Oxford Nanopore Technologies Plc

9.00 (3.45%)
Share Name Share Symbol Market Type Share ISIN Share Description
Oxford Nanopore Technologies Plc LSE:ONT London Ordinary Share GB00BP6S8Z30 ORD GBP0.0001
  Price Change % Change Share Price Shares Traded Last Trade
  9.00 3.45% 270.20 11,408,826 16:35:13
Bid Price Offer Price High Price Low Price Open Price
262.20 264.80 270.00 257.80 257.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Coml Physical, Biologcl Resh 198.60 -91.03 -11.00 - 2,232.61
Last Trade Time Trade Type Trade Size Trade Price Currency
18:28:23 O 9,096 270.181 GBX

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Posted at 22/5/2023 16:21 by 74tom
Great to see so much discussion here & tangible excitement around future valuation / potential.

It's worth pointing out the ONT's closest competitor, Pacbio, has seen a significant increase in share price over the last month. They reported Q1 results a few weeks back & had revenues of $38.9m, however perhaps more notably did so at a gross margin of just 25% and reported a staggering operating loss of $91m...


Balance sheet wise they finished the quarter with $874m, however this is derived from convertible loan note financing of $896m, so they have 'net cash' of -$22m.

As of right now their market cap is $3.31b with an enterprise value of $3.33b (£2.68b). This compares to ONT which has an EV of £1.51b after accounting for their £558m of net cash.

ONT has higher revenue, faster growth, a much higher gross margin & dramatically lower burn rate yet is currently valued at a shade under £1.2b less than PACB

To match the PACB valuation ONT would need to re-rate to £3.90 a share. Therefore a break of the long term downtrend / 200DMA at £2.51 should give clear line of sight to a 56% upside in the near term.

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: Https://nanoporetech.com/oxford-nanopore-london-calling-23-technology-update

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 Https://nanoporetech.com/about-us/investors/reports 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 12/5/2023 14:54 by bamboo2
12/05/2023 8:35am
RNS Non-Regulatory


Oxford Nanopore Technologies plc

12 May 2023

Oxford Nanopore and PathoQuest announce next step of strategic collaboration to bring to market the first sequencing-based quality control test for biopharma genetic characterisation and safety

Nanopore sequencing combined with PathoQuest expertise offers a new approach for biologics manufacturing with real-time, accurate testing for genetic characterisation, cutting months off traditional methods and providing more complete data.

OXFORD, England and PARIS, France, 12 May 2023: Oxford Nanopore Technologies plc (LSE: ONT) ("Oxford Nanopore") and PathoQuest SAS today announce the signing of a definitive agreement to co-develop a transformational Integration Site Analysis (ISA) test to provide a Good Manufacturing Practice (GMP) validated nanopore sequencing-based commercial testing service to the biopharma industry. This is designed to address the needs of industrial developers and manufacturers of biological products, for example monoclonal antibodies or novel proteins that may be used across the life sciences/healthcare industry.

Oxford Nanopore's technology can read any length of native DNA with high accuracy, meaning that the technology can identify and comprehensively sequence gene insertion sites without the risk of missing off target integrations. In addition, the PathoQuest ISA test will leverage real-time data streaming, enabling rapid and accurate clone identification, with the potential to speed up biopharma manufacturing Quality Control (QC) testing by months over traditional methods and therefore to support faster or more effective outcomes for biopharma.

Biologics manufacturing

Most biologics, including monoclonal antibodies (mAbs) and recombinant proteins, are manufactured using genetically modified cell lines. For many cell therapies, the product itself is a genetically modified cell line. Throughout the development of these products, it is important to characterise and monitor the genetic modification(s) that have been made and assure the quality and safety of the product. Classical tests for this application have limitations in terms of scalability, speed and the completeness of data provided.

This brand-new test will allow sequencing of both the transgene and the genomic insertion site, overcoming the limitations of existing methodologies and delivering an accurate and rapid QC test for modified cell lines.

Oxford Nanopore and PathoQuest intend the ISA test to be the first in a line of sequencing-based QC test solutions targeting the biopharma genetic characterisation and safety market.

