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(Alliance News) - Oxford Nanopore Technologies PLC on Tuesday said that it was well placed for continued growth in 2023, as demand drove increased revenue and narrowed its pretax loss last year.
Oxford Nanopore is an Oxford, England-based company that develops and sells nanopore sequencing products.
It reported a pretax loss of GBP83.4 million in 2022, narrowed from a loss of GBP166.0 million in 2021. Revenue rose to GBP198.6 million from GBP133.7 million.
"2022 was another year of significant progress for Oxford Nanopore. Demand for our differentiated technology continues to grow around the world and across many areas of scientific research, including human, cancer, animal, plant, pathogen and environmental genomics....We have remained relentlessly focused on innovation, with the well-received new technologies launched in 2022 further strengthening Oxford Nanopore's unique position as a highly accessible, accurate, information rich platform at any scale," said Chief Executive Officer Gordon Sanghera.
Looking ahead, he said: "We enter 2023 with good momentum. Our balance sheet remains strong and we will continue to invest in ground-breaking innovations and operational expansion to support continuous growth and deliver long-term value for shareholders."
Oxford Nanopore shares were trading 2.5% higher at 181.00 pence each in London on Tuesday morning.
By Holly Beveridge, Alliance News reporter
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