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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oxford Nanopore Technologies Plc | LSE:ONT | London | Ordinary Share | GB00BP6S8Z30 | ORD GBP0.0001 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
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|---|---|---|---|---|---|
| 0.50 | 0.35% | 145.20 | 1,874,722 | 16:35:29 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 145.20 | 145.70 | 147.30 | 143.10 | 144.90 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Coml Physical, Biologcl Resh | 183.19M | -146.19M | -0.1521 | -9.55 | 1.39B |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 17:06:53 | O | 94,902 | 145.83 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 04/7/2025 | 16:30 | UK RNS | Oxford Nanopore Technologies plc Publication of 2024 Sustainability Report |
| 01/7/2025 | 17:00 | UK RNS | Oxford Nanopore Technologies plc Issue of Equity and Total Voting Rights |
| 27/6/2025 | 08:30 | UK RNS | Oxford Nanopore Technologies plc Holding(s) in Company |
| 18/6/2025 | 09:30 | UK RNS | Oxford Nanopore Technologies plc Holding(s) in Company |
| 12/6/2025 | 16:00 | UK RNS | Oxford Nanopore Technologies plc Share Incentive Plan - Director/PDMR.. |
| 11/6/2025 | 17:30 | UK RNS | Oxford Nanopore Technologies plc Holding(s) in Company |
| 05/6/2025 | 17:55 | UK RNS | Oxford Nanopore Technologies plc Changes in Composition of Remuneration.. |
| 04/6/2025 | 13:00 | UK RNS | Oxford Nanopore Technologies plc Result of AGM |
| 03/6/2025 | 07:00 | UK RNS | Oxford Nanopore Technologies plc Issue of Equity and Total Voting Rights |
| 02/6/2025 | 08:00 | UK RNS | Oxford Nanopore Technologies plc Holding(s) in Company |
Oxford Nanopore Technolo... (ONT) Share Charts1 Year Oxford Nanopore Technolo... Chart |
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1 Month Oxford Nanopore Technolo... Chart |
Intraday Oxford Nanopore Technolo... Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 07/7/2025 | 16:55 | OXFORD NANOPORE | 2,195 |
| 10/5/2004 | 09:41 | Ј8m boost for Online Travel | 473 |
| 29/1/2004 | 21:48 | Online Travel - Superb chart and fundamentals | 3 |
| 19/12/2003 | 17:11 | ONT - 4 new contracts worth Ј7million | 310 |
| 15/10/2003 | 03:30 | Online Travel Corporation | 962 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 16:06:53 | 145.83 | 94,902 | 138,395.59 | O |
| 16:05:37 | 145.60 | 1 | 1.46 | O |
| 15:47:06 | 145.61 | 1 | 1.46 | O |
| 15:36:31 | 145.49 | 152,415 | 221,753.61 | O |
| 15:36:22 | 145.49 | 39,760 | 57,848.14 | O |
| Top Posts |
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Posted at 09/7/2025 09:20 by Oxford Nanopore Technolo... Daily Update Oxford Nanopore Technologies Plc is listed in the Coml Physical, Biologcl Resh sector of the London Stock Exchange with ticker ONT. The last closing price for Oxford Nanopore Technolo... was 144.70p.Oxford Nanopore Technolo... currently has 960,995,120 shares in issue. The market capitalisation of Oxford Nanopore Technolo... is £1,396,325,909. Oxford Nanopore Technolo... has a price to earnings ratio (PE ratio) of -9.55. This morning ONT shares opened at 144.90p |
Posted at 22/5/2025 07:37 by bamboo2 Oxford Nanopore Technologies plcLondon Calling Technology Update Annual customer conference highlights how Oxford Nanopore's unique molecular sensing platform empowers real-time insights, consistent results, and multiomic discovery 22 May 2025 Oxford Nanopore Technologies plc (LSE: ONT) ("Oxford Nanopore" or the "Company"), the company delivering a new generation of nanopore-based molecular sensing technology, presented technology and platform updates at the Company's flagship annual London Calling customer conference. During the sold-out event, with more than 4,500 registered online and in-person participants from more than 120 countries, the Company also provided updates to its long-term innovation pipeline. Technology and pipeline updates included: · Continued enhancement to product performance, reliability and competitiveness: The presentation highlighted the development of high throughput workflows, flow cell improvements and new kit chemistries to drive higher output on the PromethION Flow Cell. · Improved analytics and insights for broad applications: Continued development of EPI2ME, the Company's informatics platform which provides analysis tools for a growing menu of end-to-end workflows. Updates included (i) a new high-performance variant caller to increase consistency and accelerate workflows, especially in production environments where