Genetic characterisation for monoclonal antibodies

mAbs and their derivatives are transformative drugs that have enabled the treatment of complex indications in oncology, immunology and other therapeutic areas. There are now more than 170 mAbs and antibody derivatives designated as drugs with new approvals increasing yearly.

To develop a manufacturing cell line for mAbs, antibody encoding genes (transgenes) need to be stably integrated into mammalian cells, generally Chinese Hamster Ovary (CHO) cells, to develop both Master and Working Cell Banks for future commercial manufacturing batches. However, the identification of a CHO cell line which produces high amounts of the mAb is extremely challenging and resource intensive using current gold standard methods.

To make situations more complex, the transgene encoding for the antibody may not always integrate correctly and can be truncated, rearranged, duplicated and/or integrate in unwanted locations. With classical methods, identifying an optimal cell line clone requires screening using a multitude of different tests to detect stable and correct integration sites before the mAb's desired mode of action can be explored and a high producing cell can be identified.

Current gold standard methods for the characterisation of the mAb cell banks are slow and error prone, with random off target integrations potentially missed. Long nanopore reads allow for sequencing the vector and the transgene - as opposed to only focusing on the transgene with short-reads - giving a broader picture on what has been developed and a stronger guarantee of accuracy, expediting the development process.

The PathoQuest validated ISA test will allow for rapid initial clone selection and subsequently will provide assurance that the desired high production mAb cell bank is maintained throughout the entire development and manufacturing life cycle, thus significantly reducing production risks.

Genetic characterisation for cell therapy

Cell therapy is a rapidly growing field. Pharmaceutical companies have invested significantly in this area and an increasing number of products are now licensed in regenerative medicine, immune diseases, and cancer.

ISA is also important in cell therapy, where genetically modified cells are often the product itself. A comprehensive and thorough understanding of the integration locations and frequency is important to ensure the safety and quality of these products.

Gordon Sanghera, CEO, Oxford Nanopore Technologies, commented:

"We are pleased to announce the next step of our partnership with PathoQuest, and we are excited to start on the development of this breakthrough test for biologics manufacturing. Nanopore sequencing offers a transformational new approach for robust and accurate genetic characterisation of biological materials, which we believe will enable the release of novel therapeutics with more certainty and safety assurance than ever before."

Jean-François Brepson, CEO, PathoQuest commented:

"We are excited to be selected as the partner of choice in biologics Quality Control services by Oxford Nanopore Technologies. We will use our know how and expertise to optimise and validate this Integration Site Analysis test, bringing it to market as a GMP service from our facilities in Paris France and Wayne PA. It will enable our customers to understand their cell lines more comprehensively and more quickly so they can proceed with more certainty."


About Oxford Nanopore Technologies

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 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 and diseases such as cancer, plants, animals, bacteria, viruses and whole environments. Oxford Nanopore Technologies products are intended for molecular biology applications and are not intended for diagnostic purposes. www.nanoporetech.com

Forward-looking statements This announcement contains certain forward-looking statements. Phrases such as "potential", "expect", "intend", "believe we can", "working to", "anticipate", "when validated", 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 by definition address matters that are, to different degrees, uncertain and may involve factors beyond our control.

About PathoQuest

With over 20 peer reviewed publications on NGS applications in biosafety testing, PathoQuest is a leading expert in the application of Good Manufacturing Practices (GMP)-compliant next generation sequencing (NGS)-based biosafety testing. PathoQuest offers biopharmaceutical companies a game-changing genomic approach to ensuring the safety of biologics such as cell and gene therapy products, vaccines, and recombinant drugs, ultimately enabling a reduction in the time to market for these innovative treatments. PathoQuest's technology combines NGS platforms with proprietary sample preparation and data analysis processes to bring novel solutions to the industry. PathoQuest, headquartered in Paris, France, with a US based site in Wayne (PA) has worked with over 100 of the leading biopharmaceutical companies globally. www.pathoquest.com/

Posted at 05/5/2023 20:13 by scrutable
ONT clearly has long growth ahead, protected by patents. It could surpass ILL in value within, say, five years time.
Only well after the merger between Avalon and RedT did IES became a top pic for me a year ago. It was, and is, typical of innovators which I have followed for years but were far too early and under capitalised to invest in.

