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Strong first half performance across all regions and customer segments; full year guidance reaffirmed

Oxford Nanopore Technologies plc (LSE: ONT) (“Oxford Nanopore” or the "Group"), the company behind a new generation of molecular sensing technology based on nanopores, today announces its interim results for the six months ended 30 June 2025. Gordon Sanghera, Chief Executive Officer, commented:

“We delivered a strong first half performance, with broad-based growth across all geographies and customer segments. 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. We also made clear progress on our path to profitability, with improved EBITDA performance reflecting expanding gross profit and disciplined cost control.

“At the same time, we made good progress against our strategic priorities. We continued to innovate, enhancing our product performance and workflow simplification, while extending our multiomic capabilities to provide even richer genetic insights. We also entered into a new partnership with Cepheid to develop automated infectious disease sequencing solutions, while strengthening operations and refining our commercial strategy to target high-priority applications. With this momentum, we remain on track to deliver our 2025 guidance and are confident in our medium-term targets.”

Summary financial performance¹

£ million Unless otherwise stated	H1 2025	H1 2024	Change reported	Change CC2
Revenue	105.6	84.1	25.6%	28.0%
Gross profit	61.4	49.5	24.0%
Gross margin	58.2%	58.8%	(60)bps
Adjusted EBITDA3	(48.3)	(61.7)	+13.4
Loss for the period	(71.8)	(74.7)	+2.9

 

H1 Financial highlights

• Revenue of £105.6 million grew by 28.0% on a constant currency basis (CC), up 25.6% on a reported basis, ahead of expectations.

• Revenue growth delivered in all regions, led by APAC and EMEAI, up by 38.3% CC and 32.7% CC respectively year-on-year. Despite ongoing uncertainty in the US research environment, revenue in the Americas grew by 16.9% CC underpinned by increasing demand in Applied markets.
• Growth was delivered across all customer end markets; revenue grew by 52.9% in Clinical, 27.4% in Applied Industrial, 18.5% in BioPharma and 22.1% in Research.
• Revenue grew fastest across the PromethION product range4 up 59.6% year-on-year. The MinION product range5 declined by (3.1)% and Other revenue, which includes kits, services and other devices, grew by 14.2%.

• Gross margin decreased by 60 basis points (bps) to 58.2% (H1 2024: 58.8%). Underlying margin improvements +525bps were driven by targeted margin expansion initiatives and boosted by increased adoption of the new pricing model. However, these gains were offset by a one-off non-cash inventory charge in H1 of £3.3 million (-315bps), mix (-195bps) and currency headwinds (-80bps).
• Adjusted EBITDA improved year-on-year and sequentially to £(48.3) million, compared with £(61.7) million in H1 2024 and £(56.2) million in H2 2024. This was primarily driven by increased gross profits and disciplined control of the cost base. Adjusted operating costs were up 1.3% against H1 2024 but down by 2.2% compared to H2 2024.
• Reduction in loss year-on-year to £(71.8) million (H1 2024: £(74.7) million), reflecting the improvement in EBITDA loss.
• Strong balance sheet position; cash, cash equivalents and other liquid investments of £337.3 million6 as at 30 June 2025, compared to £403.8 million as of 31 December 2024. Cash flow is improving driven by adoption of the new pricing model and a higher proportion of capex purchases by customers, which has reduced the cash impact from devices being leased to customers to £5.5 million in H1 2025 from £14.4 million in H1 2024.

To read the full results go here.