increasing demand around the world for our unique
platform and are hugely proud of the new ground that our customers
are breaking with the aid of our technology, in research areas
spanning large scale human genomics programmes, pathogen
surveillance, human genetics, cancer, and environmental research,
and in emerging clinical and industrial uses including
biopharmaceutical production. This breadth underlines the scale of
the opportunity we see ahead. We enter the second half of the year
in a strong financial position and with a continued deep commitment
to deliver on our vision to enable the analysis of anything, by
anyone, anywhere.
We expect full year 2023 LSRT revenue growth of 18-25% on a
constant currency basis, within the range we previously guided to.
This range includes:
- COVID sequencing revenue: anticipated headwind of
approximately GBP18m, slightly lower than previously expected.
- EGP revenue: expected to be lower than the prior year period (FY22: GBP13.2 million).
FY23 Underlying LSRT revenue growth, excluding COVID sequencing
and the EGP, is expected to be more than 40% on a constant currency
basis.
We now expect gross margin to be greater than 57% for FY23,
reflecting i) the one off impact of investment in upgrading the
compute towers on our large PromethION devices, which delivers
competitive performance advantage by delivering high output rapid
data analysis for large datasets, to drive higher long term
utilisation and new customer acquisition and also ii) the write off
of excess COVID sequencing kits.
All medium-term (FY26) targets are unchanged:
-- Underlying LSRT revenue growth of more than 30% per annum on a constant currency basis
-- LSRT gross margin of greater than 65% by FY26
-- Adjusted EBITDA breakeven by FY26
Financial review
Certain numerical figures included herein have been rounded.
Therefore, discrepancies in between totals and the sums may occur
due to such rounding.
Performance Summary
The Group delivered Life Sciences Research Tools (LSRT) revenue
for the six months ended 30 June 2023 of GBP86.0 million (H1 22:
GBP70.6 million), representing year-on-year growth of 22% on a
reported basis and 16% on a constant currency basis.
Underlying LSRT revenue growth, excluding revenue from the
Emirati Genome Program (EGP) and COVID sequencing, was 46% on a
constant currency basis. Growth continues to be driven by expansion
of the Group's customer base.
Total revenue in the first six months ended June 2023 was 30%
lower than the corresponding period to 30 June 2022, which included
non-recurring revenue of GBP51.8 million following the conclusion
of the Groups Covid testing contract with the Department of Health
and Social Care (DHSC).
Results - at a glance
GBPmillion H1 23 H1 22 Change
Revenue
Legacy Covid testing revenue - 51.8 -
LSRT revenue 86.0 70.6 +22%
Total revenue 86.0 122.3 (30)%
---------------------------------------- ------- ----------- --------
Gross profit 49.5 78.0 (37)%
Gross margin (%) 57.6% 63.7% (610)bps
LSRT gross margin (%) 57.6% 54.8% +280bps
Operating loss (74.8) (23.0) (225)%
Adjusted EBITDA (39.4) (34.6) (4.8)
Loss for the period (70.1) (30.2) (39.9)
GBPmillion 30 June 31 December Change
2023 2022
Cash, cash equivalents and other liquid
investments [6] 484.6 558.0 (13.2)%
Revenue by LSRT customer group & operating segment is shown
below:
GBPmillion H1 23 H1 22 Reported Underlying
growth (%) growth (%)
S1 16.0 12.8 +25% +36%
S2 32.5 24.2 +34% +61%
S3 26.3 24.6 +7%
* EGP 4.9 5.8 (15)%
* S3 Excluding EGP 21.4 18.8 +13% +53%
Indirect 11.2 8.8 +27% +61%
-------------------------- ----- ----- ----------- -----------
Total LSRT revenue 86.0 70.6 +22% +53%
-------------------------- ----- ----- ----------- -----------
Covid testing revenue - 51.8 -
-------------------------- ----- ----- ----------- -----------
Total revenue 86.0 122.3 (30)%
-------------------------- ----- ----- ----------- -----------
Revenue from our S3 customer group grew by 7% compared to H1 22.
This is despite a decline on EGP revenue from GBP5.8 million in H1
22 to GBP4.9 million in H1 23. Excluding revenue from the EGP and
COVID sequencing, growth was GBP6.8 million or 53%.
The S2 customer group revenue in H1 23 was GBP32.5 million,
growth of 34% compared to H1 22. S2 customers are key to our
expansion over the medium term. Excluding revenue from COVID
sequencing, growth in this customer group was GBP11.6 million or
61% over H1 22.
Looking at our S1 customers which comprise our core user base,
total revenues for the period were GBP16.0 million, representing
growth of 25%. Excluding revenue from COVID sequencing, growth was
GBP4.0 million or 36% over H1 22.
Indirect sales in the period represent sales through
distributors and were GBP11.2 million in H1 23, an increase of 27%.
This growth was driven by our commercial partnership with Avantor
which expands our reach and improves accessibility for entry level
products such as MinION.
Reconciliation of reported revenue to underlying LSRT revenue by
customer group:
GBPmillion H1 23 H1 22 Growth
(%)
S1 16.0 12.8 +25%
Less COVID sequencing (0.7) (1.5)
---------------------------- ----- ----- ------
Underlying S1 revenue 15.3 11.3 +36%
S2 32.5 24.2 +34%
Less COVID sequencing (1.9) (5.2)
---------------------------- ----- ----- ------
Underlying S2 revenue 30.6 19.0 +61%
S3 26.3 24.6 +7%
Less EGP (4.9) (5.8)
Less COVID sequencing (1.7) (6.0)
---------------------------- ----- ----- ------
Underlying S3 revenue 19.6 12.8 +53%
Indirect 11.2 8.8 +27%
Less COVID sequencing (1.2) (2.6)
---------------------------- ----- ----- ------
Underlying Indirect revenue 10.0 6.2 +61%
Geographical trends
The Group aims to make its technology available to a broad range
of scientific users, and currently supports users in around 120
countries. In some territories the Group works with distributors to
achieve or enhance its own commercial presence. In H1 23, the Group
experienced LSRT revenue growth in all territories compared to H1
22.
GBPmillion H1 23 H1 22 Reported Underlying
growth (%) growth (%)
Americas 32.8 23.3 +41% +72%
APAC 17.6 16.6 +6% +23%
EMEAI 35.6 30.6 +16%
* EGP 4.9 5.8 (15)%
* EMEAI Excluding EGP 30.7 24.8 +24% +57%
Total LSRT revenue 86.0 70.6 +22% +53%
Legacy Covid testing Revenue
EMEAI - 51.8 -
--------------------------------- ----- ----- ----------- -------------
Total Revenue 86.0 122.3 (30)%
--------------------------------- ----- ----- ----------- -------------
Reconciliation of reported revenue to underlying LSRT revenue by
geographical region:
GBPmillion H1 23 H1 22 Growth
(%)
Americas 32.8 23.3 +41%
Less COVID sequencing (2.0) (5.5)
---------------------------- ----- ----- ------
Underlying Americas revenue 30.8 17.9 +72%
APAC 17.6 16.6 +6%
Less COVID sequencing (1.1) (3.2)
---------------------------- ----- ----- ------
Underlying APAC revenue 16.5 13.4 +23%
EMEAI 35.6 30.6 +16%
Less EGP (4.9) (5.8)
Less COVID sequencing (2.3) (6.7)
---------------------------- ----- ----- ------
Underlying EMEAI revenue 28.4 18.1 +57%
The Group's Gross profit of GBP49.5 million reduced by 37%
compared to H1 22. The prior period benefited from the positive
impact of the settlement with DHSC, net of impairment of associated
inventory.
LSRT Gross profit contribution in H1 23 was GBP49.5 million, a
growth of 28% from GBP38.7 million in H1 22.
% H1 23 H1 22 Change
LSRT Gross margin % 57.6% 54.8% +280bps
LSRT gross margin improved from 54.8% in H1 22, to 57.6% in H1
23. This is driven by operational improvements including
automation, and improvements in manufacturing techniques to improve
efficiency.
