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ONT Oxford Nanopore Technologies Plc

95.85
-1.50 (-1.54%)
Last Updated: 13:37:06
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Oxford Nanopore Technologies Plc ONT London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-1.50 -1.54% 95.85 13:37:06
Open Price Low Price High Price Close Price Previous Close
97.40 94.80 97.40 97.35
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Industry Sector
PHARMACEUTICALS & BIOTECHNOLOGY

Oxford Nanopore Technolo... ONT Dividends History

No dividends issued between 18 Jun 2014 and 18 Jun 2024

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Posted at 03/6/2024 18:05 by bamboo2
ONT at ESHG today, this is the agenda for discussion,



Such is the interest in ONT kit, it's standing room only again. This was the situation at LC2024 too. Let's hope the newly expanded sales team can make something out of this interest, and next months outlook is back to expectations.
Posted at 23/5/2024 08:38 by bamboo2
London Calling Technology Update

Announcements highlighted breakthrough technology performance and updates to Oxford Nanopore's IVD pipeline at annual customer conference

23 May 2024

Oxford Nanopore Technologies plc (LSE: ONT) ("Oxford Nanopore" or the "Company"), the company delivering a new generation of nanopore-based molecular sensing technology, presented breakthrough performance data and new platform updates at the Company's annual London Calling customer conference, held between 21 and 24 May 2024. During the sold-out event, with more than 5,500 registered on-line and in-person participants, the Company also provided updates to its clinical product pipeline, unveiling a new roadmap for its first IVD product ahead of its first clinical and biopharma day on Friday.

Technology updates included:

· Delivering increasingly rich, high performance multiomic data: The update focused on improved performance on accuracy, delivering complete genomes with nanopore-only Telomere-to-Telomere (T2T) sequencing, and full-length chromosomes in a single read, illustrated by successful T2T reads of four yeast chromosomes as proof of concept.

· Improving direct RNA sequencing to support breakthrough science and biopharma workflows: higher accuracy and output for direct RNA sequencing alongside the example of integrated, real-time quality control (QC) test for mRNA vaccines.

· Pipeline updates, enabling ultra-high output and accessible, distributed sequencing for anyone, anywhere: with the MinION Mk1D entering early access, continued progression with TraxION, enabling portable library prep in the field, the Voltage chip for ultra-rapid whole genome sequencing (WGS) and the new prototype of Oxford Nanopore's smallest sequencer to date - the SmidgION - which was on display at the event.



A written summary and a video replay of the technology talk can be accessed on the Oxford Nanopore website here.



This morning, the Company will present a product review including an update on progress to its regulated product pipeline. In addition to locked-down Q line devices, the GridION is expected to meet ISO 13485 standards in 2025 and the Company will seek CE-IVD certification in the EU after that. The device will be available for specified partners only. The GridION Q-Line product range is on track to launch shortly in Q3-2024, as previously announced.



Alongside the technology updates the Company will also provide more details at its first clinical and biopharma day on Friday.
Posted at 15/4/2024 15:45 by yasx
74tom13 Apr '24 - 13:10 - 1262 of 1272

Interestingly, if you were to use the 425p IPO price as the high instead, then the 78.6% "bottom rung" fib would be at 91p too.

I suspect ONT would have plenty of suitors, both UK based & internationally, at well above the current price.

----------------------

Not only do you suspect it, but you hope that is the case since I recall you have been plugging this all the way down from 300p.

I have never met anyone with as robust and consistent track record of failure as that of 74Tom - whatever stock he calls a buy disintegrates into dust. ONT is one of his better picks since it remains listed. Most of his picks just go to the wall resulting in a total wipeout.

I was taking a look here today with a view to taking a long position and his presence on this thread is sufficient to induce a considerable degree of caution before I have even delved into the minutiae of ONT.

