Business
Update to revenue guidance
Update to revenue guidance.
About this update from Oxford Nanopore Technologies Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7751R\n Oxford Nanopore Technologies plc\n 09 November 2021\n \n \n \n \n ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) WHICH FORMS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.\n \n \n 9 November 2021\n \n \n \n \n \n Oxford Nanopore Technologies plc\n \n \n Update to revenue guidance following expansion of customer project\n \n \n \n \n \n Oxford Nanopore Technologies plc (the \"Group\"), the company behind a new generation of nanopore-based sensing technology, is updating its revenue guidance following a significant expansion of the Group's activities in a large customer project in UAE. \n \n \n \n \n \n On 9 November 2021, the Group was awarded a new 36-month contract under which it will provide devices, consumables including flow cells and kits, and other support services worth approximately US$68 million.\n \n \n \n \n \n The new contract with G42 Laboratory, LLC, who provide sequencing operations in the project, is expected to generate revenues primarily after the year ended 31 December 2021 (\"FY21\"). Therefore, the Group is maintaining its guidance of core Life Science Research Tools (\"LSRT\") revenue of £105-111 million in FY21, resulting from growth of 60-70% as announced on 14 October 2021.\n \n \n \n \n \n Given the scale of the new contract, the Group is now introducing guidance for LSRT revenue of 135-145 million for FY22. The Group is also upgrading its LSRT revenue guidance for FY23 to 170-190 million, compared to its previous expectation of 165 -175 million outlined in its IPO Prospectus.\n \n \n \n \n \n All revenue guidance figures are provided on a constant currency basis.\n \n \n \n \n \n As noted in the IPO Prospectus, an affiliate of G42 Laboratory, LLC, is a shareholder in the Group.\n \n \n \n \n \n Media Enquiries\n \n \n \n [email protected]\n \n \n \n Tulchan Group (communications adviser to the Company)\n \n \n Tom Murray and Deborah Roney\n \n \n +44 (0) 20 7353 4200 \n \n [email protected]\n \n \n \n \n \n \n The person responsible for arranging the release of this announcement on behalf of the C...