Impact of headcount
Average headcount (FTEs) H1 23 H1 22 Change (%)
Research and development 445 358 +24%
Production 150 150 0%
Selling, general & administration 455 358 +27%
---------------------------------- ----- ----- ----------
Total 1,049 866 +21%
---------------------------------- ----- ----- ----------
In H1 23, the Group increased its average headcount by 21% from
H1 22. This increase was predominantly across research and
development and in the commercial and marketing teams.
The Group invested in bringing onboard new research and
development staff to support the research phase into early product
release across its disruptive platform. Our research and
development teams work on fundamental research for novel sensing
applications, membrane chemistry, sequencing chemistry, nanopores,
enzymes, algorithms, software electronics and arrays to deliver
future platforms and improvement on current products. As a result,
high calibre scientists and researchers have been attracted to join
the company with the goal to realise Oxford Nanopore's vision.
In H1 23 the Groups' manufacturing employees has remained in
line with H1 22. This follows the significant expansion of the team
in 2021, when staff covering all manufacturing stages and processes
expansion were recruited to cater for increased demand from a
growing client base.
The largest increase in the Group's average headcount took place
in the selling, general and administration functions including
legal functions and corporate executives, with an increase of 27%.
The significant expansion of the commercial teams in key geographic
regions supports the Group's business growth objectives globally.
In addition, the investment in in-field and customer support teams
was necessary to maintain and increase customer loyalty and
customer retention.
Research and development expenses
The Group's research and development expenditure is recognised
as an expense in the period as it is incurred, except for the
development costs that meet the criteria for capitalisation as set
out in IAS 38 (intangible assets). Capitalised development costs
principally comprise qualifying costs incurred in developing the
Group's core technology platform and sequencing kits.
Adjusted Research and development expenditure increased by
GBP8.2 million in H1 23 to GBP40.1 million (H1 22: GBP31.9
million).
As amortisation related to internally generated assets has
increased over time, management now consider that it is a more
appropriate presentation to present amortisation and the R&D
tax credit within research and development expenses, rather than as
previously presented within selling, general and administration
expenses. The comparative income statement has been re-presented to
be consistent with the current period presentation.
GBPmillion H1 23 H1 22
Research and development expenses (represented) 48.2 28.6
Adjusting Items
Amortisation of capitalised development
costs (8.7) (6.1)
Employers' social security taxes on pre-IPO
share awards 0.6 9.4
------------------------------------------------ ----- -----
Adjusted R&D Expenses 40.1 31.9
Capitalised development expenses 8.9 9.0
------------------------------------------------ ----- -----
Total R&D Expenses and Capitalised development
expenses 49.0 40.9
------------------------------------------------ ----- -----
This increase in Adjusted Research and development expenses
reflects the groups continued investment in innovation and was
principally due to:
-- a 24% increase in average headcount, coupled with
inflationary pressures of salaries leading to a GBP3.3 million
increased in payroll costs.
-- a GBP4.0 million increase in materials and outsourced costs
Amortisation of capitalised development costs increased by
GBP2.6 million to GBP8.7 million as expected, in line with amounts
capitalised over the last few years.
Selling, general and administration costs
The Group's Adjusted Selling, general and administrative
expenses increased by GBP15.4 million in H1 23 to GBP61.9 million
(H1 22: GBP46.5 million).
H1 23 H1 22
Selling, general and administrative
expenses 76.1 72.3
Adjusting items:
Share based payments expense on Founder
LTIP (14.9) (35.4)
Employers' social security taxes on
pre-IPO share awards 0.7 11.0
Expenses associated with the settlement
of the COVID testing contract with DHSC - (1.4)
Adjusted selling, general and administrative
expenses 61.9 46.5
--------------------------------------------- ------ ------
The main changes were:
-- The total increase in the average headcount in Selling,
general and administrative of 27%, this was primarily driven by our
planned increase in headcount in the commercial teams (47% increase
compared to H1 22). Coupled with inflationary pressures of
salaries, this resulted in a GBP8.7 million increase in payroll
costs.
-- An increase in depreciation of GBP0.8 million to GBP6.4
million in H1 23 from GBP5.6 million in H1 22 driven by increases
in Property, plant and equipment purchases in the period.
Total share-based payment charge included in Selling, general
and administrative expenses decreased by GBP20.8 million in H1 23
to GBP19.1 million compared to GBP39.9 million in H1 22. The
reduction was primarily driven by a decrease in the Founder LTIP
charge (from GBP35.4 million in H1 22 to GBP14.9 million in H1
23).
Adjusted EBITDA
GBPmillion H1 23 H1 22
Loss for the period (70.1) (30.2)
Income tax expense 3.5 2.5
Finance income (7.2) (0.9)
Loan interest 0.0 0.1
Interest on lease 1.1 0.6
Depreciation and amortisation 19.9 16.1
EBITDA (52.9) (11.7)
--------------------------------------------- ------ ------
Adjusting items:
Share based payments expense on Founder LTIP 14.9 35.4
Employers' social security taxes on pre-IPO
share awards (1.3) (20.4)
Settlement of Covid testing contract - (37.9)
Impairment of investment in associate (0.1) -
Adjusted EBITDA (39.4) (34.6)
--------------------------------------------- ------ ------
Adjusted EBITDA losses increased from GBP34.6 million to GBP39.4
million. This was primarily driven by increasing operational
expenses associated with the increase in headcount, partly offset
by an increase in LSRT gross profit.
Exchange gains and losses
As the Group receives a significant amount of revenue in US
Dollars, we seek to reduce the exposure of the Group to
fluctuations in currency by entering into a range of derivative
forward contracts.
During 2023, the strengthening of the USD has resulted in a gain
of GBP2.1 million. This is presented in Other gains and losses (H1
22 GBP5.4 million loss).
Balance sheet
Key elements of change in the balance sheet during the period
comprised the following:
-- the net book value of Property, plant and equipment was
GBP43.3 million at 30 June 2023 an increase of GBP6.0 million since
31 December 2022. This has been driven primarily by purchases of
assets subject to operating leases GBP10.8 million, which includes
the purchase of the upgraded PromethION compute from NVIDIA's V100
to A-series technology on new PromethION devices.
-- Inventory of GBP102.9 million at 30 June 2023 has increased
by GBP15.2 million from GBP87.7 million at 31 December 2022. In
particular, device inventory increased by GBP7.8 million, as a
result of the shortening of lead times on long-term supply
contracts.
-- Movements in Other Financial Assets between current and
non-current. In the first half of 2023, the Group has liquidated
its shorter-term deposits and reinvested the funds in investment
bonds (with a maximum duration of three years), leading to an
overall GBP52.8 million decrease. See table below:
GBPmillion 30 June 31 December
2023 2022
Treasury deposits - 101.3
Investment bonds 149.5 100.9
Other financial assets 1.3 1.4
Total 150.8 203.6
----------------------- ------- -----------
Analysed as:
Current 40.9 119.4
Non-current 109.9 84.1
Total 150.8 203.6
----------------------- ------- -----------
Cash flow
-- Cash, cash equivalents and other liquid investments were
GBP484.6 million at 30 June 2023, a decrease of GBP73.4 million
since 31 December 2022 (see note 5).
-- In H1 23 there was a net cash outflow of GBP52.2 million from
operations, compared to a net cash inflow of GBP3.3m in H1 22,
which benefitted from the GBP50 million settlement of the Covid
testing contract.