During 2022 they won and have simultaneously delivered several very large contracts spread across key markets, scaling up charge capacity X10 times after demonstrating their value in the seminal Oxford Superhub. Buyers of bulk electric storage have been focused too long on evading the disadvantaged, flammable, short lived, lithium based technology with difficult solid state solutions, and liquid batteries have been overlooked and/or dismissed. They are thus left alone, well patented, five years or so ahead and have little competition.

The share price does not yet reflect their widely unnoticed recent market success in Australia, USA, Canada, Taiwan and UK which will not become generally visible until FY results in 2024/5 spell out rising profitability . One can expect rapid viral share price growth not least from from the USA Gov's $800 billion IRA

Posted at 02/5/2023 11:41 by scrutable
Brucie You flatter me. What I do is of little value to others. I am a holder since trading the shares is just too unpredictable.

One can easily see that the ONT share price has fallen fairly consistently from its high of 720p soon after launch at 600p 8 months ago, and has continued falling consistently until reaching 180p on the publication of first year results a few days ago..

Luckily I thought that the report showed the potential more than did the share price. A quick scan of ILL's and PAC's claims for their own products in the market and I concluded that ONT had a clear world leading market potential and its patents probably would keep competition at bay for a long time. As far as I can establish there are no others in this field. That's speculation, I realise.

However I believe I am usually 18 months ahead of the market since I always value shares principally on their current underlying market strength and position, whereas our City culture has for years waited for audited results before judgment, brokers' notes and valuations ie works on the rear mirror point of view .

The key trend point ahead on the share price chart for ONT is now 255p. Any move further upwards would suggest break out from the long, unjustified, counter intuitive, down trend. The previous high of 720p should be surpassed on/soon after the next FY results.

ONT is a long term UK Gem, and will inevitably come under attack by Wall Street's heavily weighted purchasing power as,sadly, did ARM - and in 1998 did Solexa in Cambridge, llumina's first sequencing acquisition.

Posted at 27/4/2023 14:04 by scrutable
Helpful but you fail to mention the errors ILL users have to accept when joining segments, nor that the sample has to be 'prepared', only possible in a lab. ONT's PROMETHION tool is usable 'in the outside world' wherever needed.

Both Pacific Bio SPs and ONT's SPs are growing faster than IIL's. ILL's revenues barely grew last year and are forecast to fall slightly this year.

ONT's Annual report was published yesterday. That's possibly the reason for the upward inflection of the ONT graph. Put the three charts (ILL, PAC,and ONT)on the same page, which is easy on Sharescope and you will /may want to buy ONT today. It is clearly accelerating.

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
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.

Posted at 16/11/2022 10:23 by 74tom
Yep, non disclosure for sub 5% for international holdings is one of many outdated LSE rules that needs to change but for now it continues to provide anonymity for foreign funds...

Ok, so onto PACB. Here is the mammoth investor presentation from yesterday afternoons 4 hour event; https://investor.pacificbiosciences.com/static-files/874a57df-b9a9-4c4e-915b-415d456ed97e

Watching it was useful for me as I'm still very much in learning mode here, and there is a lot to try and learn! It also helped to put into context what ONT are doing vs a competitor.

- Their big news was they've just released a new 'main frame' sequencer called Revio which has higher throughput than their existing model as well as improved accuracy. Slide 44 has a comparison to 'high throughput nanopore' which appears to be the PromethION based on the footnotes. Regardless of the accuracy of the comparison, they unsurprisingly omit the most important point; their new system costs $779k vs £202k for ONT's top model. Read length also remains well below ONT at 15-18kb as well as 50% lower throughput.

- In the mid way Q&A session an analyst asked what they thought of competitors with 'CAPEX light / free' models, the CEO's response was that they have hidden costs & customers apparently save money with their model... 'you get what you pay for' was his cynical response...

- Slide 60 has their product roadmap, the main news is that they intend to launch benchtop long read in mid 2023, which would presumably target the same customer base as GridION. No mention of cost or specifications, but based on the Revio price I'd be surprised if it was competitive with ONT.

They also mentioned 'democratising' sequencing access at this point which I thought was pretty laughable and went against the 'you get what you pay for' mantra.

