We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Oxford Nanopore Technologies Plc | ONT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 5.10 | 3.70% | 143.10 | 16:35:07 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 138.20 | 136.70 | 145.50 | 143.10 | 138.00 |
| Industry Sector |
|---|
| PHARMACEUTICALS & BIOTECHNOLOGY |
| Top Posts |
|---|
Posted at 10/12/2024 07:31 by takeiteasy Alliance Technology trust confirmed today they have increased their position in ONT over the recent months and although still quite small percentage wise sits at the same percentage as palantir in their portfolio as context. Polar Capital Tech trust have ONT as their own holding in the "Life Sciences Tools & Services" sub sector of hte fund - given earlier comments above, perhaps we are starting to get noticed more widely amongst the investing institutions? |
Posted at 01/12/2024 22:30 by 74tom No problem @bamboo2.Once above 0.5% a short seller has to notify the FCA within a day of crossing the threshold & again at each 0.1% increase / decrease. I believe most short positions are opened by steadily selling stock via AT trades on the SETS order book. This selling pressure either cause a stock to plateau or fall over a period of time. The key thing to note is that most positions aren't closed in this way; usually you will see a short position unwound in a controlled manner with large block trades. My understanding is that this is because the short seller has hedged their position via an intermediary (i.e. Goldman, JP Morgan), and the block trades are the unwind of the hedge + underlying position. There will be derivatives, leverage & all sorts of complex strategies at play to minimize / fix risk. It's definitely the case that a hedge fund can reduce a short & then increase it again to stop a share price from recovering. Odey Asset Management did this to Metro Bank for years, it's no surprise that now they are defunct, MTRO are recovering. Many short sellers are quant only. Someone on the LSE forum noted that Systematica are 100% quant driven, so if a company is loss making & the shares are in a downtrend, they will short them on the assumption that the downtrend will continue. They have zero interest in what the company does, just that 9 times out of 10 a loss making entity with shares in a downtrend will continue to go down! Ocado definitely fall into this bucket, and it's why they have such huge bounces every now and again, as quants get caught out. On the IPO sellers, the more pre IPO funding rounds the higher the likelihood there will be sellers post IPO. ONT had nearly a dozen rounds & this capital will have been locked up for years, so the sellers will often want to cash in and move on to pastures new. Especially if shares aren't flying. Thanks for flagging the last INOV update by the way, I checked their behaviour since the IPO and it was hilarious. Whoever is running that Schroder fund should be ashamed of themselves. At 31/12/21 they held 23.3m shares valued at £162m At 31/12/21 they held 20m shares valued at £41.6m So in 2 years with shares between £2 and £6 they only sold 3.3m shares The at 30/06/24 they only held 10.7m shares, so in the first 6 months of 2024 they fire sold 9.3m shares at the worst possible time. It'll be curious to see how many they have left when they report their finals. My guess would be not many. It's no surprise that INOV are in what looks like a terminal downtrend. Either way, the influx of FTSE all share / 250 tracker buying should be a boon, those shares have to come from somewhere and after 3 years many of the IPO sellers must have exited. A return to £2+ would certainly make sense. |
Posted at 29/11/2024 17:33 by 74tom @Bamboo2, it's not just the FTSE250 inclusion that's relevant, the FTSE All Share inclusion means ONT will need to be purchased by any ETF that tracks the entire UK Index.I.e. The FTSE All Share has a total market cap of ~£2.5t, so at £1.5b ONT will carry a 0.058% weighting. That means that single Blackrock ETF will need to buy ~£6.6m in ONT stock. That alone is 0.46% of ONT share capital... I'm in the middle of tallying up the large ETF's, however it's already obvious that the inflows will be substantial. Second post to follow on the shorts |
Posted at 11/11/2024 07:27 by bamboo2 Confirmation.11 November 2024 Oxford Nanopore Technologies plc ("Oxford Nanopore" or the "Company") Oxford Nanopore announces changes to the senior leadership team Oxford Nanopore Technologies plc (LSE: ONT), the company delivering a new generation of nanopore-based molecular sensing technology, today announces that Rosemary Sinclair Dokos has been appointed as Chief Product and Marketing Officer and Dr Lakmal Jayasinghe has been appointed as Chief Scientific Officer, effective immediately. Rosemary and Lakmal, who will report to Chief Executive Officer Dr Gordon Sanghera, succeed Clive Brown, Chief Officer of Technology, Innovation, and Products, who has stepped down to pursue new projects. Clive will be available to the business on an advisory basis to support an effective transition. Rosemary has more than 18 years' experience in innovation, including product management