-- In H1 23, surplus cash was moved from money market deposits
and invested in investment bonds (with a maximum duration of up to
3 years). Net Cash inflows from investing activities of GBP33.0
million (H1 22: GBP17.6 million outflow) includes:
o The proceeds from other financial assets of GBP101.3 million
(treasury deposits) partly offset by the purchase of financial
assets of GBP49.8 million (investment bonds)
o Interest received of GBP7.5 million
Partly offset by:
o The purchase of property, plant & machinery of GBP14.0
million
o The capitalisation of development costs of GBP8.9 million
o An investment in associate (Veiovia) of GBP3.0 million
-- Net Cash outflows from financing activities of GBP1.9 million
(H1 22: GBP2.2 million) includes:
o Lease and interest payments of GBP3.3 million partially offset
by
o Proceeds from the issue of shares of GBP1.4 million (H1 22:
GBP2.3 million)
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHSED 30 JUNE 2023
6 months 6 months
to June to June
2023 2022
GBP000 GBP000
Revenue 4 86,002 122,348
Cost of sales (36,455) (44,394)
----------- -----------
Gross profit 49,547 77,954
Research and development expenses* (48,230) (28,604)
Selling, general and administrative
expenses* (76,101) (72,314)
Loss from operations (74,784) (22,964)
Finance income 7,239 900
Finance expense (1,069) (685)
Other gains and losses 2,139 (4,877)
Share of losses of associates (228) -
Reversal on impairment of investment
in associate 144 -
Loss before tax (66,559) (27,626)
Tax expense 8 (3,540) (2,549)
Loss for the period (70,099) (30,175)
Other comprehensive (loss) / income:
Items that may be reclassified
subsequently to profit or loss:
Fair value movements on investment
bonds (1,236) -
Exchange (losses) / gains arising
on translation on foreign operations (4,079) 4,251
Other comprehensive (loss) / income
for the period, net of tax (5,315) 4,251
Total comprehensive loss (75,414) (25,924)
----------- -----------
2023 2022
Pence Pence
Loss per share 6 8 4
----------- -----------
*re-presented, see note 7
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
30 June 31 December
2023 2022
Note GBP000 GBP000
Assets
Non--current assets
Property, plant and equipment 9 43,255 37,294
Intangible assets 10 30,257 30,039
Investments in associates 11 742 826
Right--of--use assets 24,226 25,906
Other financial assets 13 109,902 84,144
Deferred tax assets 8 5,467 7,681
213,849 185,890
Current assets
Inventories 12 102,939 87,698
Trade and other receivables 56,134 62,905
R&D tax credit recoverable 8,484 9,148
Current tax recoverable 8 548 -
Other financial assets 13 40,862 119,411
Derivative financial assets 1,195 2,060
Cash and cash equivalents 334,812 356,778
544,974 638,000
Total assets 758,823 823,890
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
30 June 31 December
2023 2022
Note GBP000 GBP000
Liabilities
Non--current liabilities
Lease liabilities 17,900 19,049
Share-based payment liabilities 111 108
Provisions 14 8,721 8,645
26,732 27,802
Current liabilities
Trade and other payables 73,230 80,249
Current tax liabilities 8 - 1,639
Lease liabilities 14,725 15,049
Derivative financial liabilities - 962
Provisions 14 2,926 4,633
90,881 102,532
Total liabilities 117,613 130,334
Net assets 641,210 693,556
Issued capital and reserves attributable to
owners of the parent
Share capital 15 83 83
Share premium reserve 15 628,936 627,557
Share-based payment reserve 189,889 168,200
Translation reserve (372) 3,707
Accumulated deficit (177,326) (105,991)
TOTAL EQUITY 641,210 693,556
The notes on pages 22 to 41 form an integral part of the
condensed consolidated interim financial information.
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2023
Share-based Foreign
payment exchange Accumulated
Share capital Share premium reserve reserve deficit Total equity
----------------------------- ------------------ ----------------- --------------- ---------------- ---------------------- ----------------
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
============================= ================== ================= =============== ================ ====================== ================
Note 15 15 15
============================= ================== ================= =============== ================ ====================== ================
At 1 January 2023 83 627,557 168,200 3,707 (105,991) 693,556
============================= ================== ================= =============== ================ ====================== ================
Loss for the period - - - - (70,099) (70,099)
============================= ================== ================= =============== ================ ====================== ================
Exchange gain on translation
of foreign operations - - - (4,079) - (4,079)
============================= ================== ================= =============== ================ ====================== ================
Fair value movements
on investment bonds - - - - (1,236) (1,236)
============================= ================== ================= =============== ================ ====================== ================
Comprehensive loss
for the 6 months to
June 2023 - - - (4,079) (71,335) (75,414)
============================= ================== ================= =============== ================ ====================== ================
Issue of share capital - 1,379 - - - 1,379
============================= ================== ================= =============== ================ ====================== ================
Employee share--based
payments - - 21,807 - - 21,807
============================= ================== ================= =============== ================ ====================== ================
Tax in relation to
share-based payments - - (118) - - (118)
============================= ================== ================= ================ ====================== ================
Total contributions
by and distributions
to owners - 1,379 21,689 - - 23,068
----------------------------- ------------------ ----------------- ---------------- ---------------------- ----------------
At 30 June 2023 83 628,936 189,889 (372) (177,326) 641,210
============================= ================== ================= =============== ================ ====================== ================
At 1 January 2022 82 623,760 96,350 (314) (15,902) 703,976
============================= ================== ================= =============== ================ ====================== ================
Loss for the period - - - - (30,175) (30,175)
============================= ================== ================= =============== ================ ====================== ================
Exchange gain on translation
of foreign operations - - - 4,251 - 4,251
============================= ================== ================= =============== ================ ====================== ================
Total comprehensive
gain / (loss) for
the 6 months to June
2022 - - - 4,251 (30,175) (25,924)
============================= ================== ================= =============== ================ ====================== ================
Issue of share capital - 2,299 - - - 2,299
============================= ================== ================= =============== ================ ====================== ================
Cost of share issue - (1) - - - (1)
============================= ================== ================= =============== ================ ====================== ================
Employee share--based
payments - - 44,344 - - 44,344
============================= ================== ================= =============== ================ ====================== ================
Tax in relation to
share-based payments - - 1,382 - - 1,382
============================= ================== ================= =============== ================ ====================== ================
Total contributions
by and distributions
to owners - 2,298 45,726 - - 48,024
============================= ================== ================= =============== ================ ====================== ================
At 30 June 2022 82 626,058 142,076 3,937 (46,077) 726,076
============================= ================== ================= =============== ================ ====================== ================
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 6 MONTHS TO 30 JUNE 2023
30 June
30 June
2023 2022
Note GBP000 GBP000
Net cash (outflow) / inflow from operating activities 17 (52,199) 3,312
Investing activities
Purchase of property, plant and equipment (14,016) (8,950)
Capitalisation of development costs (8,940) (8,968)
Investment in associate (3,000) -
Interest received 7,511 932
Purchase of other financial assets (49,794) (643)
Proceeds from sale of other financial assets 101,274 -
Net cash inflow / (outflow) in investing activities 33,035 (17,629)
Financing activities
Proceeds from issue of shares 1,412 2,269
Costs of share issue - (2,381)
Principal elements of lease payments (2,247) (1,411)
Interest paid - (73)
Interest paid on leases (1,045) (601)
Net cash outflow from financing activities (1,880) (2,197)
Net decrease in cash and cash equivalents before foreign exchange movements (21,044) (16,514)
Effect of foreign exchange rate movements (922) 322
Cash and cash equivalents at beginning of period 356,778 487,840
Cash and cash equivalents at the end of period 17 334,812 471,648
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TO 30 JUNE 2023
1 General information
The condensed consolidated interim information for the period
does not constitute statutory accounts as defined in section 434 of
the Companies Act 2006.
The summary of results for the year ended 31 December 2022 is an
extract from the published Annual Report and Financial Statements
which were approved by the Board of Directors on 20 March 2023,
have been reported on by the Group's auditors and delivered to the
Registrar of Companies. The audit report on the Annual Report and
Financial Statements was unqualified, did not contain an emphasis
of matter paragraph and did not contain any statement under s498
(2) or (3) of the Companies Act 2006.
2 Significant Accounting Policies
2.1. Basis of preparation
The annual financial statements of Oxford Nanopore Technologies
plc ("Oxford Nanopore" / "the Company") are prepared in accordance
with United Kingdom adopted International Financial Reporting
Standards. The condensed set of financial statements included in
this half yearly financial report has been prepared in accordance
with United Kingdom adopted International Accounting Standard 34
'Interim Financial Reporting'.
The condensed interim financial statements have been prepared in
accordance with the accounting policies set out in our Annual
Report and Financial Statements for the year ended 31 December
2022.
2.2 Going concern
As at 30 June 2023, the Group held GBP484.6 million in cash,
cash equivalents and other liquid investments on the Statement of
Financial Position.
The going concern assessment period is at least 12 months to the
30 September 2024.
In order to satisfy the going concern assumption, the Directors
of the Group review its budget periodically, which is revisited and
revised as appropriate in response to evolving market
conditions.