If 74Tom is long of any company, well, caveat emptor. He is undoubtedly the perfect contrarian indicator.
Posted at 11/4/2024 13:26 by bamboo2
2 April 2024

An evolution of Nanopore next-generation sequencing technology: implications for medical microbiology and public health

Next-generation sequencing has evolved as a powerful tool, with applications that extend from diagnosis to public health surveillance and outbreak investigations. Short-read sequencing, using primarily Illumina chemistry, has been the prevailing approach. Single-molecule sensing and long-read sequencing using Oxford Nanopore Technologies (ONT) has witnessed a breakthrough in the evolution of the technology, performance, and applications in the past few years. In this issue of the Journal of Clinical Microbiology, Bogaerts et al. (hxxps://doi.org/10.1128/jcm.01576-23) describe the utility of the latest ONT sequencing technology, the R10.4.1, in bacterial outbreak investigations. The authors demonstrate that ONT R10.4.1 technology can be comparable to Illumina sequencing for single-nucleotide polymorphism-based phylogeny. The authors emphasize that the reproducibility between ONT and Illumina technologies could facilitate collaborations among laboratories utilizing different sequencing platforms for outbreak investigations.
Posted at 23/3/2024 12:01 by bamboo2
Price action is far from ideal.

This is a weak sector at present. Hopefully it should change at some point, as massive expansion of sequencing around the world is forecast. The UK market is discounting many growth and tech stocks, and analysts have taken against ONT management and their attempts to be realistic in the face of unexpected problems, such as the ban on export of devices containing NVDA chips to China.

On the positive side, ONT has almost completed the planned increases of staff in technical, manufacturing and sales functions. Naturally, this should increase turnover. Accuracy continues to improve and customer sentiment is at all time highs. The new ASIC should get an airing in May 2024.

Management have so far made no attempt to extend the life of LAT shares that expire in June 2024, which means takeover potential could lift the valuation. There are a large number of organisations around the world that could currently buy the whole company for pocket money.

I find ONT one of the most exciting companies in the UK, and despite a losing position at present will continue to hold for the long term.
Posted at 09/1/2024 07:03 by bamboo2
Pretty much on target.

=====================

Oxford Nanopore Technologies plc

FY23 trading update



09 January 2024



Oxford Nanopore Technologies plc (LSE: ONT) ("Oxford Nanopore" or the "Group"), the company delivering a new generation of nanopore-based molecular sensing technology, today provides a trading update ahead of reporting its full-year 2023 results on 6 March.

FY23 financial performance

The Group expects to report LSRT revenue for the 12 months ended 31 December 2023 of approximately £169 million (FY22: £146.8 million), representing year-on-year growth of approximately 15% on a reported basis and 15% on a constant currency basis. Underlying LSRT revenue growth, excluding revenue from Emirati Genome Program ("EGP") and COVID-19 sequencing, is expected to be approximately 39% on a constant currency basis. Strong performance across the broader customer base in FY23 was driven by consumables[1] sales, which accounted for approximately 75% of revenue.

Underlying revenue growth in the second half is expected to be approximately 32%, impacted by slower than expected ramp up of certain new S3 customers. Expected revenue from these customers in FY23 will now fall into FY24. In addition, there was some slow-down in growth in China and in the Middle East following issuance of the recent US semiconductor trade rule further regulating sales of advanced AI semiconductors. Product development plans within 2024 include updates that are expected to mitigate this headwind.

In addition to financial reporting, there was other evidence of market traction and disruption. For example, the Group leased or sold more than 700 PromethION 2 Solos (P2 Solo) in FY23; Oxford Nanopore's most recently launched product represents a new market area of affordable, accessible and high output sequencing. Material associated revenue is anticipated to pull through with consumables sales in FY24 and future periods.



Emirati Genome Program update

The Group has signed an agreement to replace and supersede the existing purchase agreement it has with G42 Laboratories LLC ("G42") in support of the EGP. The new agreement will provide greater flexibility to achieve the programme objectives and reflects the parties' desire to refocus on clinical uses of the platform, that can utilise the platform's unique benefits of richer and faster data. G42 and Oxford Nanopore have agreed to collaborate to leverage the richer data and speed of Oxford Nanopore's technology in areas of unmet clinical need such as developmental disorders, rare human genetic diseases and neonatal intensive care.

The EGP contract, originally announced on 9 November 2021 with a total value of approximately $68 million over a three-year period, has generated revenues of approximately $43.5 million to date, including amounts payable in relation to the amended contract. The new agreement will remove the outstanding purchase commitment from the original agreement and extends the expiration date until 31 December 2026. EGP revenue in 2024 and beyond is not anticipated to be a material portion of revenue and as such, the Group will cease reporting EGP revenue separately following FY23 results.

Revenue related to the EGP in 2023 (under the original and revised agreement) was approximately £12 million, in-line with guidance.

Excluding EGP, the Group's gross margin in FY23 would have been expected to be more than 57%, in-line with guidance. However, as a result of the agreement with G42, the Group's FY23 gross margin is expected to be in the range 53 to 55%. Gross margin in future periods is not expected to be affected by this amendment.

