NEW YORK – Oxford Nanopore Technologies reported on Tuesday morning that its 2021 revenue rose 17 percent year over year, mainly driven by increased consumables sales.
In a conference call recapping the UK company's 2021 financial results, CEO Gordon Sanghera highlighted several milestones last year, including an expanded workforce that now counts more than 800, the "growing momentum in the user community" as demonstrated by more than 1,000 publications, and the launch of the new Q20+ chemistry.
For the year ended Dec. 31, 2021, Oxford Nanopore had total revenue of £133.7 million ( $177.3 million) compared to £113.9 million in 2020 and above the £126 million estimate provided by the company in January.
The firm's 2021 life science research tools revenue was £127 million, up 94 percent from £65.5 million the year before, driven by consumable sales. COVID-19 testing revenue dipped 86 percent to £6.7 million from £48.3 million in 2020.
The firm's full-year R&D spending was up 20 percent to £58.3 million from £48.6 million in 2020, while SG&A spending increased 37 percent to £97.9 million from £71.4 million.
Oxford Nanopore's 2021 net loss was £167.6 million, or £0.23 per share, compared to a net loss of £61.2 million, or £.09 per share, in 2020.
The company ended the year with £487.8 million in cash and cash equivalents.
For full-year 2022, Oxford Nanopore now expects life science research tools revenue to be in the range of £145 million to £160 million and a "significant decline" in COVID-19 sequencing revenue. For full-year 2023, life science research tools revenue is expected to range from £190 million to £220 million.
In Tuesday afternoon trading on the London Stock Exchange, Oxford Nanopore shares were down more than 8 percent to £405.