- Slide 64 has a helpful overview of how they see the sequencing market growing from now to 2026 (they expect it to double from $7b to $14m with fastest growth in Oncology).

- Slide 99 has their medium term financial targets...they're aiming for 55-60% CAGR to 2026 (from a base of $133m) or > $500m revenue, with gross margins of 55-60% by then (they were 41% in their last set of results), and cash flow positive by 2026.

ONT's 3-5 year goals are >30% CAGR growth from a FY23 base of £190-220m (£500m by FY26 would be a 31% CAGR from £220m), gross margins >65% and adjusted EBITDA breakeven by 2026.

Overall I left confused with PACB's strategy. Their new product seems to be going head to head with a pending Q123 released from Illumina (NovaSeq X, another main frame that will cost ~$1m). They clearly don't want to compete with ONT on price, yet apparently have the goal of democratising access to sequencing... They risk ending up in no man's land IMO. Unsurprisingly, no mention was made of the pending new ILMN release!

I think ONT have a significantly clearer strategy and much better product positioning. Their mission statement 'to enable the sequencing of anything, by anyone, anywhere' aligns with their product offering and this will be further enhanced with SmidgION.

With the sequencing industry alone forecast to double in 5 years there is plenty of growth for ONT, PACB, ILMN and other entrants, however I think the ONT community will grow into a formidable beast with word of mouth driving worldwide growth. Searching 'nanopore' on twitter already shows the level of engagement out there. PACB's 'HiFi' technology isn't particularly suited to brand marketing or any type of social media search...

And yes I've registered for the NY event in a few weeks time, looking forward to it!

Posted at 13/9/2022 07:38 by bamboo2
13 September 2022

Oxford Nanopore Technologies plc

Interim results for the six months ended 30 June 2022

Strong growth in core LSRT business; re-affirming 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 [1] for the six months ended 30 June 2022.

Summary financial performance

GBP million Change
Unless otherwise stated HY 2022 HY 2021 reported
==================================== ======== ======== ==========
Revenue 122.3 59.0 +107%
Life Science Research Tools (LSRT)
revenue 70.6 52.6 +34%
Non-recurring COVID-19 testing
revenue [2] 51.8 6.4 +709%
Gross profit 78.0 30.2 +158%
Gross margin 63.7% 51.2% +12.5pts
LSRT Gross margin 54.8% 51.1% +3.7pts
Adjusted EBITDA [3] (34.6) (19.2) (15.4)
Loss for the period (30.2) (44.8) 14.6
==================================== ======== ======== ==========

Financial highlights; strong underlying revenue growth in core business

-- LSRT revenue increased by 34% to GBP70.6 million, (HY2021: GBP52.6million), primarily driven by increasing customer numbers, across a breadth of applications and growth in consumables sales, which includes higher than anticipated contribution from COVID-19 sequencing.

-- Excluding the impact of FX, revenue from COVID-19 sequencing and revenue from the Emirati Genome Program (EGP), LSRT revenue grew by approximately 30% year-on-year.

-- Group revenue increased to GBP122.3 million (HY2021: GBP59.0 million), reflecting an GBP18.0 million increase in LSRT revenue and non-recurring revenue of GBP51.8 million following the conclusion of the Group's COVID-19 testing contract with the Department of Health and Social Care (DHSC), as previously announced.

-- LSRT Gross profit margin increased to 54.8% (HY2021: 51.1%), predominantly driven by automation, recycling of electronic components and improvements in manufacturing techniques.

-- Adjusted EBITDA loss of GBP(34.6) million (HY2021: GBP(19.2) million); higher LSRT Gross profit offset by increased operating expenses, reflecting investment in commercial and marketing teams, to support long term sustainable growth.

-- Reduction in Loss for the period to GBP(30.2) million (HY2021: GBP(44.8) million), driven by the higher LSRT Gross profit, the settlement of the DHSC contract and the decrease in the provision for employers social security taxes on pre-IPO share awards, partly offset by higher operating expenses.

-- Cash and cash equivalents and Treasury deposits of GBP602.6 million [4] , compared to GBP 618.2 million as of 31 December 2021.

