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Oxford Nanopore Technologies PLC on Tuesday backed guidance as growth across the business helped drive a 26% increase in first half sales. The Oxford-based specialist in DNA and RNA sequencing technologies reported a pretax loss of £69.0 million for the six months that ended June 30, narrowing from £71.4 million the year before. Revenue rose 26% to £105.6 million from £84.1 million, or by 28% at constant currency, with growth across all geographies and markets. Sales grew by 38% in Asia Pacific and by 33% in Europe, Middle East, Africa & India at constant currency. Growth was a more modest 17% in the Americas, amid ‘ongoing uncertainty in the US research environment.’ Clinical revenue rose 53%, Applied Industrial by 27%, Biopharma by 19% and in Research by 22%. Revenue grew fastest across the PromethION product range, up 60% year-on-year. Chief Executive Gordon Sanghera, who is stepping down at the end of 2026 after more than 20 years in the post, said it was a ‘strong’ first half performance. ‘Revenue grew ahead of expectations, driven by increasing demand in both Research and Applied markets and further adoption of our high-output PromethION platform by customers across a wide range of applications,’ he added. He said Oxford Nanopore also made clear progress on its path to profitability, with improved earnings before interest, tax, depreciation and amortisation performance reflecting ‘expanding gross profit and disciplined cost control.’ Adjusted loss before interest, tax, depreciation and amortisation narrowed to £48.3 million from £61.7 million a year ago, while gross profit increased 24% to £61.4 million from £49.5 million. Gross margin decreased by 60 basis points however to 58.2% from 58.8%. Research and development expenses fell 8.1% to £44.1 million from £48.0 million but selling, general and administrative expenses leapt 21% to £95.1 million from £78.5 million. Shares in Oxford Nanopore fell 2.3% to 177.40 pence in London on Tuesday morning although they have risen 46% in the last 12 months. Looking ahead, Oxford Nanopore left guidance unchanged. In 2025, the company looks for revenue growth of 20% to 23% on a constant currency basis from £183.2 million in 2024, gross margin of around 59% compared to 57.5% a year ago and adjusted operating expense growth of 3% to 4%. Medium-term guidance was also unchanged. Oxford Nanopore expects to reach adjusted Ebitda breakeven in 2027 and be cash flow positive in 2028, driven by more than 30% compound annual growth in revenue between 2024 to 2027 at constant currency, gross margin above 62% in 2027, and disciplined operating expense growth of 3% to 8% between 2024 to 2027. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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