Oxford Nanopore Technologies plc (LON:ONT), the company delivering a new generation of molecular sensing technology based on nanopores, has provided a trading update for the six months ended 30 June 2025, ahead of reporting its interim results.
The Group expects to report revenue of approximately £105 million (H1 2024: £84.1 million), up 28% on a constant currency basis, or 25% on a reported basis, ahead of expectations. Growth was strongest across the PromethION product range, up by approximately 59% year-on-year.
The Group delivered strong growth in both Research and Applied markets (including BioPharma, Clinical and Industrial), up by approximately 22% and 33% respectively, with significant progress made developing new opportunities across each of the Applied markets. On a geographical basis, the strong revenue performance was led by EMEAI and APAC, both up by more than 30% CC year-on-year. Despite ongoing uncertainty in the US research environment, revenue in the Americas grew by 17% CC underpinned by increasing demand in Applied markets.
Targeted measures to improve gross margin progressed in line with expectations and were meaningfully enhanced by increased adoption of capex purchases by customers. However, these initiatives will be offset in H1 by a non-cash one-off charge taken in H1 related to inventory alongside currency headwinds, resulting in a gross margin marginally below H1 2024 (58.8%).
The Group continued to progress on its path to profitability, delivering a year-on-year and sequential reduction in adjusted EBITDA loss, supported by disciplined cost management and gross profit growth in the period.
The Group remains well capitalised with approximately £337 million in cash, cash equivalents and other liquid investments as at 30 June 2025 (FY 2024: £403.8 million). Cash flow conversion is improving driven by adoption of the new pricing model and a higher proportion of capex purchases by customers, which improves working capital dynamics.
Full year guidance remains on track, across all metrics, supported by strong first half execution and continued momentum across the business.
Notice of Results
Oxford Nanopore will announce its interim results for the six months ended 30 June 2025, on Tuesday 2 September 2025. Management will host a virtual presentation on the same day, at 9:00am GMT/ 4:00am EST, followed by a Q&A session, accessible via conference call or webcast. The webcast will be available on Oxford Nanopore’s website at https://nanoporetech.com/about-us/investors/reports.
