Oxford Nanopore Technologies plc provided earnings guidance for the year 2023. The Group expects to report LSRT revenue for the 12 months ended 31 December 2023 of approximately £169 million (FY22: £146.8 million), representing year-on-year growth of approximately 15% on a reported basis and 15% on a constant currency basis. Underlying LSRT revenue growth, excluding revenue from Emirati Genome Program ("EGP") and COVID-19 sequencing, is expected to be approximately 39% on a constant currency basis.

Strong performance across the broader customer base in FY23 was driven by consumables sales, which accounted for approximately 75% of revenue. Underlying revenue growth in the second half is expected to be approximately 32%, impacted by slower than expected ramp up of certain new S3 customers. Expected revenue from these customers in FY23 will now fall into FY24.

In addition, there was some slow-down in growth in China and in the Middle East following issuance of the recent US semiconductor trade rule further regulating sales of advanced AI semiconductors. Product development plans within 2024 include updates that are expected to mitigate this headwind.