speed and reproducibility are key drivers and (ii) continued development of base modification calling, with more than ten modifications now supported. This enables improved accuracy of methylation detection, without the need for complex processes required with legacy sequencing technologies. · Improving direct RNA sequencing, to accelerate biopharma workflows with a single streamlined platform: Recent updates to the cDNA kit and direct RNA workflows enable longer reads and higher output, delivering industry-leading performance supporting biopharma applications beyond mRNA Vaccine Quality Control, including drug discovery, sterility testing, and exploring tissue-specific RNA modifications. · Near term focus on regulated product pipeline to driving adoption in applied markets: The GridION Q device is expected to complete CE-IVD submission in the EU for regulated clinical markets by the end of 2025. The device will be available for specified partners only. The Q-Line product range is expanding to include PromethION Q, now expected to launch in 2026, to broaden the opportunity for human sequencing applications. · Ambitious and targeted long-term innovation pipeline: including the ongoing development of a new voltage-controlled ASIC for high throughput customers. · A roadmap to proteomics: Oxford Nanopore is now making advancements into providing solutions for protein analysis, a key area for scientific research and discovery in health and substantial potential for applied uses in clinical and industrial applications. The Company is currently developing two complementary approaches: one focused on identifying native proteins in clinical samples, and another designed for scalable protein barcoding. Both workflows are in development, with future potential to enable the direct detection and characterisation of full-length proteins. A detailed written summary and a video replay of the technology talk can be accessed on the Oxford Nanopore website. |
Posted at 21/3/2025 23:06 by foreverbull Full FT articleFormer UK IPO star Nanopore admits it is a takeover targetDNA sequencing specialist's decision to list in London in 2021 was seen as a victory for the market at the timeGordon Sanghera © Charlie Bibby/FTThe boss of the UK biotech seen as a beacon of hope for the London IPO market only four years ago has admitted the business has become a takeover target.Oxford Nanopore's chief executive and co-founder Gordon Sanghera told the Financial Times that the gene sequencing company, whose shares have fallen 85 per cent from their 2021 peak, is "exposed" to acquisition.For three years after the listing, Sanghera's Nanopore shares allowed him to veto an acquisition, but this has now expired. "Should [the veto right] have been a bit longer?" he said in an interview. "Right now, from where I'm sitting, we feel rather exposed."He added that the business was not afraid of being bought by the "right person". Bankers have said it can be attractive to one of the big diagnostics specialists, such as Thermo Fisher Scientific or Danaher. Neither company responded to a request for comment.Nanopore was spun out of Oxford university in 2005 with a pioneering technology for sequencing DNA on handheld devices. These are mainly bought by scientists and large public research projects such as the UK Biobank, but sales shot up during the pandemic when they were used to track Covid-19 variants spreading around the world.Handheld device for sequencing DNANanopore was spun out of Oxford university in 2005 with a pioneering technology for sequencing DNA on handheld devices © Charlie Bibby/FTThe company's decision to list in London in 2021 was seen as a victory for the market: UK tech and biotech companies have generally chosen the Nasdaq. After the IPO, shares traded at more than £7 at their highest but as demand waned with the pandemic, investors started to worry about growth prospects.Charles Weston, an analyst at RBC Capital Markets, said the company had grown at a similar pace as it promised at the IPO, but the "market fell out of love" with it.Its shares now hover around £1 for a market capitalisation of just over £950mn.Line chart of Share price, pence showing Nanopore shares have been hit by worries about growthDespite the languishing price, the company still has big-name backers. Oracle billionaire Larry Ellison recently increased his stake, and Novo Holdings, the investment company behind drugmaker Novo Nordisk, invested £50mn last summer. It is also starting to have some success in the market for pharmaceutical quality