Medium-term Outlook

All medium-term (FY26) targets are unchanged:



The Group continues to expect underlying revenue growth of more than 30% per annum on a constant currency basis, consistent with the Group's recent performance.



The Group's medium-term gross margin target of greater than 65% for FY26 is also unchanged. Margin expansion is expected to be driven primarily by operational improvements already underway and/or planned including improved manufacturing processes, recycling of electrical components and automation.



The Group continues to target adjusted EBITDA breakeven by the end of 2026. This will be achieved through revenue growth and margin expansion, detailed above, and disciplined operating expenditure.





[ENDS]
Posted at 19/12/2023 14:25 by bamboo2
19 December 2023

Oxford Nanopore Technologies plc

Appoints Two Non-Executive Directors

Oxford Nanopore Technologies plc (LSE: ONT) ("Oxford Nanopore" or the "Group"), the company delivering a new generation of nanopore-based molecular sensing technology, is pleased to announce that Dr Sarah Fortune and Dr Heather Preston will be joining the Group as Non-Executive Directors with effect from 19 December 2023. Sarah Gordon Wild and Wendy Becker, both non-executive directors of the Company, announced their retirement from Board, with effect from today and at the conclusion of the AGM in 2024, respectively.

As a Professor of Immunology and Infectious Diseases at the Harvard T.H. Chan School of Public Health in Boston, Dr Sarah Fortune brings deep expertise in genomic diagnostics and multi-omics approaches to infectious disease, including at the intersection of human genetics. Her world-leading research has focused on understanding how Tuberculosis (TB) mutates to become drug resistant using a combination of single cell, genetic, and genomic approaches, including nanopore sequencing. In 2019, she led one of three labs awarded funding by the US National Institutes of Health to establish a new center for immunology research to accelerate progress in TB vaccine development - work that remains ongoing. Oxford Nanopore will draw on Sarah's rich experience as the company seeks to develop more sequencing-based applications in the clinical space, including its first sequencing-based test for drug-resistant TB.

Sarah holds a Doctor of Medicine from Columbia University and a Bachelor of Science in biology from Yale University.

Heather joins the board at a time when Oxford Nanopore's platform and its latest Q20+ chemistry have delivered profound developments in system performance, including accuracy and data yield, positioning it for ambitious growth. She brings more than 30 years of experience in healthcare, as a scientist, physician, McKinsey management consultant and long-time investor in biotech and the life sciences, most recently as a Managing Partner of Pivotal BioVentures based in San Francisco. She has been a director of more than 18 private and public technology-based healthcare companies, where she was involved in designing and implementing effective scaling strategies. Oxford Nanopore will draw on her expertise as it looks to deliver long-term growth and shareholder value. Heather currently sits on the Boards of Oxford Biomedica plc, Oxford Science Enterprises plc and Azura Opthalmics.

Heather holds a Doctor of Medicine from the University of Oxford and a Bachelor of Science degree in biochemistry from St Bartholomew's Hospital Medical School at the University of London.

Sarah Gordon Wild, a non-executive director of the Company and the non-executive responsible for workforce engagement, will retire from the Oxford Nanopore Board with effect from today, having served for nine years. Kate Priestman will succeed Sarah as the non-executive director responsible for workforce engagement. Wendy Becker, a non-executive director, has informed the Board that she will not stand for re-election at the next AGM but will remain a committed supporter of the Company.

Duncan Tatton-Brown, Chair of Oxford Nanopore, said : "We are extremely pleased to welcome Sarah and Heather on the board as Non-Executive Directors of Oxford Nanopore. These are two leaders in their respective fields: Sarah's understanding of the sector, the technology and Oxford Nanopore's aspirational markets position her as an ideal resource to support the company's move into the clinical space. Heather's incredible breadth of experience, in addition to her understanding of the investor mindset, will provide a valuable voice on the board as the company looks to scale whilst delivering shareholder value. I would also like to thank our outgoing non-executive directors, Sarah and Wendy, for their outstanding support and contribution during their tenure."

Sarah Fortune, incoming Non-Executive Director of Oxford Nanopore, said: " Oxford Nanopore's technology is best-in-class - beautiful, high-performing and unique in its distributed model. I'm excited to contribute by helping the company achieve its vision of distributed sequencing, both in resource-limited locations and across hospitals and other healthcare settings. This is a complex opportunity that will require engagement from multiple stakeholder groups, and I also look forward to supporting the company by applying my passion for bringing people together across disciplines to enable Oxford Nanopore's ambitious clinical vision."

