Shares in screening and sequencing specialist Oxford Nanopore Technologies PLC (LSE:ONT) got off to a positive start after it said it was raising revenue guidance for this year and next.
The stock price gains were tempered by preliminary results that revealed the group’s losses had widened 13% for the 12 months to 31 December 2021 to £82.9mln on revenues of £133.7mln, up 18%.
At the period-end, it was sitting on cash and equivalents of £618mln.
Looking ahead, Oxford Nanopore said it expects life science research tools to generate revenues of £145mln-£160mln this year and £190mln-£220mln in 2023.
It said the guidance accounted for an expected significant decline in COVID sequencing income.
At the open, Oxford Nanopore’s shares were changing hands for 448.13p, up 1.4%. The company, which listed last October at 425p, is valued at £3.6bn. The shares were above 700p in late December.