Business
FY23 Preliminary Results
FY23 Preliminary Results.
About this update from Oxford Nanopore Technologies Plc
[{"type":"text","content":"\n\n06 March 2024\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nOxford Nanopore Technologies plc\nPreliminary results for the year ended 31 December 2023\nOxford 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 preliminary results for the year ended 31 December 2023.\nGordon Sanghera, Chief Executive Officer, commented:\n\"We delivered strong underlying revenue growth of 39% in 2023, driven by the strength of our differentiated technology, commercial model, and strategic investments in infrastructure. Last year we also delivered breakthroughs in our platform performance, achieving record accuracy, expanded end-to-end workflows and increased access to high output applications with the PromethION 2 (P2) product rollout, with 700 P2 Solos sold or leased through starter packs in FY23.\n\"As we look forward, our highly differentiated platform and substantial market opportunity, positions us well to deliver long-term, sustainable growth. We are focused on key strategic initiatives to drive value, including disciplined investments in our technology and commercial operations where appropriate to unlock key opportunities in priority markets. We also remain mindful of end-market conditions, with sales cycles lengthening at the same time as we have expanded our commercial and operational infrastructure to support future growth. These factors have led us to revise our forecast for achieving adjusted EBITDA breakeven to the end of 2027 as we continue to focus on delivering against the huge commercial opportunity ahead of us.\n\"We are confident that we can deliver underlying revenue growth of 20 to 30% in 2024 and greater than 30% in the medium term.\"\nSummary financial performance\n\n\n\n\n£ million\nUnless otherwise stated\n\n\nFY23\n\n\nFY22\n\n\nChange\nreported\n\n\nChange\nCC2\n\n\n\n\nLife Science Research Tools (LSRT) revenue\n\n\n169.7\n\n\n146.8\n\n\n+15.6%\n\n\n+15.3%\n\n\n\n\nLegacy Covid Testing Revenue\n\n\n-\n\n\n51.8\n\n\n(100)%\n\n\n(100)%\n\n\n\n\nTotal revenue\n\n\n169.7\n\n\n198.6\n\n\n(14.6)%\n\n\n(14.7)%\n\n\n\n\nUnderlying1 LSRT revenue\n\n\n149.7\n\n\n107.5\n\n\n+39.3%\n\n\n+39.1%\n\n\n\n\nGross profit\n\n\n90.5\n\n\n123.8\n\n\n(26.9)%\n\n\n\n\n\n\n\nGross margin\n\n\n53.3%\n\n\n62...