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Highlights

  • H1 2025 revenue grew 28% CC to £105.6m (USD 137m), with broad-based growth across geographies and customer markets.

  • Adjusted EBITDA loss narrowed to £(48.3)m (USD -62.7m) from £(61.7)m in H1 2024, driven by higher gross profits and cost discipline.

  • Partnership with Cepheid launched to advance automated infectious disease sequencing solutions.

Oxford Nanopore Technologies plc (LSE:ONT), a developer of nanopore-based molecular sensing technology, has reported a significant increase in revenue for the first half of 2025, supported by broad-based growth across geographies, customer markets, and product ranges.

Financial Performance

Group revenue rose 28.0% on a constant currency basis (CC) and 25.6% on a reported basis to £105.6 million (USD 137 million) for the six months ended 30 June 2025, ahead of expectations. Growth was broad-based across regions, led by APAC (+38.3% CC) and EMEAI (+32.7% CC). In the Americas, revenue increased 16.9% CC, despite uncertainty in the US research environment, driven by Applied markets demand.

Revenue expanded across all customer end markets, with Clinical up 52.9%, Applied Industrial up 27.4%, BioPharma up 18.5%, and Research up 22.1% year-on-year. Product performance was led by the PromethION range, which grew 59.6%, while MinION declined by 3.1% and Other revenue, including kits and services, grew 14.2%.

Gross margin stood at 58.2%, compared with 58.8% in H1 2024. Underlying margin expansion of +525bps was delivered through pricing initiatives and improved adoption of the new model, but offset by a one-off £3.3 million (USD 4.3 million) inventory charge, product mix, and currency headwinds.

Adjusted EBITDA improved to £(48.3) million (USD -62.7 million) from £(61.7) million (USD -80.1 million) in H1 2024. Loss after tax narrowed to £(71.8) million (USD -93.1 million) from £(74.7) million (USD -97.0 million). Cash and liquid investments were £337.3 million (USD 437 million) at 30 June 2025, compared with £403.8 million at 31 December 2024.

Operational and Strategic Highlights

Oxford Nanopore reported customer adoption across Research, Applied, and Clinical markets. Highlights included large-scale programmes such as the UK Biobank pilot and Singapore’s PRECISE project, which delivered 10,200 genomes. Clinical applications expanded in oncology and rare disease, while BioPharma and Industrial markets broadened adoption for quality control and synthetic biology.

The Group announced a new partnership with Cepheid (Danaher subsidiary) to develop automated infectious disease sequencing solutions. Progress was also made in product innovation, with advancements in basecalling, methylation detection, and RNA sequencing, alongside early-stage developments in proteomics.

Operational initiatives included scaling manufacturing and logistics, introducing next-generation automated flow cell lines, and achieving ISO 13485 standards for quality assurance. Cost efficiency measures included a ~5% workforce reduction and reallocation of capital to priority growth areas.

Leadership and Outlook

Oxford Nanopore confirmed that CEO Gordon Sanghera will step down by the end of 2026 after more than two decades in the role. Co-founder Spike Willcocks also departed, with CFO Nick Keher assuming interim oversight of the commercial team.

Guidance for FY2025 remains unchanged, with revenue expected to grow 20–23% CC, gross margin at ~59%, and operating expense growth of 3–4%. Medium-term targets include adjusted EBITDA breakeven by FY2027 and positive cash flow by FY2028, supported by revenue CAGR above 30% at constant currency and gross margins above 62%.