Heather Preston, incoming Non-Executive Director of Oxford Nanopore, said: "This is an exciting time in Oxford Nanopore's growth journey. The company has done a phenomenal job in establishing the technology in the genomics research market and is now at the point of being able to scale in a significant way. I look forward to contributing to this next phase by offering a strategic sounding board to support the company's decision-making, prioritisation and identification of the most effective ways to grow and deliver value."

Gordon Sanghera, Chief Executive Officer of Oxford Nanopore, said : "Sarah and Heather bring substantial experience to support Oxford Nanopore's next phase of growth in complementary ways. Sarah's depth of knowledge in human genetics and infectious disease, in addition to her clinical background, will be critical to us as we create new opportunities for sequencing in clinical and applied markets. Heather's expertise both as a clinician and company builder will help us prioritise effectively for growth and continue to deliver value. I also want to thank outgoing non-executive directors Sarah and Wendy for their time, insight and guidance during their tenure on the board. We appreciate their significant contributions and wish them well on their next chapter."
Posted at 10/11/2023 08:56 by bamboo2
This paper goes a long way to explaining why the ongoing UK clinical trial of Illuminas GRAIL should be shown the door, because it is ineffective, slow, expensive and outdated compared with ONT's long read capability.

=======================


Real-time analysis of the cancer genome and fragmentome from plasma and urine cell-free DNA using nanopore sequencing.

The paper explained

Problem

Current sequencing methods based on short-read technologies to analyze cell-free DNA (cfDNA) as a liquid biopsy in cancer patients have limitations. These include a bias toward shorter cfDNA populations and long waiting times for data. The Oxford Nanopore Technologies (ONT) platform offers a portable and fast alternative, capable of sequencing any length of cfDNA fragment. However, its potential for analyzing cfDNA from cancer patients remains underexplored.

Results

Plasma and urine samples from lung and bladder cancer patients, as well as healthy controls, were sequenced with a MinION ONT and compared to a short-read sequencer. The ONT platform successfully retrieved cfDNA somatic copy number aberrations within 24 h of sampling, and with comparable sensitivity to short-read technologies.

The study also demonstrated that ONT sequencing could recover long cfDNA fragments in both plasma and urine samples, contrary to the canonical belief that cfDNA is predominantly short and fragmented. The presence of tumor-derived signal in these long fragments is confirmed in not only humans but also using a xenograft model. In addition to the size profile, other fragmentomic features could be retrieved from the cfDNA data.

Impact

In conclusion, the ONT sequencing provided a fast and accurate analysis of cfDNA from liquid biopsy samples. It allowed the detection of copy number aberrations, estimation of tumor fraction, and recovery of long cfDNA fragments. The ONT platform's deployability and short turnaround time make it a promising tool for liquid biopsy analysis.
Posted at 19/5/2023 07:05 by bamboo2
19 May 2023

Oxford Nanopore Technologies plc

London Calling Technology Update

Breakthrough technology performance generates richer information for research and clinical analyses, and pathway to enabling sequencing by anyone, anywhere

19 May 2023

Oxford Nanopore Technologies plc (LSE: ONT) ("Oxford Nanopore" or the "Company"), the company delivering a new generation of Nanopore-based molecular sensing technology, presented breakthrough performance data and new platform updates, including direct RNA sequencing to support the emergence of RNA-based therapies, at the Company's annual London Calling customer conference, held between 17 and 19 May 2023. Technology updates included:

Record-breaking performance and rapid sequencing, across the nanopore sequencing platform:

Following the early access rollout of "Q20+" chemistry in 2022, Oxford Nanopore sequencing technology has now broken records in performance, providing more biological information than traditional platforms, rapidly and at any scale. The platform now enables the characterisation of telomere-to-telomere genomes, the sequencing of single nucleotide variants (SNVs) as well as, or better, than traditional technologies, in addition to the characterisation of structural variation, complex copy number variants and real-time gold standard methylation. This year "Q20+" chemistry moved from early access to released stage.

-- Improved performance: While the latest "Q20+" sequencing performance using the Simplex method continues to consistently deliver high performance for most genomic applications, the technology update included record-breaking performance data for more challenging projects using Duplex. Duplex exceeds Q30/99.9% single molecule accuracy irrespective of read length and will become more widely available in a controlled commercial launch.

