21 July 2025

Oxford Nanopore Technologies plc

Half Year Trading Update and Notice of Results

Strong first half performance; full year outlook on track

Oxford Nanopore Technologies plc (LSE: ONT) ("Oxford Nanopore" or "the Group"), the company delivering a new generation of molecular sensing technology based on nanopores, today provides a trading update for the six months ended 30 June 2025 ("H1"), 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 ("CC"), 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. 

-ENDS-

This trading update is based upon unaudited management accounts and has been prepared solely to provide additional information on trading to the shareholders of Oxford Nanopore Technologies plc. All figures are provisional and subject to further review.

For further information, please contact:

Oxford Nanopore Technologies plc

Investors:         ir@nanoporetech.com

Media:              media@nanoporetech.com

Teneo (communications adviser to the Company)

Tom Murray, Jo Blackshaw

+44 (0) 20 7353 4200

OxfordNanoporeTechnologies@teneo.com

Notes:

-     Constant currency (CC) applies the same rate to the H1 2025 and H1 2024 non-GBP results based on H1 2024 rates.

-     All percentages compare to the equivalent 2024 period.

-     APAC: Asia Pacific, AMR: The Americas, EMEAI: Europe, the Middle East, Africa and India

About Oxford Nanopore Technologies plc:

Oxford Nanopore Technologies' goal is to bring the widest benefits to society through enabling the analysis of anything, by anyone, anywhere. The Group has developed a new generation of nanopore-based sensing technology that is currently used for real-time, high-performance, accessible, and scalable analysis of DNA and RNA. The technology is used in more than 125 countries, to understand the biology of humans, plants, animals, bacteria, viruses and environments as well as to understand diseases such as cancer.  Oxford Nanopore's technology also has the potential to provide broad, high impact, rapid insights in a number of areas including healthcare, food and agriculture. 

For more information please visit: www.nanoporetech.com

Forward-looking statements

This announcement contains certain forward-looking statements. For example, statements regarding expected revenue growth and profit margins are forward-looking statements. Phrases such as "aim", "plan", "expect", "intend", "anticipate", "believe", "estimate", "target", and similar expressions of a future or forward-looking nature should also be considered forward-looking statements. Forward-looking statements address our expected future business and financial performance and financial condition, and by definition address matters that are, to different degrees, uncertain. Our results could be affected by macroeconomic conditions, delays or challenges in manufacturing or delivering of products to our customers, suspensions of large projects and/or acceleration of large products or accelerated adoption of pathogen surveillance or applied uses of our products. These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements.