Oxford Nanopore Technologies PLC (LSE:ONT) has upgraded its revenue forecasts after a new three-year contract in the United Arab Emirates.
The company, which specialises in nanopore-based sensing technology, won the new contract to provide devices, consumables including flow cells and kits, and other support services worth around US$68mln.
The contract with G42 Laboratory will generate revenues beyond 2022, so while the company is sticking with its revenue forecasts for its Life Science Research Tools business for 2021, it now expects revenues of £135-145mln from the business in 2022 and raised its forecast for 2023 from £165-175mln to £170-190mln.
The US$7bn DNA sequencing market has been dominated by US firm Illumina (NASDAQ:ILMN), whose US$60bn market capitalisation puts Oxford Nanopore’s £3.5bn (US$4.75bn) firmly in the shade.