On Monday, Oxford Nanopore Technologies (LSE:ONT) announced first-half revenues of £105 million, outperforming analyst forecasts and marking a 28% increase on a constant currency basis.
The company’s growth was largely fueled by robust sales in its PromethION product line, which saw a 59% year-over-year jump, alongside a 33% rise in Applied markets, including BioPharma, Clinical, and Industrial sectors.
Despite challenges in the U.S., Oxford Nanopore’s Research segment still managed to grow by 22% compared to last year.
Regionally, the EMEAI (Europe, Middle East, Africa, and India) and APAC (Asia-Pacific) markets drove growth with over 30% gains in constant currency, while the Americas expanded by 17%, propelled mainly by increased demand in Applied markets.
The company’s gross margin took a hit due to a non-cash inventory write-down and currency headwinds during the period.
Nonetheless, adjusted EBITDA losses narrowed compared to the previous year, reflecting disciplined cost control and improved gross profits.
Oxford Nanopore reaffirmed its full-year 2025 targets, forecasting revenue growth between 20-23% at constant currency, a gross margin of 59%, and adjusted operating expenses rising by 3-4%.
Cash reserves stood at £337 million at the half-year mark, down from £403.8 million at the close of fiscal 2024, a change the company attributes to better cash flow conversion driven by its new pricing approach and greater uptake of customer capital expenditures.
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