assurance, selling its devices to drugmakers testing the complex new treatments that are coming to market.One large investor said shareholders should be able to defend the company from any unwanted offer, because together, the top 10 own 58 per cent. Another investor said many shareholders had invested before the IPO, at prices far above the current level, so were unlikely to accept a low- ball offer.Sanghera, who has been chief executive from the start, said Nanopore had been at a turning point for the past three or four years, but it had been "a bit like turning" a tanker.In its most recent results, it reported revenue growth of 8 per cent in 2024, or 23 per cent on an underlying and constant currency basis when Covid sales and a large one-off contract from the UAE were excluded. This year, it forecasts 20-23 per cent sales growth. It is cutting costs by 9 per cent, about half of this from staff, and is aiming to break even in 2027. To achieve this, Sanghera said Nanopore would have to maintain compound annual growth of 30 per cent in the next three years - the same pace it has managed in the past three - and accelerate its sales into other markets.Technicians do mobile DNA sequencing using Nanopore's mobile technologyTechnician |
Posted at 04/3/2025 07:25 by bamboo2 04 March 2025Oxford Nanopore Technologies plc Annual results for the year ended 31 December 2024 Guidance achieved on the back of strong and accelerating momentum in H2 24 across all regions; investments made in operational platform position the Group strongly for 2025 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 preliminary results for the year ended 31 December 2024. Gordon Sanghera, Chief Executive Officer, commented: "I am pleased to be reporting another year of strong, underlying constant currency revenue growth of 23%, in line with guidance. We are particularly encouraged by the increasing momentum delivered across all regions into the second half of 2024, with overall underlying revenue growth at constant currency accelerating to 34%. This, together with good cost control, drove an improvement in our EBITDA loss in H2 and we expect this trend to continue in 2025. "We have continued to innovate at pace to meet customer needs in our target markets. We launched four new products in 2024, two of which - GridION Q and ElysION - are aimed at our regulated customer base to drive adoption in new Clinical, BioPharma and Applied Industrial markets. We also continued to demonstrate strong commercial execution, announcing several landmark contracts and new strategic collaborations during the year, as well as progressing existing collaborations. These included partnerships with the UK Government, UK Biobank and Precision Health Research Singapore that will advance genomics-driven healthcare innovation globally. "While we expect the macroeconomic and geopolitical backdrop to remain uncertain, we enter 2025 with strong operational momentum and a growing opportunity pipeline. Our highly differentiated platform, commercial capabilities and robust balance sheet continue to position us well to capture the substantial market opportunity and deliver long-term sustainable above market growth and attractive returns for our shareholders." |
Posted at 12/2/2025 20:06 by 74tom takeiteasy, I think a lot of it is due to the persistence & scale of the buying from EIT, without it the share price would already be down significantly more than it is, and presumably less attractive to the short sellers. Conversely, EIT wouldn't have been able to buy so many shares without the short sellers...Secondly it's technical & fundamental in nature. Qube & Systematica are both quant driven, and there are several obvious quant factors which make this an attractive short; - significantly loss making - Negative EPS revisions - Negative share price momentum (created by short sellers, hence why it's bounced off 165p resistance 5 times since September) - Minimal value in a DCF model due to profitability being years off - Growth is good on an underlying basis, but if they take it at face value this could be another red flag The quant funds are essentially betting that loss making + falling share price = equity destruction, and they are being provided an unusual amount of liquidity to play with. Their issue is that they are needing to sell vast quantities of stock in order to force the share price down and in doing so could be building a bear trap It would be epic if ONT could deliver some major news that would drive upgrades. |