The Directors have considered the budget and forecast prepared
through to 30 September 2024, the going concern assessment period,
and the impact of a range of severe, but plausible, scenarios,
including supply chain issues driven by demand, logistics
interruptions, the pandemic, heightened geopolitical tension;
particularly between Taiwan and the People's Republic of China and
the war in Ukraine. In particular, the impact of key business risks
on revenue, profit and cash flow are as follows:
-- Reduced revenues due to decline in customer demand,
regulatory and research and development ("R&D") delays; and
-- Increased costs due to supply chain restrictions, rising
utilities costs, rising wages & salary costs, additional
R&D requirements and rising costs of component parts.
Under all scenarios, the Group had sufficient funds to maintain
trading before taking into account any mitigating actions that the
Directors could take. Accordingly, the Directors have a reasonable
expectation that the Group has adequate resources to continue in
operation for the foreseeable future and at least one year from the
date of approval of the financial statements. On the basis of these
reviews, the Directors consider it remains appropriate for the
going concern basis to be adopted in preparing these financial
statements.
3. Critical accounting judgements and sources of estimation uncertainty
In applying the Group's accounting policies, the Directors are
required to make judgements, estimates and assumptions about the
carrying amounts of assets and liabilities that are not readily
apparent from other sources. The estimates and associated
assumptions are based on historical experience and other factors
that are considered to be relevant. Actual results may differ from
these estimates.
Critical judgements in applying the Group's accounting
policies
The following are the critical judgements and estimates that the
Directors have made in the process of applying the Group's
accounting policies and that have the most significant effect on
the amounts recognised in the financial information.
Judgements
i. Internally Generated Intangible Assets - research and development expenditure ("R&D")
Critical judgements are required in determining whether
development spend meets the criteria for capitalisation of such
costs as laid out in IAS 38 "Intangible Assets", in particular
whether any future economic benefit will be derived from the costs
and flow to the Group. The Directors believe that the criteria for
capitalisation as per IAS 38 paragraph 57 for specific projects
were met during the period and accordingly all amounts in relation
to the development phase of those projects have been capitalised as
an intangible asset during the period. All other spend on R&D
projects has been recognised within R&D expenses in the income
statement during the period.
Management do not have a formal timesheet process for monitoring
time spent by employees on projects in their development stage.
Instead, Management consults with the relevant project leaders on a
regular basis to understand and estimate the time spent on projects
in their development stage. When a percentage allocation has been
agreed, per the estimate below, this is then applied to other,
non--employee--related development costs to ensure costs are
consistently and appropriately capitalised (related estimate
disclosure in iii. below). The net book value of internally
generated capitalised assets at 30 June 2023 is GBP29.9 million (31
December 2022: GBP29.7 million).
Estimates
i. Non-standard customer contracts
As noted in the revenue recognition accounting policy set out in
our Annual Report and Financial Statements for the year ended 31
December 2022, revenue contracts for the sale of bundled goods and
services require the allocation of the total contract price to
individual performance obligations based on their stand-alone
selling prices. The Group occasionally enters into larger bespoke
contracts which might include a clause linked to the performance of
the products and provision of consumables to fulfil the contract.
This requires Management to estimate the number of items likely to
be delivered under the contract. If additional consumables were
required to fulfil the contract for a further 6 months, revenue
recognised to the reporting date would decrease by GBP3.4 million.
If additional consumables were required to fulfil the contract for
the entirety of its term, revenue recognised to the reporting date
would decrease by GBP5.6 million.
Critical accounting judgements and sources of estimation uncertainty
(continued)
ii. Share-based payments
Details of the share-based payment schemes operated by the Group
are disclosed in note 16. In 2021, awards were granted to the
Executive Directors of the Company under the Oxford Nanopore
Technologies Limited Long Term Incentive Plan 2021 (Founder LTIP).
Half of the awards are subject to a non-market revenue performance
condition which drives number of awards expected to vest depending
on when certain revenue targets are met. At each reporting date,
management make an estimate as to the extent to which the revenue
condition is expected to be achieved by the end of each future
reporting period. This is driven by revenue forecasts. Whilst
management may make an appropriate estimate of the annual revenue
target on grant date, this estimate might change in future periods.
If the annual revenue forecast over the vesting period
decreased/increased by 5%, the Group recognised total expenses of
GBP21.8 million relating to equity-settled share-based payment
transactions would decrease/increase by GBP0.8 million.
In addition, the Founder LTIP awards in issue give rise to an
associated employer's social security liability. Management update
the estimate for this liability at each reporting period with
reference to both the expected number of awards vesting and their
expected value, using the share price at the period end date. For
Founder LTIP awards linked to a share price condition, the
assumptions used in determining the IFRS 2 charge are determined at
the point of granting the awards and are not subsequently adjusted
over the vesting period. However, management have estimated the
proportion likely to vest for the purposes of assessing the
employer's social security contributions to accrue at each period
end using a Monte Carlo simulation model which requires a number of
assumptions and a large number of randomly generated projections of
the Company's future share price. At 30 June 2023, the expected
vesting of the share price linked awards was estimated at 54.3%
(56.3% June 2022), which is reflective of the reduction in share
price, which has contributed to the employer's social security
provision credit of GBP1.5 million in the period.
iii. Internally Generated Intangible Assets research and development expenditure ("R&D")
Critical estimates are made in determining the capitalisation of
costs in relation to the development phase of R&D projects.
Management capitalises development costs in relation to R&D
projects based on an estimate of the percentage of time spent on
the project by employees while the project is in its development
phase. Development costs capitalised during the 6 months ended 30
June 2023 was GBP8.9 million (6 months ended 30 June 2022: GBP9.0
million). If the percentage of time spent on the projects were to
change by 5% then capitalisation of development costs would have
varied between GBP8.5 million and GBP9.4 million (6 months ended 30
June 2022: GBP8.6 million and GBP9.5 million).
iv. Inventory
The Group holds inventory across a number of locations for the
purposes of fulfilling sales orders and contractual obligations.
Additionally, certain components of inventory are held for use
within research and development. Net inventory at 30 June 2023 was
GBP102.9 million (31 December 2022: GBP87.7 million). In line with
the requirements of IAS 2 Inventories, inventory is stated at the
lower of cost and net realisable value.
Management is required to make a number of estimates around the
net realisable value of inventory, which represents the estimated
selling price less all estimated costs of completion. In cases
where the net realisable value is below cost, management records a
provision such that inventory is held at the lower of cost and net
realisable value.
To estimate the inventory provision, Management uses inputs
based on the location and status of inventory held by the Group.
This includes the intended use of the inventory, including whether
it is expected to be sold or used for research and development
purposes.
Management makes assumptions around the net realisable value of
each category of inventory. These estimates are then applied to the
inventory balance, based on its cost, location and intended use, to
record a provision in cases where the net realisable value is below
cost.
If the net realisable value had decreased by 5%, then the value
of inventory would have decreased by GBP0.4 million and the revised
stock value would have been GBP102.5 million (31 December 2022:
GBP0.3 million and GBP87.6 million respectively). If the net
realisable value had increased by 5%, then the value of inventory
would have increased by GBP1.5 million and the revised stock value
would have been GBP104.4 million (31 December 2022: GBP1.5 million
and GBP89.4 million respectively).
4. Segment information
30 June 30 June
2023 2022
-------------------------------------------- --------------- ----------------
GBP000 GBP000
-------------------------------------------- --------------- ----------------
Category
============================================ =============== ================
Sale of goods 72,269 112,123
============================================ =============== ================
Rendering of services 8,523 3,034
============================================ =============== ================
Lease income 5,210 7,191
============================================ =============== ================
Total revenue from contracts with customers 86,002 122,348
============================================ =============== ================
Products and services from which reportable segments derive
their revenues are set out below.
The information reported to the Group's senior management team,
which is considered the chief operating decision maker ("CODM"),
for the purposes of resource allocation and assessment of segment
performance is defined by market rather than product type. The
segment measure of profit evaluated by the CODM is Adjusted EBITDA,
as this is considered to give the most appropriate information in
respect of profitability of the individual segments.
The Directors consider that the Group reportable segments under
IFRS 8 Operating Segments are as set out below:
Reportable segments Description
===================== =====================================================
Oxford Nanopore's core business, generating
revenue from providing products and services
Life Science Research for research use, including research and development
Tools (LSRT) expenditure and corporate expenditure.
