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Oxford Gene Technology FY16 Revenues Up 15 Percent

NEW YORK (GenomeWeb) – Oxford Gene Technology today reported a 15 percent increase in revenues for fiscal year 2016 on strong growth in product sales.

For the 12-month period ended Sept. 30, OGT's revenues increased to £19.7 million ($24.5 million) from £17.1 million in FY 2015, as product sales climbed 29 percent to £18.4 million from £14.3 million on increased demand for the company's Cytocell fluorescence in situ hybridisation probes and CytoSure molecular arrays.
The UK-based firm said that Cytocell saw double-digit growth, outpacing growth in the overall market for FISH probes, while the customer base for CytoSure saw a “large increase.” Sales of the SureSeq next-generation sequencing library preparation products also increased, reflecting OGT’s investment in new product development, it said.
"The strategic decisions we have made over the last few years have reshaped the company to create a streamlined and profitable business that is fully focused on the development of innovative products for molecular genetics," OGT CEO Mike Evans said in a statement. "Focusing on our integrated portfolio of molecular genetics products has driven strong sales growth and a significant increase in profits from commercial activities."