London · Delayed Price · Currency is GBP · Price in GBX Oxford Nanopore Technologies Earnings Call Transcripts
Fiscal Year 2026
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Revenue growth is strong in clinical and applied industrial markets, with rapid adoption in rare disease, infectious disease, and oncology. Technology differentiation, strategic partnerships, and biopharma applications are driving expansion, while financial targets have been adjusted to reflect market and execution challenges.
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Revenue and cash performance exceeded expectations, driven by strong growth in clinical and biopharma segments, a shift to a CapEx model, and ongoing innovation. Despite regional and execution challenges, the outlook remains positive with ambitious financial targets and new product launches expected to drive future growth.
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The conference highlighted robust financial growth, platform innovation, and expanding clinical and biopharma applications. Strategic partnerships, a shift to a CAPEX model, and operational scalability underpin confidence in meeting 2027 profitability targets and continued market share gains.
Fiscal Year 2025
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FY 2025 saw 24% revenue growth, margin expansion, and improved EBITDA loss, driven by strong applied market performance and disciplined cost control. FY 2026 guidance targets 21–25% revenue growth, 62% gross margin, and continued operational leverage, with breakeven EBITDA expected in 2027.
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Leadership transition is underway with a focus on biopharma and clinical growth, targeting EBITDA break-even by 2027. Technology differentiation and strong execution have driven top-end revenue guidance, with new pricing models and partnerships supporting margin and market expansion. Biopharma QC and clinical segments are key growth drivers.
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Upgraded 2025 guidance reflects strong growth in the Americas and clinical/biopharma sectors, with major contracts like UK Biobank set to drive 2026 revenue. Pricing and business model changes have improved margins and cash flow, while operational focus shifts to high-value segments and leadership transitions support future scalability.
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Revenue grew 28% constant currency in H1 2025, with strong gains across all segments and regions. Gross margin reached 58.2% (61% excluding a one-off charge), and adjusted EBITDA loss improved 22% year-on-year. Guidance for 2025 is reaffirmed, with a focus on high-priority applied and clinical markets.
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The platform achieved strong financial growth in 2024, driven by differentiated native DNA/RNA sequencing technology and expanding adoption in clinical, biopharma, and applied markets. Strategic innovation, new partnerships, and a robust pipeline support continued momentum and margin expansion into 2025 and beyond.
Fiscal Year 2024
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FY 2024 revenue grew 23% underlying constant currency to £183.2m, with strong H2 momentum and broad-based growth across applied, clinical, and biopharma segments. Guidance for 2025 is 20%-23% revenue growth, with gross margin expected to rise to ~59%, despite headwinds from US federal funding and China.
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Nanopore technology enables high-accuracy, scalable sequencing across DNA, RNA, and future omics, with rapid clinical applications and strong positioning in population genomics. Strategic partnerships, innovation, and expanding global reach support growth, with financial targets set for margin improvement and break-even by 2028.
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Nanopore sequencing is driving a shift toward affordable, real-time, high-definition genomics, expanding from research into clinical, biopharma, and industrial markets. Strategic partnerships, global health initiatives, and a flexible business model support rapid growth, with financial targets set for over 30% annual revenue growth and profitability by 2027.
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Strong first-half growth and margin outperformance were driven by large contracts, increased device utilization, and improved sales force efficiency. New product launches and technology advances are expanding market opportunities, while operational discipline supports margin and revenue targets.
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Long-read sequencing technology is driving growth through unique capabilities in structural variation, methylation, and multi-omics, with strong adoption in research, clinical, and applied markets. Financial performance remains robust, supported by new product launches, manufacturing efficiencies, and expanding partnerships, with a focus on scalability and underpenetrated segments.
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H1 2024 saw 12.4% underlying revenue growth and margin expansion, with strong cash reserves and reaffirmed full-year guidance. Growth was driven by consumables and PromethION, with new contracts and product launches supporting a positive outlook.