===================== =====================================================
Revenue from providing products for SAR-Cov-2
testing. It should be noted that sequencing
products continue to be used for the purposes
of covid genomic surveillance, including variant
identification, but this is reporting within
the LSRT segment. No revenues have been reported
in this segment the first half of 2023 and no
further revenues are expected in this year.
We expect this segment to not continue after
COVID Testing this year's results.
===================== =====================================================
The accounting policies of the reportable segments are the same
as the Group's accounting policies.
(a) Information about major customers
During the interim period to 30 June 2023, the Group's customer
base has diversified and there were no individual customers
representing more than 10% of the Group's total revenue. In the
half year to 30 June 2022, the Group had one major customer, the
Department of Health and Social Care ("DHSC"), which represented
42% of Group revenue and was reported within the Covid testing
segment.
Segment information (continued)
The following is an analysis of the Group's revenue, results,
assets and liabilities by reportable segment.
Covid 30 June Covid 30 June
LSRT Testing 2023 LSRT Testing 2022
-------------- -------------- ----------------- ------------ ----------- ------------ -------------
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------- -------------- ----------------- ------------ ----------- ------------ -------------
Revenue
============== ============== ================= ============ =========== ============ =============
Americas 32,760 - 32,760 23,321 - 23,321
============== ============== ================= ============ =========== ============ =============
APAC 17,640 - 17,640 16,621 - 16,621
============== ============== ================= ============ =========== ============ =============
EMEAI 35,602 - 35,602 30,618 51,788 82,406
============== ============== ================= ============ =========== ============ =============
Total Revenue 86,002 - 86,002 70,560 51,788 122,348
============== ============== ================= ============ =========== ============ =============
(b) Adjusted EBITDA
Covid 30 June 30 June
LSRT Testing 2023 LSRT Covid Testing 2022
---------------------- -------------- ----------------- ------------- ----------- --------------- ------------
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------------- -------------- ----------------- ------------- ----------- --------------- ------------
(Loss) / Profit after
tax for the period (70,099) - (70,099) (67,974) 37,799 (30,175)
====================== ============== ================= ============= =========== =============== ============
Tax expense 3,540 - 3,540 2,549 - 2,549
====================== ============== ================= ============= =========== =============== ============
Finance income (7,239) - (7,239) (900) - (900)
====================== ============== ================= ============= =========== =============== ============
Finance expense - - - 73 - 73
====================== ============== ================= ============= =========== =============== ============
Interest on lease 1,069 - 1,069 587 25 612
====================== ============== ================= ============= =========== =============== ============
Depreciation and
amortisation 19,869 - 19,869 16,055 72 16,127
======================
Share-based payments
(Founder LTIP) 14,908 - 14,908 35,399 - 35,399
====================== ============== ================= ============= =========== =============== ============
Employer's social
security taxes on
Founder LTIP and
pre-IPO share awards (1,277) - (1,277) (20,399) - (20,399)
====================== ============== ================= ============= =========== =============== ============
Settlement of Covid
testing contract - - - - (37,896) (37,896)
====================== ============== ================= ============= =========== =============== ============
Impairments (144) - (144) 1 - 1
====================== ============== ================= ============= =========== =============== ============
Adjusted EBITDA (39,373) - (39,373) (34,609) - (34,609)
====================== ============== ================= ============= =========== =============== ============
Adjusted EBITDA is defined as loss for the year before income
tax expense, finance income, loan interest, interest on lease,
depreciation and amortisation, adjusted for: i) share-based payment
expense on Founder LTIP awards; ii) employer's social security
taxes on Founder LTIP and pre-IPO share awards; iii) impairment of
investment in associate; and iv) settlement of the Covid testing
contract.
Adjusted EBITDA is used as a key profit measure because it shows
the results of normal, core operations exclusive of income or
charges that are not considered to represent the underlying
operational performance, excluding exceptional items. Adjusted
EBITDA is an additional profit measure and does not replace the
statutory profit measure.
Segment information (continued)
(c) Supplementary information
Covid 30 June Covid 31 December
LSRT Testing 2023 LSRT Testing 2022
--------------------------- --------------------------- ----------------- ---------------- ------------ -------------- -------------
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------------- --------------------------- ----------------- ---------------- ------------ -------------- -------------
Segment assets
=========================== =========================== ================= ================ ============ ============== =============
Investment in associates 742 - 742 826 - 826
=========================== =========================== ================= ================ ============ ============== =============
Acquired intangible
assets 322 - 322 346 - 346
=========================== =========================== ================= ================ ============ ============== =============
Other segment assets* 256,489 - 256,489 243,496 - 243,496
=========================== ============ ============== =============
Total segment assets 257,553 - 257,553 244,668 - 244,668
=========================== =========================== ================= ================ ============ ============== =============
Deferred tax assets 5,467 7,681
=========================== =========================== ================= ================ ============ ============== =============
R&D tax credit recoverable 8,484 9,148
=========================== =========================== ================= ================ ============ ============== =============
Current tax recoverable 548 -
=========================== =========================== =================
Derivative financial
assets 1,195 2,060
=========================== =========================== =================
Other financial
assets 150,764 203,555
=========================== =========================== =================
Cash and cash equivalents 334,812 356,778
--------------------------- --------------------------- -----------------
Total Assets 758,823 823,890
=========================== =========================== ================= ================ ============ ============== =============
Segment liabilities
=========================== =========================== ================= ================ ============ ============== =============
Total segment liabilities (117,613) - (117,613) (127,733) - (127,733)
Derivative financial
liabilities - (962)
Current tax liabilities - (1,639)
Total Liabilities (117,613) (130,334)
=========================== =========================== ================= ================ ============ ============== =============
Net assets 641,210 693,556
=========================== =========================== ================= ================ ============ ============== =============
* Other segment assets include inventory, trade and other
receivables and non--current assets except for investments,
acquired intangible assets, other financial assets and deferred tax
assets.
5. Alternative performance measures
The Group's performance is assessed using a number of financial
measures which are not defined under IFRS and therefore comprise
alternative (non-GAAP) performance measures. These are as
follows:
Metric Definition Rationale
Underlying LSRT LSRT revenue growth excluding Helps evaluate growth
revenue growth Emirati Genome Program trends, establish budgets
(EGP) and COVID sequencing and assess operational
revenue. performance.
Underlying LSRT LSRT revenue growth excluding Helps evaluate growth
revenue growth EGP and COVID sequencing trends, establish budgets
on a constant currency revenue, on a constant and assess operational
basis currency basis. performance.
Adjusted research Research and development Adjusted research and
and development expenses after adjusting development expenses
expenses for employer's social is a measure that shows
security taxes on pre-IPO the underlying R&D
share awards. expenditure.
Adjusted selling, Selling, general and Adjusted selling, general
general and administrative administrative expenses and administrative expenses
expenses after adjusting for is a measure that shows
share-based the underlying selling,
payments expense (Founder general and administrative
LTIP), employer's social expenses.
security taxes on Founder
LTIP and pre-IPO share
awards and IPO costs
expensed.
EBITDA Loss for the period before EBITDA is used as a profit
income tax expense, finance measure because it shows
income, loan interest, the shows the results
interest on lease, of normal, core operations
depreciation exclusive of income or
and amortisation. charges that are not
considered to represent
the underlying operational
performance.
Adjusted EBITDA EBITDA adjusted for. Adjusted EBITDA is used
i) share-based payment as a key profit measure
expense on Founder LTIP because it shows the
awards; ii) employer's results of normal, core
social security taxes operations exclusive
on Founder LTIP and pre-IPO of income or charges
share awards; iii) impairment that are not considered
of investment in associate; to represent the underlying
iv) settlement of the operational performance,
Covid testing contract. excluding exceptional
items.
Cash and cash Total cash and cash Cash and cash equivalents
equivalents and equivalents, and other liquid investments
other liquid investments which comprise cash in is a measure that shows
hand, deposits held at the underlying cash reserves.
call and other short-term
highly liquid investments
with a maturity of three
months or less at the
date of acquisition.
