NEW YORK – Oxford Nanopore Technologies said today that its revenues grew 246 percent in 2018.
In a message posted on Twitter, the company said that revenues increased to $43.7 million last year, up from $17.8 million in 2017.
Orders also more than doubled in 2018 to $60.6 million from $24.5 million the previous year.
In addition, "strong growth continues" in 2019, according to the company.
The firm also said that its new 34,500 square foot factory, called the MinIon Building, is now online. The manufacturing facility will produce consumable flow cells for the MinIon, GridIon, PromethIon, and Flongle sequencers, as well as for future devices such as the SmidgIon and Plongle. It is also designed to scale up manufacturing of current and future sample preparation kits and other products, such as the Ubik, a sample extraction and preparation device.
"Full, end-to-end production will be phased in over the coming months," according to the company. Over the next four to five years, the new facility, located on the Harwell Campus about 16 miles south of Oxford, is expected to ramp production to more than 1 million flow cells per year.
Oxford Nanopore said it continues to invest in improving its technology and in "commercial and operational expansion so that we can support more customers around the world." Its sequencing technology is now used by scientists in more than 80 countries.
The company did not provide information about its net income or net loss last year or about its cash position.
Last October, Oxford Nanopore received a £50 million ($62.5 million) equity investment from Amgen, following £100 million in funding from a number of international investors in March 2018.