-- Richer data: The Company highlighted an expanded machine learning model to enable real-time, high-accuracy epigenetic insights in all contexts, including plants and bacteria, delivering on the promise to sequence any DNA modification in any genome.

Pipeline: enabling accessible, distributed sequencing for anyone, anywhere

Oxford Nanopore continues 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.

-- High-output, small format: The PromethION 2 Solo rollout continues, opening up new high-output sequencing possibilities with compact form factor. Developer access to the PromethION 2i, with integrated compute and screen, starts now and will continue through the year.

-- New MinION - with iPad [i] connectivity: The MinION sequencer has been revamped for the first time since 2015 and will continue to enable a broad scientific community to take control of their high-performance experiments, rapidly and in any environment. The new MinION MkID will also offer easy seamless connection to an iPad Pro, enabling it to use all the latest features including long battery life, accelerated processing, 5G mobile connectivity and more. Developer access starts later this year.

-- Smaller formats: In development and now showing "Q20+" sequencing, a new, small and low-power chip (application specific integrated circuit - ASIC) 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.

Direct RNA sequencing launch, available in Q3 2023

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 is the first to enable direct sequencing of the native molecule, and in doing so reveals more biology including RNA base modifications.

-- New RNA chemistry: Oxford Nanopore has introduced a new kit and flow cell for direct RNA sequencing for 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.

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 includes provision of easy-to-use data analysis tools in EPI2ME, the analytics tool set provided by Oxford Nanopore.

-- Easier interface to support more applications: EPI2ME supports 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.

Pipeline: enabling ultra-high output, high-quality nanopore sequencing

The PromethION 48 is already capable of delivering nearly 10,000 genomes per year, at two human genomes per flow cell, from $345 per genome[ii]. Oxford Nanopore highlighted improvements to high-output sequencing with the PromethION line to support users with larger programmes, large sample numbers, or service providers in high-output applications.

-- Increased output: The Company highlighted the immense headroom still available in the platform that will be delivered overtime utilising new pipeline enzymes (that pass DNA through a nanopore faster), for increased output and improvements to run buffers. With greater speeds there is the potential to deliver as many as four human genomes from a single PromethION Flow Cell and up to 20,000 genomes per year.

Replay of the t echnology update presentation

A written summary and video replay of the technology talk can be accessed on the Oxford Nanopore website at:

Analyst and Investor Call

On Monday, 22 May 2023, at 3pm BST/10am EDT , Gordon Sanghera, Chief Executive Officer and Rosemary Sinclair Dokos, SVP Product and Programme Management will host a webcast and conference call with analysts and investors to discuss the technology update session from London Calling and address questions.

The webcast can be accessed on Oxford Nanopore's website at or via this link . The webcast will be recorded and a replay will be available via the same link shortly after the event.

For conference call details please contact ir@nanoporetech.com
Posted at 21/3/2023 07:35 by bamboo2
21 March 2023

Oxford Nanopore Technologies plc

Final results for the year ended 31 December 2022

Strong underlying [1] LSRT revenue growth of 30% in 2022, driven by innovation and customer acquisition; expect underlying annual LSRT revenue growth of more than 30% in both 2023 and in the medium term, reflecting the continued growth and diversification of the broader user base

Oxford Nanopore Technologies plc (LSE: ONT) ("Oxford Nanopore" or the "Group"), the company delivering a new generation of molecular sensing technology based on nanopores , today announces its final results for the year ended 31 December 2022.

Gordon Sanghera, Chief Executive Officer, commented:

"2022 was another year of significant progress for Oxford Nanopore. Demand for our differentiated technology continues to grow around the world and across many areas of scientific research, including human, cancer, animal, plant, pathogen and environmental genomics. This has underpinned a 30.5% growth in active customer accounts and underlying LSRT revenue growth of 30% despite a challenging macroeconomic environment. We have remained relentlessly focused on innovation, with the well-received new technologies launched in 2022 further strengthening Oxford Nanopore's unique position as a highly accessible, accurate, information rich platform at any scale.

"This platform makes us well-placed to capture the significant opportunities we see ahead, both in scientific research and beyond. The partnerships we have signed in the last year start to demonstrate the attractiveness of our technology in the clinical and applied markets and provide a strong foundation for further progress.