Other liquid investments
comprise investment bonds
in which a fixed sum
is invested in an asset-backed
fund, treasury deposits,
and investment bonds,
which comprise deposits
held with banks that
do not meet the IAS 7
definition of a cash
equivalent.
5. Alternative performance measures
(continued)
Metric Definition Rationale
Gross profit % Gross profit divided Helps evaluate growth
by revenue. trends, establish budgets
and assess operational
performance and efficiencies.
LSRT Gross profit Gross profit divided Helps evaluate growth
% by LSRT revenue. trends, establish budgets
and assess operational
performance and efficiencies.
The following table presents the adjusted underlying LSRT
revenue growth:
30 June 30 June
2023 2022
----------------------------------------------- --------------- --------------
GBP000 GBP000
=============================================== =============== ==============
LSRT Revenue 86,002 70,560
=============================================== =============== ==============
Adjusting Items:
=============================================== =============== ==============
EGP revenue (4,911) (5,808)
=============================================== =============== ==============
COVID sequencing revenue (5,454) (15,365)
=============================================== =============== ==============
Underlying LSRT revenue 75,637 49,387
=============================================== =============== ==============
Growth 53.1%
=============================================== =============== ==============
Impact of foreign exchange (3,371)
=============================================== =============== ==============
Underlying LSRT revenue on a constant currency
basis 72,266
=============================================== =============== ==============
Growth 46.3%
=============================================== =============== ==============
The following table presents the adjusted research and
development expenses:
30 June 30 June
2023 2022*
-------------------------------------------------- ---------------- ---------------
GBP000 GBP000
================================================== ================ ===============
Research and development expenses 48,230 28,604
================================================== ================ ===============
Adjusting Items:
================================================== ================ ===============
Amortisation of Capitalised development costs (8,675) (6,113)
================================================== ================ ===============
Employer's social security taxes on pre-IPO
share awards 558 9,373
================================================== ================ ===============
Adjusted research and development expenses 40,113 31,864
================================================== ================ ===============
Capitalised development costs 8,940 8,968
================================================== ================ ===============
Adjusted R&D expenses and capitalised development
costs 49,053 40,832
================================================== ================ ===============
*re-presented, see note 7
5. Alternative performance measures
(continued)
The following table presents the adjusted selling, general and
administrative expenses:
30 June 30 June
2023 2022
----------------------------------------------- ---------------- --------------
GBP000 GBP000
=============================================== ================ ==============
Selling, general and administrative expenses 76,101 72,314
=============================================== ================ ==============
Adjusting Items:
=============================================== ================ ==============
Share-based payment expense on Founder Long
Term Incentive Plan (LTIP) (14,908) (35,399)
=============================================== ================ ==============
Employer's social security taxes on Founder
LTIP and pre-IPO share awards 719 11,026
=============================================== ================ ==============
Expenses associated with the settlement of the
Covid testing contract with DHSC - (1,405)
=============================================== ================ ==============
Adjusted selling, general and administrative
expenses 61,912 46,536
=============================================== ================ ==============
The following table presents the Group's EBITDA and Adjusted
EBITDA, together with a reconciliation
to loss for the period:
30 June 30 June
2023 2022
--------------------------------------------- ------------------ ------------------
GBP000 GBP000
============================================= ================== ==================
Loss for the period (70,099) (30,175)
============================================= ================== ==================
Tax expense 3,540 2,549
============================================= ================== ==================
Finance income (7,239) (900)
============================================= ================== ==================
Finance expense - 73
============================================= ================== ==================
Interest on lease 1,069 612
============================================= ================== ==================
Depreciation and amortisation 19,869 16,127
============================================= ================== ==================
EBITDA (52,860) (11,714)
--------------------------------------------- ------------------ ------------------
Share based payments (Founder LTIP) 14,908 35,399
============================================= ================== ==================
Employer's social security credit on Founder
LTIP and pre-IPO share-based awards (1,277) (20,399)
============================================= ================== ==================
Settlement of Covid testing contract - (37,896)
============================================= ================== ==================
Impairment of investment in associate (144) -
============================================= ================== ==================
Adjusted EBITDA (39,373) (34,610)
--------------------------------------------- ------------------ ------------------
The following table presents cash, cash equivalents and other
liquid investments:
30 June 31 December
2023 2022
---------------------------------------------------- ------------------ -------------
GBP000 GBP000
==================================================== ================== =============
Cash and cash equivalents 334,812 356,778
==================================================== ================== =============
Treasury deposits - 101,274
==================================================== ================== =============
Investment bonds 149,756 99,962
==================================================== ================== =============
Cash, cash equivalents and other liquid investments 484,568 558,014
==================================================== ================== =============
6. Loss per share
30 June 30 June
2023 2022
==================================================== ================== ==================
Pence Pence
==================================================== ================== ==================
(a) Basic and diluted loss per share
==================================================== ================== ==================
Total basic and diluted loss per share attributable
to the ordinary equity holders of the Group
from continuing operations 8 4
==================================================== ================== ==================
2023 2022
==================================================== ================== ==================
GBP000 GBP000
==================================================== ================== ==================
(b) Reconciliation of earnings used in calculating
earnings per share
==================================================== ================== ==================
Loss attributable to the ordinary equity holders
of the Group used in calculating basic and diluted
loss per share from continuing operations (70,099) (30,175)
==================================================== ================== ==================
2023 2022
==================================================== ================== ==================
Number Number
==================================================== ================== ==================
(c) Weighted average number of shares used as
the denominator
==================================================== ================== ==================
Weighted average number of ordinary shares and
potential ordinary shares used as the denominator
in calculating basic and diluted earnings per
share 826,750,269 822,691,472
==================================================== ================== ==================
Options
Options granted to employees under the Oxford Nanopore
Technologies Share Option Scheme and the Oxford Nanopore
Technologies Limited Share Option Plan 2018 are considered to be
potential ordinary shares. These options have not been included in
the determination of the basic and diluted loss per share as shown
above, because they are anti-dilutive for the period ended 30 June
2023 and 30 June 2022. These options could potentially dilute basic
earnings per share in the future. Details relating to the share
options are set out in note 15 .
There have been no events that have caused any retrospective
adjustments to the weighted average number of shares used as the
denominator between the date of the Statement of Financial Position
and the date of issuance of the Condensed Consolidated Financial
Statements.
7. Re-presentation of development related costs
As amortisation related to internally generated assets has
increased over time, management now consider that it is more
appropriate presentation to present amortisation and the R&D
tax credit within research and development expenses, rather than as
previously presented within selling, general and administration
expenses. The comparative income statement has been re-presented to
be consistent with the current period presentation.
The net effect on the statement of comprehensive income is nil
as shown below:
7. Re-presentation of development related costs (continued)
30 June 30 June
2023 2022
GBP000 GBP000
Research and development expenses
Before re-presentation 43,958 25,216
Re-presentation of amortisation & R&D tax credit 4,272 3,388
After re-presentation 48,230 28,604
Selling, general and administrative expenses
Before re-presentation 80,373 75,702
Re-presentation of amortisation & R&D tax credit (4,272) (3,388)
After re-presentation 76,101 72,314
Total operating expenses
Before re-presentation 124,331 100,918
After re-presentation 124,331 100,918
8. Tax on loss on ordinary activities
8.1 Income tax recognised in profit or loss
30 June 30 June
2023 2022
GBP000 GBP000
Current tax
Notional tax on R&D expenditure credit (RDEC) 1,004 522
Tax payable on foreign subsidiary 1,058 1,995
Total current tax 2,062 2,517
Deferred tax
Prior year adjustment in respect of deferred
tax 983 -
Origination and reversal of temporary differences 495 32
Total deferred tax 1,478 32
3,540 2,549
Current tax balances have been calculated at the rates enacted
for the period. The effective rate of corporation tax is -5.32%
(30 June 2022: -9.23%) of the loss before tax for the Group.