Posted at 05/2/2025 11:04 by cousinit I think that the share price performance will depend on whether ONT continues to show that it is ploughing its own productive furrow, irrespective of what Illumina and PacBio achieve.What has been somewhat frustrating has been the appetite to undertake share issues. One thing you generally need for the share price to make progress is the lack of new paper being printed. Appreciate that management likely see the benefit of the collaborations and having Novo on the register, but make them pay up a bit! |
Posted at 13/1/2025 07:05 by bamboo2 13 January 2025Oxford Nanopore Technologies plc Full Year Trading Update and Notice of Results Strong and accelerating second half momentum, with full year performance in-line with guidance Highlights: - Commercial performance accelerated in the second half in-line with guidance; underlying revenue growth in the second half was approximately 34% on a constant currency basis - Full year performance in-line with guidance, with reported revenues of approximately £183 million, underlying revenue growth of approximately 23% on a constant currency basis and gross margin slightly above guidance of approximately 57% - Medium-term guidance reaffirmed, with improving top line momentum, further gross margin expansion and ongoing cost discipline to deliver adjusted EBITDA breakeven in 2027 Gordon Sanghera, Chief Executive Officer, commented: "We are pleased with our performance in 2024, which is in line with our guidance in a year that proved challenging for the broader sector, demonstrating the value of our differentiated platform. We are particularly encouraged by the increasing momentum delivered across all regions into the second half of 2024, with overall underlying revenue growth at constant currency accelerating to approximately 34%. This momentum alongside our growing opportunity pipeline gives us confidence as we enter 2025. "Looking beyond 2025, our highly differentiated platform and deep innovation pipeline coupled with strengthened commercial and operational capabilities combined with a strong balance sheet, position us well to deliver long-term, sustainable, above-market growth." 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 twelve months ended 31 December 2024 ("FY24"), ahead of reporting its annual results on 4 March 2025. Full year performance in-line with guidance. The Group expects to report revenue of approximately £183 million (FY23: £169.7 million), up 11% on a constant currency ("CC") basis, or 8% on a reported basis and driven by expansion into customer end-markets outside of Research, i.e. Applied Industrial, BioPharma and Clinical. This figure includes an approximate £16 million combined headwind from COVID sequencing and the Emirati Genome Program, slightly less than previously expected. Underlying revenue growth at CC excluding these headwinds was approximately 23%. Underlying growth has been strongest across the PromethION product range, up approximately 55% in 2024, primarily driven by increasing customer flow cell utilisation. This helped offset softness in the MinION product range, which declined in the period due to a mix of factors primarily related to product life cycle management, as previously outlined at the interim results, that continued into the second half. On a geographical basis the Group delivered strong underlying revenue growth in all regions, led by EMEAI and APAC and driven by new product launches, new and expanded contracts, and increasing sales team productivity. The strong and broad based acceleration across the business in H2 was moderated in part by export control restrictions to China. The anticipated acceleration in growth in AMR in H2 started as expected, and our confidence that this will continue to accelerate in 2025 is underpinned by our growing commercial pipeline across both our existing customer base and new opportunities. Gross margin for the full year is expected to be slightly above the Group's FY24 guidance of approximately 57%. The Group remains well capitalised with approximately £403 million in cash, cash equivalents and other liquid investments as at 31 December 2024 (FY23: £472.1 million), noting that a £8.3 million R&D tax credit is now expected in H1 2025, previously H2 2024. Medium-Term Outlook No change to medium-term guidance: · Revenue is expected to grow by more than 30% CC on a compound annual growth rate ("CAGR") between FY24 and FY27 underpinned by continued penetration in existing markets (Research) and expansion into emerging end-market opportunities, in particular