(Alliance News) - Oxford Nanopore Technologies PLC on Tuesday said revenue was rose last year, as life science research tools sales grew and the company booked some one-time Covid-19 revenue.

The Oxford-based company developing and selling nanopore sequencing products said total group revenue for 2022 is expected to be about GBP199 million, up 49% from GBP133.7 million a year ago.

The company said this figure includes non-recurring revenue of GBP51.8 million, which the company gained from the conclusion of its Covid-19 testing contract with the UK Department of Health & Social Care.

Oxford Nanopore said it expects 2022 core life science research tools revenue of GBP147 million, up 16% from GBP127.0 million a year ago. The company said this represented underlying growth of 25%.

Chief Executive Officer Gordon Sanghera said: "Oxford Nanopore continues to demonstrate strength and resilience with strong core revenues driven by growth across all customer groups in 2022. This reflects an increase in global demand for our DNA/RNA sequencing technology across many areas of scientific research.

"Our latest technology improvements have propelled this growth, enabling our customers to generate highly accurate, high-yield, information-rich data, in real time and from any length fragments of DNA/RNA, from short to ultra-long."

Oxford Nanopore shares were down 7.0% at 271.00 pence per share on Tuesday morning in London.

By Harvey Dorset, Alliance News reporter

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