8. Tax on loss on ordinary activities (continued)
8.2 Current tax recoverable / (liability)
Recognised current tax asset / (liability) balances are made
up as follows:
30 June 31 December
2023 2022
GBP000 GBP000
Corporation tax recoverable 548 -
Corporation tax payable - (1,639)
8.3 Recognised deferred tax assets and liabilities
Recognised deferred tax balances are made up as follows:
30 June 31 December
2023 2022
GBP000 GBP000
Deferred tax assets
Provisions 1,266 2,487
Losses 6,241 5,912
Share awards 5,945 6,360
Share awards (Equity) 162 543
Total recognised deferred tax assets 13,614 15,302
30 June 31 December
2023 2022
GBP000 GBP000
Deferred tax liabilities
Accelerated Capital Allowances (1,906) (1,741)
Intangibles (6,241) (5,880)
Total recognised deferred tax liabilities (8,147) (7,621)
Net recognised deferred tax asset 5,467 7,681
Deferred tax balances have been recognised at the rate expected
to apply when the deferred tax attribute is forecast to be utilised
based on substantively enacted rates at the balance sheet date. The
rate of UK corporation tax increased to 25% from 1 April 2023.
Taxation for other jurisdictions is calculated at the rates
prevailing in the respective territories. GBP5.3m (31 December
2022: GBP7.4m) of the recognised net Deferred Tax Asset relates to
Oxford Nanopore Technologies, Inc., the US subsidiary, which is
profitable.
8. Tax on loss on ordinary activities (continued)
In respect of share based payments, to the extent that the tax
deduction (or future estimated tax deduction) exceeds the amount of
the related cumulative IFRS2 expense, the excess of the associated
current or deferred tax has been recognised in equity and not in
the Consolidated Statement of Comprehensive Income. For the period
ended 30 June 2023, this resulted in a current tax credit of
GBP0.25 million and a deferred tax charge of GBP0.36 million being
recorded directly in Equity. For current tax this increases the
charge to the Consolidated Statement of Comprehensive Income by
GBP0.25 million (31 December 2022: GBP0.14 million) and for
deferred tax this reduces the credit to the Consolidated Statement
of Comprehensive Income by GBP0.36 million (31 December 2022:
GBP0.52 million).
A net deferred tax asset of GBP5.3 million (31 December 2022:
GBP7.7 million) has been recognised in relation to future share
option exercises and other timing differences in Oxford Nanopore
Technologies, Inc and other overseas subsidiaries, because it is
probable that the asset will be utilised in the foreseeable future.
A Deferred Tax Asset has been recognised in relation to Oxfordshire
Nanopore Technologies Plc of GBP6.2m (31 December 2022: GBP5.9m),
being the amount equal to the deferred tax liability in the same
entity.
9. Property, plant and equipment
Assets
subject
Leasehold Plant and Assets under to operating
Improvements machinery construction leases Equipment Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Cost or
valuation
At 31
December
2022 10,493 22,597 2,832 39,845 16,265 92,032
Additions 58 184 2,646 10,822 2,613 16,323
Disposals - (43) - (3,726) (4) (3,773)
Transfers
between
classes 285 2,391 (2,704) (321) 349 -
Foreign
exchange
movements (25) (28) (2) (758) (91) (904)
At 30 June
2023 10,811 25,101 2,772 45,862 19,132 103,678
Accumulated
depreciation
At 31
December
2022 4,608 14,314 - 23,504 12,312 54,738
Charge for
the
period 784 1,740 - 4,817 1,379 8,720
Disposals - (43) - (2,478) (4) (2,525)
Transfers
between
classes - - - (15) 15 -
Foreign
exchange
movements (8) (22) - (418) (62) (510)
At 30 June
2023 5,384 15,989 - 25,410 13,640 60,423
Net book
value
At 31
December
2022 5,885 8,283 2,832 16,341 3,953 37,294
At 30 June
2023 5,427 9,112 2,772 20,452 5,492 43,255
The Group leases some of its devices to customers. Lease
payments in relation to these devices are received either in
advance or within the year. Therefore, no maturity analysis of
lease payments has been included.
10. Intangible assets
During the period, the Group capitalised GBP8.9 million (12
months ended 31 December 2022: GBP 19.2 million) of development
costs.
11. Investment in associate
The following entity has been included in the condensed consolidated
financial statements using the equity method:
Proportion of ownership
Country of interest held as at
Name of associate Principal activities incorporation (%)
30 June 31 December
2023 2022
1) Veiovia Limited Technology Development UK 26.1 26.1
The carrying value is calculated as follows:
31 December
30 June 2023 2022
GBP000 GBP000
Investment cost 4,548 4,548
Share of loss (530) (302)
Impairment (3,276) (3,420)
Carrying value of the interest in the associate 742 826
The above associate is accounted for using the equity method in
these condensed consolidated financial statements as set out in
the Group's accounting policies.
i) Pursuant to a shareholder agreement, the Company has the right
to cast 24.9% of the votes of Veiovia Limited (30 June 2022: 23.3%).
ii) The Group holds more than 20% of the equity shares of Veiovia
Limited, and exercises significant influence by virtue of its
contractual right to appoint one director to the board of directors
of that entity.
iii) For the purposes of applying the equity method of accounting,
the management accounts of Veiovia Limited for the period ended
31 March 2023 have been used. The Company's share of the net asset
value of the investment is significantly below the investment
amount. Management has recorded an impairment loss of the investment
to the recoverable amount.
iv) Veiovia Limited's registered office is The University of York,
Biology B/A/039, Wentworth Way, York, UK, YO10 5DD.
v) In 2022, the Company accrued for an investment contribution
of GBP3.0 million which was paid in January 2023. This investment
cost was impaired in 2022 to reflect the Company's share of net
asset value.
12. Inventories
30 June 31 December
2023 2022
----------------- ------------- --------------
GBP000 GBP000
================= ============= ==============
Raw materials 51,710 41,852
================= ============= ==============
Work in progress 38,517 34,960
================= ============= ==============
Finished goods 12,712 10,886
================= ============= ==============
102,939 87,698
================= ============= ==============
The carrying amount of inventories were not materially different
from their replacement cost.
13. Other financial assets
30 June 31 December
2023 2022
----------------------- ------------------ ---------------
GBP000 GBP000
======================= ================== ===============
Treasury deposits - 101,274
======================= ================== ===============
Investment bonds 149,455 100,898
======================= ================== ===============
Other financial assets 1,309 1,383
======================= ================== ===============
150,764 203,555
======================= ================== ===============
Current 40,862 119,411
======================= ================== ===============
Non-current 109,902 84,144
======================= ================== ===============
150,764 203,555
======================= ================== ===============
During the period, the Group increased its portfolio of
investment bonds by GBP50 million, GBP25 million was invested on
both 27 January 2023 and 28 February 2023. During the period, the
Group liquidated all treasury deposits held.
14. Provisions
Dilapidation Employer Total
provisions taxes Other provisions
---------------------------- ---------------- ---------------- ------------------- ---------------
GBP000 GBP000 GBP000 GBP000
============================ ================ ================ =================== ===============
Balance at 31 December 2022 2,346 10,772 160 13,278
============================ ================ ================ =================== ===============
Provision for the period 25 (1,074) (89) (1,138)
============================ ================ ================ =================== ===============
Payments - (387) (69) (456)
============================ ================ ================ =================== ===============
Foreign exchange movements (14) (21) (2) (37)
============================ ================ ================ =================== ===============
Balance at 30 June 2023 2,357 9,290 - 11,647
============================ ================ ================ =================== ===============
Current - 2,926 - 2,926
============================ ================ ================ =================== ===============
Non-current 2,357 6,364 - 8,721
============================ ================ ================ =================== ===============
At 30 June 2023 2,357 9,290 - 11,647
============================ ================ ================ =================== ===============
Current - 4,473 160 4,633
============================ ================ ================ =================== ===============
Non-current 2,346 6,299 - 8,645
============================ ================ ================ =================== ===============
At 31 December 2022 2,346 10,772 160 13,278
============================ ================ ================ =================== ===============
The dilapidation provision relates to the leased properties,
representing an obligation to restore the premises to their
original condition at the time the Group vacates the related
properties.
The provision is non-current and expected to be utilised between
two and 21 years.
Employer's social security taxes relate to the expected
employer's taxes on share-based payments. This is expected to be
utilised between one and ten years. The provision is based on the
best estimate of the liability, which is reviewed and updated at
each reporting period. The provision is accrued over the vesting
period to build up to the required liability at the point it is
ultimately due.