and commercial functions. She joined Oxford Nanopore in 2014 and has been a pivotal force in driving the Company's product strategy and execution, overseeing the development of Oxford Nanopore's platform technologies, including the recent PromethION 2 and GridION Q-Line launches. In her new role, Rosemary will continue leading the development of products that include new multiomic, clinical, biopharma and industrial applications, in addition to platform technology innovations and marketing. Lakmal is a highly respected, world-leading nanopore and protein sensing scientist and scientific leader, with more than 18 years' experience. He joined Oxford Nanopore in 2007 and has been responsible for all biological research and development projects at Oxford Nanopore. Lakmal will continue to lead efforts to integrate new multiomic capabilities, including genomics, transcriptomics, proteomics, and metabolomics, into the Company's platform. Dr Gordon Sanghera, Chief Executive Officer of Oxford Nanopore, commented: "Rosemary and Lakmal have played an integral role in the research, development and execution of our technology vision for many years. They bring extensive skills in innovation and product development, and the leadership of highly skilled technical teams. These span the most cutting-edge innovation to the deployment of mature products destined for regulated markets - critical to creating stakeholder value. Their knowledge, perspective and vision will advance our innovation leadership and fuel the continuation of our growth journey. "I would like to thank Clive for his profound contributions to the development of the technology and the growth of the business over the past 16 years. He established the Company's distinct vision of distributed, accessible sequencing and fostered a culture of cutting-edge innovation and relentless pursuit of pushing technological boundaries, which has shaped Oxford Nanopore into the innovative force it is today. We continue to deliver against this vision and will carry forward his drive to deploy big ideas and solve big problems." Clive Brown, former Chief Officer of Technology, Innovation, and Products at Oxford Nanopore, commented: "It has been a privilege to work alongside Gordon, Spike and the leadership team and I am proud of all that we have achieved over the last 16 years. Given our progress, I am now pursuing my next professional challenge. Rosemary's focus on transformative product experiences and Lakmal's pioneering work in multiomics put the Company in a strong position for the next phase of its development. I would particularly like to thank the user community, who continue to work so hard to help us improve and innovate the technology to enable them to perform breakthrough science. I remain a dedicated shareholder and look forward to seeing the Company continue to go from strength to strength." |
Posted at 21/10/2024 10:12 by bamboo2 Results from new benchmarking of ONT's R10.4.1 MinION flow cells better than Illumina.This study presents a comprehensive benchmarking of variant calling accuracy in bacterial genomes using Oxford Nanopore Technologies (ONT) sequencing data. We evaluated three ONT basecalling models and both simplex (single-strand) and duplex (dual-strand) read types across 14 diverse bacterial species. Our findings reveal that deep learning-based variant callers, particularly Clair3 and DeepVariant, significantly outperform traditional methods and even exceed the accuracy of Illumina sequencing, especially when applied to ONT’s super-high accuracy model. ONT’s superior performance is attributed to its ability to overcome Illumina’s errors, which often arise from difficulties in aligning reads in repetitive and variant-dense genomic regions. |
Posted at 11/10/2024 07:48 by bamboo2 09 October 202420 years of Nature Methods: how some papers shaped science and careers Section 7 Direct to RNA with nanopores DNA is quite hardy, so if it’s left out on a bench, it can still be analyzed. RNA, on the other hand, is best kept in a minus –80 °C freezer, says Libby Snell, an RNA biologist at Oxford Nanopore Technologies (ONT). RNases that degrade RNA are everywhere, and thus, when working with RNA, “you have to be very meticulous,” says Snell, who co-developed direct nanopore-based RNA sequencing (RNA-seq)12. A peek at ONT’s RNA lab reveals how fastidious Snell’s team is about clean surfaces and pipettes. RNA has long held her interest, given how it informs on events in a cell or organism. ONT application scientist Daniel Garalde, the paper’s first author, calls the work “one of the highlights of my career.” RNA sequencing long involved a proxy: analysis of cDNA, which requires an extra step of reverse transcribing RNAs into complementary DNA sequences. This changed with the advent of direct RNA sequencing using nanopore sequencer arrays, developed at ONT. Snell enjoys seeing the many ways the method is being used. Its potential reaches to RNA modification analysis and perhaps mRNA vaccine quality control. “I’m really proud of it and I have a framed copy of the Nature Methods cover on my wall,” says Daniel Turner. Daniel Turner, the paper’s last author, used