"We enter 2023 with good momentum . Our balance sheet remains strong and we will continue to invest in ground-breaking innovations and operational expansion to support continuous growth and deliver long-term value for shareholders ."

Summary financial performance


GBP million Change Change
Unless otherwise stated 2022 2021 reported CC [2]
=============================== ======= ======== ========== ========
Revenue 198.6 133.7 +49% +43%
- Life Science Research Tools
(LSRT) revenue 146.8 127.0 +16% +10%
- Non-recurring Covid testing
revenue [3] 51.8 6.7 +673% +673%
Gross profit 123.8 73.2 +69%
Gross margin 62.3% 54.8% +750 bps
LSRT Gross margin 56.3% 53.8% +250 bps
Adjusted EBITDA [4] (78.6) (57.7) (20.9)
Loss for the period (91.0) (167.6) +76.6
=============================== ======= ======== ========== ========

Financial highlights: strong underlying revenue and margin growth in LSRT business

-- Life Science Research Tools (LSRT) revenue increased by 16% to GBP146.8 million (FY21: GBP127.0 million), up 10% on a constant currency basis, primarily driven by increasing customer numbers, across a breadth of applications. Underlying growth, excluding foreign exchange and revenue from the Emirati Genome Program (EGP) and COVID-19 sequencing, was approximately 30%.

-- At a regional level, revenues were predominantly driven by growth in the Group's two largest regions, the Americas and Europe, as well as strong growth in China, with revenues up, on a constant currency basis, by 32%, 29% and 66% respectively. UAE revenue was impacted by a decline in EGP revenue, resulting in a 54% reduction on a constant currency basis.

-- Group revenue increased to GBP198.6 million (FY21: GBP133.7 million), reflecting a GBP19.8 million increase in LSRT revenue and non-recurring revenue of GBP51.8 million following the conclusion of the Group's Covid testing contract with the Department of Health and Social Care (DHSC), as previously announced.

-- LSRT gross profit margin increased by 250 basis points to 56.3% (FY21: 53.8%), predominantly driven by automation, recycling of electronic components and improvements in manufacturing techniques.

-- Adjusted EBITDA loss of GBP(78.6) million (FY21: GBP(57.7) million); higher LSRT gross profit offset by increased investment in R&D and commercial and marketing teams, to support long term sustainable growth.

-- Reduction in Loss for the period to GBP(91.0) million (FY21: GBP(167.6) million), driven by the higher LSRT gross profit, the settlement of the DHSC contract, the sale of the Gosling Building and the net decrease in the provision for employer's social security taxes on share awards, partly offset by higher operating expenses.

-- Cash , cash equivalents and other liquid investments of GBP558.0 million [5] , compared to GBP 618.2 million as of 31 December 2021.

2022 business highlights

Continued innovation to strengthen our unique market position

-- Delivering high-accuracy, high-output sequencing technology: Early access [6] launch of "Q20+ chemistry", combining new flow cells and preparation kits, delivering the most complete and accurate genomic data, that can be used across the platform on small or ultra-high output devices. This combines very high single-molecule accuracy (>99%) with the ability to reach all parts of the genome and characterise all types of genetic variation

-- Highest accuracy : Developer access release of High Duplex flow cells for the most challenging of use cases, such as 'Telomere to Telomere' genomes or rare variant detection, duplex [7] accuracy delivers over 99.9% accuracy at a single molecule level

-- New device formats to reshape market: First early access shipments of the palm-sized PromethION 2 Solo (P2 Solo) device, a high-output, low cost nanopore sequencer, designed to make high-output sequencing more accessible

-- Enabling real-time methylation analysis, for broad applications: Release of Remora, a tool to enable real time, high-accuracy epigenetic insights with nanopore-based sequencing, making Oxford Nanopore the most comprehensive technology for characterising methylation

-- Platform expansion to sequence any-length DNA/RNA fragments, for broad applications: Release of Short Fragment Mode to enable nanopore-based sequencing of native DNA/RNA fragments as short as 20 bases, enabling any length reads on one platform; a true technology differentiator in the current market

Continued growth in customers and scientific impact

-- Expanding user base and use cases in biological research: Continued increase in the user base and utilisation of nanopore-based sequencing in life science research; a net increase of 1,938 active customer accounts in the period , growth of 30.5%, taking total active accounts to 8,283 at 31 December 2022

-- Scientific publications showcase impact of differentiated technology : Approximately 3,000 peer review publications published by the Nanopore community in 2022, highlighting applications across a number of scientific research areas including human, cancer, animal, plant, pathogen and environmental genomics. Total of >8,200 publications to date

-- Increasing use of technology in clinical and applied/industrial market uses: Building on foundational research discoveries, increasing development of methods designed to address needs in health (e.g. cancer, human genetics, infectious disease) or industrial use (e.g. pharma/biotech QC, food, agriculture)

Strategic collaborations to develop and access new growth markets

The Group is now driving expansion from use 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. First partnerships are being established to optimise the Group's impact in emerging health (such as clinical research) and industrial applied markets.