15. Share capital and Share premium
Number of Aggregate
Nominal value shares issued nominal value
-------------------------------------- -------------------------- ----------------------- ----------------------
As at 30 June 2023, the Company's
share capital comprised:
-------------------------------------- -------------------------- ----------------------- ----------------------
Share class
Ordinary Shares (fully paid) GBP0.0001 828,788,707 82,879
====================================== ========================== ======================= ======================
Issued Class A Limited Anti--takeover
share of GBP1 GBP1 1 1
====================================== ========================== ======================= ======================
Issued Class B Limited Anti--takeover
share of GBP1 GBP1 1 1
====================================== ========================== ======================= ======================
Issued Class C Limited Anti--takeover
share of GBP1 GBP1 1 1
====================================== ========================== ======================= ======================
82,882
================================================================= ======================= ======================
Number of Aggregate
Nominal value shares issued nominal value
As at 31 December 2022, the Company's
share capital comprised:
====================================== ========================= ======================= =======================
Share class
====================================== ========================= ======================= =======================
Ordinary Shares (fully paid) GBP0.0001 825,570,509 82,557
====================================== ========================= ======================= =======================
Issued Class A Limited Anti--takeover
share of GBP1 GBP1 1 1
====================================== ========================= ======================= =======================
Issued Class B Limited Anti--takeover
share of GBP1 GBP1 1 1
====================================== ========================= ======================= =======================
Issued Class C Limited Anti--takeover
share of GBP1 GBP1 1 1
====================================== ========================= ======================= =======================
82,560
================================================================ ======================= =======================
Share option exercises
In the course of 2023, 3,218,198 ordinary shares were issued as
a result of share options exercised, and SIP matching shares issued
to employees of the Group. This resulted in an increase in the
share premium reserve of GBP1.3 million.
16. Share--based payments
30 June 30 June
2023 2022
------------------------------------------------- -------------- --------------
GBP000 GBP000
================================================= ============== ==============
Expense arising from share--based payment
transactions:
================================================= ============== ==============
Included in research & development expenses 2,734 3,262
================================================= ============== ==============
Included in selling, general & administrative
expenses 19,073 39,918
================================================= ============== ==============
21,807 43,180
================================================= ============== ==============
Equity settled share--based payment transactions 21,807 44,344
================================================= ============== ==============
Cash settled share--based payment transactions - (1,164)
================================================= ============== ==============
21,807 43,180
================================================= ============== ==============
17. Notes to the cash flow statements
30 June 30 June
2023 2022
-------------------------- ------------- -------------
GBP000 GBP000
========================== ============= =============
Cash and cash equivalents 334,812 471,648
-------------------------- ------------- -------------
Cash and cash equivalents comprise cash and short--term bank
deposits with an original maturity of three months or less. The
carrying amount of these assets is approximately equal to their
fair value. Cash and cash equivalents at the end of the reporting
period as shown in the consolidated statement of cash flows can be
reconciled to the related items in the consolidated reporting
position as shown above.
30 June 30 June
2023 2022
-------------------------------------------------- ----------------- ----------------
GBP000 GBP000
-------------------------------------------------- ----------------- ----------------
Loss before tax (66,559) (27,626)
================================================== ================= ================
Adjustments for:
================================================== ================= ================
Depreciation on property, plant and equipment 8,720 7,930
================================================== ================= ================
Depreciation on right--of--use assets 2,449 2,060
================================================== ================= ================
Amortisation on intangible assets 8,700 6,137
================================================== ================= ================
Research and development expense tax credit (4,428) (2,749)
================================================== ================= ================
Loss on disposal of property, plant and equipment 1,248 581
================================================== ================= ================
Foreign exchange movements (2,390) (2,008)
================================================== ================= ================
Interest on leases 1,069 601
================================================== ================= ================
Interest income (7,239) (900)
================================================== ================= ================
Bank interest expense - 73
================================================== ================= ================
Non--cash movements on derivatives (97) 3,513
================================================== ================= ================
Impairment of investment (144) (27)
================================================== ================= ================
Impairment of operating assets - 1,201
================================================== ================= ================
Share of losses in associate 228 50
================================================== ================= ================
Employee share benefit costs including employer's
social security taxes 20,715 24,834
================================================== ================= ================
Operating cash flows before movements in working
capital (37,728) 13,670
================================================== ================= ================
Decrease in receivables 3,015 1,762
================================================== ================= ================
Increase in inventory (17,685) (10,121)
================================================== ================= ================
Decrease in payables (946) (6,716)
================================================== ================= ================
Cash used in operations (53,344) (1,405)
================================================== ================= ================
Income taxes - R&D tax credit received 4,088 10,864
================================================== ================= ================
Foreign tax paid (2,943) (6,147)
================================================== ================= ================
Net cash (outflow) / inflow from operating
activities (52,199) 3,312
================================================== ================= ================
18. Related party transactions
Balances and transactions between the Company and its
subsidiaries, which are related parties of the Company, have been
eliminated on consolidation and are not disclosed in this note.
Details of transactions between the Group and other related parties
are disclosed below.
In January 2023, the Company invested a further GBP3.0 million
in its associate, Veiovia Limited, which is related to the Company
by the shared directorship of J P Willcocks. A total of GBP4.5
million has now been invested in Veiovia Limited. During the
period, an impairment reversal of GBP0.1 million has been
recognised through the statement of comprehensive income.
During the reporting period, the Company paid Academic Research
costs of GBP0.3 million (30 June 2022: GBP0.2 million) to the
University of Oxford which is related to the Company by the shared
directorship of W Becker.
19. Events after the reporting period
The Group performed a review of events subsequent to the balance
sheet date through to the date the Financial Statements were issued
and determined that there were no such events requiring recognition
or disclosure in the financial statements.
INDEPENT REVIEW REPORT TO OXFORD NANOPORE TECHNOLOGIES PLC
Conclusion
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2023 which comprises the condensed
consolidated income statement, the statement of financial position,
the statement of changes in equity, the condensed consolidated
statement of cash flows and related notes 1 to 19.
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2023 is not prepared, in all material respects, in accordance
with United Kingdom adopted International Accounting Standard 34
and the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International
Standard on Review Engagements (UK) 2410 "Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity" issued by the Financial Reporting Council for use in the
United Kingdom (ISRE (UK) 2410). A review of interim financial
information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with
International Standards on Auditing (UK) and consequently does not
enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
As disclosed in note 2.1, the annual financial statements of the
group are prepared in accordance with United Kingdom adopted
international accounting standards. The condensed set of financial
statements included in this half-yearly financial report has been
prepared in accordance with United Kingdom adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusion Relating to Going Concern
Based on our review procedures, which are less extensive than
those performed in an audit as described in the Basis for
Conclusion section of this report, nothing has come to our
attention to suggest that the directors have inappropriately
adopted the going concern basis of accounting or that the directors
have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This Conclusion is based on the review procedures performed in
accordance with ISRE (UK) 2410; however future events or conditions
may cause the entity to cease to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct
Authority.
In preparing the half-yearly financial report, the directors are
responsible for assessing the group's ability to continue as a
going concern, disclosing as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial
information
In reviewing the half-yearly financial report, we are
responsible for expressing to the company a conclusion on the
condensed set of financial statements in the half-yearly financial
report. Our Conclusion, including our Conclusion Relating to Going
Concern, are based on procedures that are less extensive than audit
procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the company in accordance with
ISRE (UK) 2410. Our work has been undertaken so that we might state
to the company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company, for our review work, for this
report, or for the conclusions we have formed.
Deloitte LLP
Statutory Auditor
London, UK
6 September 2023
[1] Cash and cash equivalents of GBP334.8 million and Investment
bonds of GBP149.8 million.
[2] Cash, cash equivalents and other liquid investments includes
cash and cash equivalents, treasury deposits and investment
bonds.
[3] Project TurBOT is developing a fully automated,
sample-to-sequence solution featuring an integrated MinION
sequencer.
([4]) Apple, iPad, and iPad Pro are registered trademark of
Apple Inc.
[5] Developer access: Trial release of new innovations to a
small group of developers to confirm functionality and explore
early use cases. Available by request only.
[6] Cash, cash equivalents and other liquid investments includes
cash and cash equivalents, treasury deposits and investment
bonds.
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END
IR EADNSEAXDEAA
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