to be at ONT and is now chief scientific officer at Cambridge, UK–based Enhanc3D Genomics. The idea of direct RNA sequencing was, he says, ambitious and challenging. The direct RNA-sequencing project helped to shape his career. Moreover, he says, “it’s not easy to figure out the potential value of something that just doesn’t exist,” and he appreciates how the company had “faith in the vision.” Turner says of the paper12, “I’m really proud of it and I have a framed copy of the Nature Methods cover on my wall.” Garalde, who co-developed direct nanopore RNA sequencing, now works in ONT’s business division in California with a focus on emerging techniques. He had joined ONT with a background in computer engineering from the University of California, Santa Cruz. He considered a postdoctoral fellowship with Hagan Bayley at the University of Oxford, one of ONT’s founders, but decided to join the company instead. In nanopore sequencing, a polynucleotide moves through a nanopore that spans a membrane in a volume of salt buffer. The readout is an electrical signal that provides information about what just traveled through the nanopore. Software converts the signal to a base sequence. Working on RNA meant re-engineering much of the technology used to sequence DNA, says Garalde. The voltage that runs across the nanopore accelerates the passage of DNA through the nanopore. Garalde and his colleagues worked on ways to slow this down, but the helicases that work with DNA didn’t work with RNA. They needed to get an RNA signal readout in the sensors. After Garalde left for California, Snell led next versions of the direct RNA sequencing chemistry up to the latest release. “It’s just tremendously better,” Garalde says. The team developed the method’s aspects in parallel, says Turner. For library prep, they worked on affixing adapters to RNA so that the nanopores would process it; they needed to assure RNA didn’t degrade in the flow cell; the right motor protein had to control the speed with which RNA passes through the nanopore; and they sought a signal readout and software for base-calling. The sequencers were not as accurate and fast as they are today, he says, but the sequencing hardware itself—the MinION sequencer—exis In Snell’s academic training at the Universities of Oxford and Reading, she used cDNA sequencing to study ancient cell lineages and the relatedness of organisms in the eukaryotic tree of life. She was intrigued about working in industry when she came across ONT, then a startup. Its long-read DNA sequencing promised to avoid needing to put together genome assemblies piecemeal from short DNA sequences. She also knew that it would be good to avoid the use of reverse transcriptases and polymerases to make cDNA, which can bias sequencing. Among the challenges with RNA, says Snell, were finding ways to keep RNA molecules intact. The work on direct RNA sequencing began around 2013 and the paper was published in 2018. At the time, it was not yet clear how scientists might apply the method but, says Snell, “I was always super excited by it,” she says. Projects like her academic ones would benefit greatly from such a capability. The team hoped the same motor protein that threads the DNA molecule through the nanopore would work for RNA. But a DNA-specific motor protein disengages from RNA, she says. After screening a variety of motor proteins, they decided on a motor protein called M1. The one they now use, M2, is RNA specific, says Snell. It does not work on DNA, just as the DNA one does not work for RNA. They explored pore modifications, too. They would set up flow cells and then wait. “Sometimes it would work and sometimes it wouldn’t,&rdqu Turner enjoys the fact that no other technology can sequence RNA directly and that a cDNA step is no longer needed with nanopore sequencing. One “gets so much closer to the action,” he says: actual RNA strands from the organism touch the nanopores during sequencing. Currently, says Snell, the nanopore sequencers read RNA at 120 nucleotides per second with a pore optimized for RNA and the RNA-specific motor protein. “We’re at about 98.8% accuracy.” When training researchers, she relishes how excited they are to sequence RNA directly. It’s normal to her, but “it’s still pretty amazing, right?” |
Posted at 01/10/2024 06:07 by bamboo2 Novo NED joins board.1 October 2024 Oxford Nanopore Technologies plc Dr Daniel Mahony appointed as Non-Executive Director 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 Daniel Mahony will be joining the Group as a Non-Executive Director with effect from 1 October 2024. Daniel brings extensive sector experience to help accelerate Oxford Nanopore's commercial traction, with more than 25 years as a global healthcare investor specialising in biotechnology, medical technology and healthcare services. As Senior Partner in Growth Investments at Novo Holdings, Daniel will serve as a critical sounding board to the Group as it continues to advance its technology platform to address a significant commercial opportunity in biopharmaceuticals. In addition, he currently chairs the UK BioIndustry Association and is a Non-Executive Director of the