NEW YORK – Oxford Nanopore Technologies said Wednesday that it expects life sciences research tools (LSRT) revenues for the first half of 2024 to drop approximately 2 percent year over year.
For the six months ended June 30, the UK nanopore sequencing firm estimates its LSRT revenue to be about £84.0 million ($108.5 million) compared to £86.0 million in H1 2023.
Excluding revenues from the Emirati Genome Program and COVID-19 sequencing, Oxford Nanopore’s LSRT revenue growth is expected to be approximately 13 percent on a constant currency basis year over year.
"Our first half performance is in line with our expectations. We delivered robust underlying revenue growth, despite a challenging macroeconomic backdrop," Oxford Nanopore CEO Gordon Sanghera said in a statement.
For full-year 2024, Oxford Nanopore maintained its guidance of 6 percent to 15 percent LSRT revenue growth on a constant currency basis. Excluding revenue from the Emirati Genome Program and COVID-19 sequencing, LSRT revenues are expected to grow 20 percent to 30 percent on a constant currency basis.
"We enter the second half in a strong position; new contract wins coupled with the increased productivity of our sales teams in the second quarter reinforces our confidence in our full-year 2024 outlook," Sanghera said.
Oxford Nanopore plans to release its full H1 financial results on Sept. 3.
In afternoon trading on the London Stock Exchange, the company's shares were up 3 percent to GBX 124.2.