Strong Revenue Growth
Oxford Nanopore reported FY 2024 revenues at GBP 183.2 million, representing an 11.1% increase at constant currency and 23.3% on an underlying constant currency basis, in line with their guidance of 20% to 30% growth.
PromethION Flow Cell Utilization Increase
PromethION flow cell utilization increased by 36% from the first half to the second half of 2024, indicating higher demand for the company's sequencing technology.
Strong Cash Position
The company ended 2024 with a strong balance sheet, holding GBP 403.8 million in cash, supported by an GBP 80 million raise from new and existing investors in the second half.
Significant Advances in Applied Markets
The applied industrial segment grew over 40%, with significant contracts in plasmid sequencing and synthetic biology markets, displacing traditional methods like Sanger sequencing.
Innovative Product Launches
GridION Q-Line launched in 2024, with plans to roll out PromethION Q-Line in 2025, coupled with the ElysION platform for regulated workflows.