Wellcome Sanger Institute. Prior to joining Novo Holdings, Daniel co-founded the healthcare business unit at Polar Capital in London, growing it to more than $4 billion in assets under management. He was formerly a Senior Research Analyst at Morgan Stanley in London, an Analyst at ING Barings Furman Selz in New York, and completed his postdoctoral work at DNAX Research Institute in Palo Alto. Dr Guy Harmelin, a non-executive director of the Group, who has served on the Board since 2020, has informed the Board of his intention to step down from the Board with effect from today. Dr Guy Harmelin, is stepping down to focus on various other Directorship responsibilities. Duncan Tatton-Brown, Chair of Oxford Nanopore, said: "We are extremely pleased to welcome Daniel to the board as Non-Executive Director of Oxford Nanopore. Daniel's deep knowledge of the biopharma sector, combined with his understanding of Oxford Nanopore's opportunity to drive value across the biopharma development pipeline, position him as an ideal source of expertise to support the company's commercial expansion into this space. I would like to thank Guy, our outgoing non-executive director for his outstanding support overall and contribution in helping the Group transition from a private to a public company during his tenure." Dr Daniel Mahony, incoming Non-Executive Director of Oxford Nanopore, said: "This is an exciting time for Oxford Nanopore with its expanding opportunity in biopharma, where rapid sequencing, richer data and a streamlined platform can support discovery and delivery of new biopharmaceuticals. I look forward to bringing my industry expertise to bear as Oxford Nanopore executes against its exciting growth plans in this sector." Dr Gordon Sanghera, Chief Executive Officer of Oxford Nanopore, said: "Daniel brings substantial strategic experience to support Oxford Nanopore's commercial growth in the life sciences and specifically the biopharma market. His perspectives will be invaluable as we continue to expand the use of our technology to address the needs of this industry, and I look forward to working with Daniel as we enter this next phase. I also would like to thank Guy, our outgoing non-executive director, for his insight and guidance during his tenure on the board. We appreciate his significant contribution and wish him well in his next chapter." Novo Holdings is a shareholder in Oxford Nanopore and led the recent £80 million equity placing. The decision to appoint Dr Mahony to the Board of Oxford Nanopore reflects his considerable industry expertise and the value he brings to the Board. |
Posted at 08/9/2024 12:01 by brucie5 Keyno, far be it from to disagree with the world's most successful investor, but in reality, most of the shares in my portfolio, which are all, except ONT, suppliers of generous dividends, have moving parts or are subject to variables, such that I cannot claim to understand. Recall that whenever you buy a share you are effectively betting against the market and whatever they know that you may not; nevertheless you decided to take the plunge because that is part and parcel of why we're here. But you know you may be wrong and the market right; and it is always difficult to escape some degree of confirmation bias.As for ONT, I have never claimed to understand in any real depth, though I have read as much as I can get my head round, a lot of it thanks to Bamboo, btw; and I also understand something of the competitive landscape (eg. Illumina) as well as the rapidly unfolding knowledge and usefulness of genomic testing and understanding. But even so, my understanding of the above is still rudimentary, so I have to draw my sense of what it might be worth from secondary evidence: 1. I have been interested in the IPO portfolio for some time, as well as in and out of the share itself; ONT is, or has been up to now, of course the diamond in their crown and their largest holding 2. What large life science companies are willing to shell out for it (such as bM/Novo) 3. Balance sheet, such as there is no current or imminent cash crisis 4. What the chart suggests about where it's going. I always watch out for bottoms (!) and then the consequent shape of recovery. As my posting record suggests, I have limited patience with shares that go nowhere - unless they pay a good dividend for waiting. So my repurchase here is based on my sense that there a new momentum consequent on the recent basing pattern and move back above the 200sma. Naturally, this is never a sure signal and all sorts of things might happen to reverse that. Everything is based on a balance of risk/reward, as well as past experience of how such things work out. And I am often wrong! Edit: I'd also add a further ingredient to my interest here: which is the research community that has grown up around the ONT technology. This is included in their recent report, viz- "Approximately 1,400 peer-reviewed research papers published by users of Oxford Nanopore technology in H1 2024, bringing the total to approximately 12,500 to date, showcasing breakthrough research across cancer, human genetics and infectious disease and demonstrating continued opportunity