Business highlights

Continued innovation driving sustainable growth

-- Introduction of "best of both" sequencing chemistry, combining the latest R10.4.1 flow cells with the latest Kit 14 to deliver high-accuracy, high-output sequencing data, achieving 99.6% accurate single molecule raw-read simplex data and 99.92% duplex data, with tunable runs for further flexibility and optimisation.

-- First early access shipments of the palm-sized PromethION 2 (P2) solo device, a high output, low cost nanopore sequencer, designed to make high-throughput sequencing more accessible.

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

-- Release of Short Fragment Mode to enable nanopore sequencing of fragments as short as 20 bases; only technology on the market capable of directly sequencing short to ultra-long reads in a single technology.

Continued growth in customers and scientific impact

-- Continued increase in the user base and utilisation of nanopore sequencing in life science research; an increase of 990 active customer accounts in the period, taking total active accounts to more than 7,300 [5] at 30 June 2022.

-- More than 3,500 papers published by the Nanopore community to date [6] (31 December 2021: 2,466), highlighting applications across a number of scientific research areas including human, cancer, animal, plant, pathogen and environmental genomics.

Investment in people to support growth strategy

-- Increased global headcount to more than 900 (31 December 2021: 803), including key hires in senior sales, marketing and support leadership.

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

Financial guidance

Trading year to date is in line with expectations and the Group continues to expect full year 2022 LSRT revenue to be in the range of GBP145 million to GBP160 million, reflecting growth and diversification of the user base.

Full year 2022 revenue guidance accounts for an expected tapering of COVID-19 sequencing revenue in the second half of 2022 and expected Emirati Genome Program (EGP ) revenue of GBP15 million to GBP20 million, lower than previously anticipated.

All other guidance remains unchanged. Further details on page 7.

Gordon Sanghera, Chief Executive Officer, commented:

"Oxford Nanopore continues to make significant progress, with another period of strong growth in core revenue. We are seeing increasing demand around the world for our unique offering and are hugely proud of the new ground that our customers are breaking with the aid of our technology, in areas spanning population genomics, viral surveillance, neurological disorders, cancer and environmental conservation.

"This breadth underlines the scale of the opportunity we see ahead, as we seek to enable the analysis of anything, by anyone, anywhere. We have a clear strategy to achieve this mission and I'm delighted with what we've achieved over the last six months: we have continued to invest in innovation, further enhancing the performance and accessibility of our technology; we have further scaled our commercial team and manufacturing processes to meet growing demand and are pleased to see our focus on innovative and sustainable manufacturing driving increasing margins.

"While we remain mindful of the macroeconomic environment, this progress, coupled with our strong balance sheet, gives us confidence as we look ahead."

Presentation of results

Management will host a conference call and webcast today at 12:00pm GMT/ 7:00am ET.

Posted at 20/5/2022 11:31 by scrutable
ONT has now overtaken ILL technically (as in many ways has PacBio) . Yet Illumina is worth £30.35 Billion compared with just £2.4m B for ONT. Furthermore ONT shares sell currently at a 50% discount to ONT's price at listing.

The Conference attended virtually this last weekend in London was fully sold out for in-person attendance but 5000+ scientists attended the choice of 80 or so presentations - with global,viral implications! The international awareness must have palpably increased and probably explains the share price visibly turning 25% upwards from a six month bottom

Today's RNS,(May 20), clarified that ONT has now "opened up DNA sequencing to anyone, anywhere," with the launch now of a "a first-in-class handheld, low-cost, ultra-high-throughput DNA sequencing device"

In particular ONT'sequences DNA or RNA molecules of any length, from short to ultra-long. Its technology is the only one on the market capable of sequencing DNA lengths spanning five orders of magnitude in a single technology.

By the time the comparisons have been fully sorted ONT will I believe also become accepted as the world leader in sequencing and that points to a long term highly probable multi-bag appreciation of an investment made today.

It looks to me that ONT will gradually fill the place long held by ARM and I hope that we will have governments recognising the long term stupidity of letting this company be bought by a US predator. We should treat such intellectual property with greater reverence than we have always kept for Art Treasures and absolutely ban their sale abroad without a proven greater advantage than that of the cash we so readily entice from oligarchs and drug dealers.

Oxford Nanopore Technolo... share price data is direct from the London Stock Exchange
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