Infectious disease :

-- Pneumonia : Guys and St Thomas Hospital, progressed service evaluation on the intensive care unit under the Quality Innovation and Productivity and Prevention (QIPP) initiative, to demonstrate how real-time pneumonia metagenomic testing using nanopore sequencing improves early management of respiratory infections in around half of tested patients

-- Tuberculosis (TB): In collaboration with FIND/WHO and Unitaid, Oxford Nanopore progressed a 400-sample study for a targeted sequencing assay to characterise TB and its antibiotic resistance properties from sputum, working closely with several countries for which TB control is vital to their health systems

Human genetics:

-- Transplants : providing rapid insights and full characterisation of Human Leukocyte Antigen (HLA) using nanopore long reads, to support transplantation

- New collaboration with Omixon, the global transplantation diagnostics company, which is launching NanoTYPE(TM) RUO, a Multiplex Human Leukocyte Antigen Amplification kit compatible with nanopore-based sequencing for rapid HLA typing in transplants

- New collaboration with GenDx, which is are developing NGS-Turbo(R), a novel rapid high-resolution HLA typing kit aimed at improving transplant outcomes

-- Carrier screenin g: new collaboration with Asuragen, a Bio-Techne company, to develop assays designed to deliver more accurate and reliable options for reproductive health and carrier screening

Cancer collaborations post period end

-- Collaboration with Cyclomics for new "liquid biopsy" workflow using nanopore sequencing to detect molecules that are associated with cancer, circulating in blood. Method shows near 100% accuracy sequencing of the TP53 cancer gene and facilitates the detection of mutations at frequencies down to 0.02%

-- Agreement with 4bases to combine nanopore sequencing devices and 4bases 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

Technology collaborations

-- New collaboration with 10x Genomics to make single-cell and spatial full-length isoform transcript sequencing accessible to any laboratory

-- New collaboration with Tecan, post period end, to configure Tecan automation to enable easier nanopore library preparation for high-output or larger sample numbers

Investment in people to support growth strategy

-- Increased global headcount (FTE) to 1,00 9 (31 December 2021: 803) , including significant expansion in North America

-- Commercial headcount grew to 291 at 31 December 2022, up 51% in the period. In February 2023, commercial headcount reached 301; achieving the goal we set out at IPO of doubling the commercial team

-- Duncan Tatton-Brown appointed as Non-executive Chair, adding extensive experience as an executive and Non-Executive Director of FTSE companies

Continued strategic progress post period end

-- 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 the Asia Pacific.

Current trading and financial guidance

Whilst underlying demand has not changed, we saw a softening of orders in March 2023, much of which resulted from a drop in COVID-19 sequencing following a change in China's zero-COVID policy.

We expect full year 2023 LSRT revenue growth to be in the range of 16 -30% on a constant currency basis, which includes an anticipated year - over - year headwind from COVID-19 sequencing of approximately GBP20m . On an underlying basis, excluding foreign exchange and revenue from the EGP and COVID-19 sequencing, we expect annual LSRT revenue growth of more than 30% in both 2023 and in the medium term, consistent with our performance over the last three years. This reflects the continued growth and diversification of our broader user base.

Our margin targets are unchanged. For full year 2023 we continue to target LSRT gross margins of greater than 60% and more than 65% in the medium term. Margin expansion will be driven by operational improvements including, automation, improved manufacturing process and recycling of electrical components .

The company is in a strong financial position, with GBP558.0 million of cash, cash equivalents and other liquid investments. Based on our current development and commercialisation plans, we also continue to target adjusted EBITDA breakeven by FY2026.

Presentation of results

Management will host a conference call and webcast today at 12:00pm GMT/ 7:00am EDT.
For details, and to register, please visit
.
The webcast will be recorded and a replay will be available via the same link shortly after the presentation.

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