for growth in the genomics research market." It may be a strained analogy, but it reminds me somewhat of the success of the Games Workshop off the back of its Warhammer Community; the users of Nano's tech are not passive consumers of carpets, commodities, gaskets or houses; they are actively at work engaging with with the product, adding knowledge and value to the proposition; both highly educated and motivated within their field of Life Sciences. Moreover, I'm inclined to think that the huge scope of genomics across different subject divisions is likely to be synergistic, as indeed is the case within the universe of Life Sciences itself, where knowledge about gut bacteria can have material implications for everything from immunological disorders, to cancer and obesity and even to dementia risk. Finally, you might infer from this a further confirmation bias which I also readily acknowledge as possibly the most dangerous one: I really want this company to succeed! So noone should take my enthusiasm for any kind of advice. |
Posted at 03/9/2024 06:49 by bamboo2 03 September 2024Oxford Nanopore Technologies plc Interim results for the six months ended 30 June 2024 Solid underlying growth despite end-market headwinds; new customer wins and continued commercial momentum support reaffirmation of full year guidance 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 2024. Gordon Sanghera, Chief Executive Officer, commented: "Against a challenging backdrop, our financial and operational performance in the first half was solid and in-line with our expectations, underpinning confidence in full year guidance. We delivered robust underlying revenue growth of 12.4% constant currency and margin expansion of 120bps. "We continued with our high pace of innovation in the first half, with new product launches and platform enhancements. For example, we delivered the two product launches aimed at our regulated customer base, GridION Q-Line and Early Access of ElysION, our fully automated samples to answer product. These meet customer needs for routine, end-to-end analyses, for example in clinical and applied industrial markets, particularly with Biopharma customers. "As we look forward, our highly differentiated platform and substantial market opportunity position us well to deliver long-term, sustainable growth. Our growth and margin guidance for the full year remains unchanged. We enter the second half in a strong position; new and enlarged contract wins, such as PRECISE and Plasmidsaurus, coupled with the increased productivity of our sales teams in the second quarter reinforces our confidence in delivering between 20 - 30% underlying revenue growth on a constant currency basis in full year 2024." H1 Financial highlights · Revenue of £84.1million was broadly flat at constant currency (CC), down 2.2% on a reported basis, in-line with expectations. · Underlying revenue, excluding an £8.9 million combined headwind from COVID sequencing and the Emirati Genome Program (EGP); increased by 12.4% CC. o Underlying revenue growth delivered in all regions, led by the EMEAI and APAC, with underlying growth of 16.4% and 10.6% respectively. o Underlying revenue grew fastest across the PromethION product range[1], up 39.0% in the period to £31.9 million (H1 23: £23.0 million). Underlying revenue from the MinION product range[2] declined by 10.8% to £27.8 million (H1 23: £31.1 million) which includes a currency headwind and a mix of commercial and product specific factors. Other revenues, representing kits, services revenues and other devices grew 6.4% on an underlying basis to £22.9 million (H1 23: £21.5 million). · Gross margin increased by 120 basis points (bps) to 58.8% (H1 23: 57.6%) driven by underlying margin improvements (380bps), particularly across both PromethION Flow Cell and devices, offsetting product mix (140bps) and currency (120bps) headwinds. · Adjusted EBITDA loss of £(61.6) million (H1 23: £(39.4 million); driven by increasing operational expenses, primarily the annualised impact of additional headcount as highlighted at FY23 results. Adjusted operating costs were broadly flat (+2.0%) against H2 2023, demonstrating good cost control and with EBITDA loss lower than H2 2023 (£65.6m). · Increase in loss year-on-year to £(74.7) million (H1 23: £(70.1) million). This was predominately driven by increasing operational expenses associated with the increase in headcount partly offset by a lower Founder LTIP charge of £1.0m (H1 23: £14.9 million) and a £5.5 million credit relating to the reversal of historic employers' social security tax charges (H1 23: £1.3 million). · Strong balance sheet position; cash, cash equivalents and other liquid investments of £397.1 million[3] as at 30f June 2024, compared to £472.1 million as of 31 December 2023. Post period end the Group raised net proceeds of £78.2 million, following the successful completion of a multiple times oversubscribed £80.0 million equity placing, which included a new £50.0 million strategic investment from Novo Holdings. H1 Business highlights · Continued commercial progress in the period, evidenced by improving utilisation across existing customers, leading to a growing revenue opportunity for the Group driven by the enlarged and now established commercial infrastructure. · New contract wins and contract expansions with larger PromethION devices (P24 and P48), including Precision Health Research Singapore (PRECISE), which selected Oxford Nanopore technology to sequence 10,000 long read human genomes to gain deeper insights into Asian genetic diversity, and a multi-million, multi-year contract expansion with Plasmidsaurus, to deliver high-accuracy whole plasmid sequencing with fast turnaround times. · New strategic collaborations added to develop and access new growth markets in biopharma, clinical and industrial applications, including a collaboration with Lonza on a novel test to accelerate analysis of mRNA products. · Progress was made to advance existing collaborations in H1, including with bioMérieux. A test for determining antibiotic resistance in tuberculosis is expected to be released as a research-use only product in Q4, prior to seeking IVD approvals by the end of 2025. · Early Access[4] launch of PromethION 2 Integrated (P2i) in Q2, and continued rollout of the PromethION 2 Solo (P2S), following its successful launch in 2023. Evidence of continued market traction and disruption with more than 1,350 P2 devices now in the field. The P2 devices represent a new market area of affordable, accessible and high output sequencing. · Strong progress against our 2024 innovation goals, with the launch of new products from our regulated pipeline, including GridION Q-Line and the Early Access of ElysION, our sample-to-answer automated sequencing solution, to drive adoption in new clinical and applied industrial markets. · Approximately 1,400 peer-reviewed research papers published by users of Oxford Nanopore technology in H1 2024, bringing the total to approximately 12,500 to date, showcasing breakthrough research across cancer, human genetics and infectious disease and demonstrating continued opportunity for growth in the genomics research market. · Expansion of the leadership team, to support the business in its next phase of growth: Nick Keher appointed as CFO and Director of Oxford Nanopore in January, adding significant financial leadership experience and a deep understanding of global capital markets. Nick succeeds Tim Cowper, who moves into a new role as Chief Operating Officer and will lead Oxford Nanopore's continuous improvement programmes and expanding international footprint and operations. |
Posted at 24/7/2024 06:04 by bamboo2 24 July 2024Oxford Nanopore Technologies plc Half Year Trading Update · Trading in-line with both revenue and gross margin guidance in the face of challenging end-markets · Building commercial momentum heading into the second half reinforces confidence; full year 2024 and medium-term guidance reaffirmed 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 provides a trading update for the six months ended 30 June 2024 ahead of results, which will be published on 3 September 2024. The Group expects to report Life Sciences Research Tools (LSRT) revenue for the six months ended 30 June 2024 of approximately £84 million (H1 2023: £86.0 million), broadly flat year-on-year at constant currency; marginally down (2%) on a reported basis, including foreign exchange headwinds. Underlying[1] LSRT revenue, grew by 12.4% on a constant currency basis year-on-year. Growth for the first half of 2024 is in-line with expected 2024 phasing. Underlying growth has been strongest across the PromethION franchise[2], across all product lines. Underlying growth was delivered across each region, and it was strongest across EMEAI and APAC, with commercial momentum building for the second half, supported by new product launches, a number of new and expanded contracts, and a step up in sales team productivity in the second quarter. Gross margin for the first half is expected to show year-on-year improvement, despite foreign exchange headwinds, and remains on track to meet the Group's full year 2024 guidance. Outlook Full year 2024 guidance remains unchanged: - LSRT revenue growth is expected to be between 6 and 15% on a constant currency basis and underlying revenue growth is expected to be between 20 and 30% on a constant currency basis. The Group continues to expect FY 2024 revenue to be second half weighted, with an approximate 45:55 split. - Gross margin is expected to be approximately 57%. All medium-term (FY 2027) guidance is unchanged. Gordon Sanghera, Chief Executive Officer, commented: "Our first half performance is in-line with our expectations. We delivered robust underlying revenue growth, despite a challenging macroeconomic backdrop. "We enter the second half in a strong position; new contract wins coupled with the increased productivity of our sales teams in the second quarter reinforces our confidence in our full year 2024 outlook. In addition, the launch of new products from our regulated pipeline, including GridION Q-Line and ElysION, our sample-to-answer automated sequencing solution, will drive adoption in new clinical and applied markets in the near and medium-term." |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