across BioPharma, Clinical and Applied Industrial. · Gross margin is expected to continue to improve and exceed 62% by FY27, supported by continued underlying improvements in manufacturing efficiencies, increased volume growth and further penetration of new end-markets. · Operating expenses are expected to grow at a CAGR of 3-8% between FY24 and FY27, reflecting a continued focus on financial discipline to leverage the infrastructure the Group has already built and to modulate investment relative to the outlook for growth. · The Group expects to reach adjusted EBITDA breakeven in FY27 and become cash flow positive in FY28. Notice of Results Oxford Nanopore will announce its preliminary annual results for the twelve months ended 31 December 2024, on Tuesday 4 March 2025. Management will host a virtual presentation on the same day, at 9:30am GMT/ 4:30am EST, followed by a Q&A session, accessible via conference call or webcast. The webcast will be available on Oxford Nanopore's website at |
Posted at 01/12/2024 22:30 by 74tom No problem @bamboo2.Once above 0.5% a short seller has to notify the FCA within a day of crossing the threshold & again at each 0.1% increase / decrease. I believe most short positions are opened by steadily selling stock via AT trades on the SETS order book. This selling pressure either cause a stock to plateau or fall over a period of time. The key thing to note is that most positions aren't closed in this way; usually you will see a short position unwound in a controlled manner with large block trades. My understanding is that this is because the short seller has hedged their position via an intermediary (i.e. Goldman, JP Morgan), and the block trades are the unwind of the hedge + underlying position. There will be derivatives, leverage & all sorts of complex strategies at play to minimize / fix risk. It's definitely the case that a hedge fund can reduce a short & then increase it again to stop a share price from recovering. Odey Asset Management did this to Metro Bank for years, it's no surprise that now they are defunct, MTRO are recovering. Many short sellers are quant only. Someone on the LSE forum noted that Systematica are 100% quant driven, so if a company is loss making & the shares are in a downtrend, they will short them on the assumption that the downtrend will continue. They have zero interest in what the company does, just that 9 times out of 10 a loss making entity with shares in a downtrend will continue to go down! Ocado definitely fall into this bucket, and it's why they have such huge bounces every now and again, as quants get caught out. On the IPO sellers, the more pre IPO funding rounds the higher the likelihood there will be sellers post IPO. ONT had nearly a dozen rounds & this capital will have been locked up for years, so the sellers will often want to cash in and move on to pastures new. Especially if shares aren't flying. Thanks for flagging the last INOV update by the way, I checked their behaviour since the IPO and it was hilarious. Whoever is running that Schroder fund should be ashamed of themselves. At 31/12/21 they held 23.3m shares valued at £162m At 31/12/21 they held 20m shares valued at £41.6m So in 2 years with shares between £2 and £6 they only sold 3.3m shares The at 30/06/24 they only held 10.7m shares, so in the first 6 months of 2024 they fire sold 9.3m shares at the worst possible time. It'll be curious to see how many they have left when they report their finals. My guess would be not many. It's no surprise that INOV are in what looks like a terminal downtrend. Either way, the influx of FTSE all share / 250 tracker buying should be a boon, those shares have to come from somewhere and after 3 years many of the IPO sellers must have exited. A return to £2+ would certainly make sense. |
Posted at 12/10/2024 13:45 by takeiteasy PACB up 27pc late last week - their share price analyst target is many times the current share price showing just how much the sector fell out favourWould ONT have been competing against PACB for the contract PACB announced that got the share price response?nai etc |
Posted at 11/10/2024 08:48 by bamboo2 09 October 202420 years of Nature Methods: how some papers shaped science and careers Section 7 Direct to RNA with nanopores DNA is quite hardy, so if it’s left out on a bench, it can still be analyzed. RNA, on the other hand, is best kept in a minus –80 °C freezer, says Libby Snell, an RNA biologist at Oxford Nanopore Technologies (ONT). RNases that degrade RNA are everywhere, and thus, when working with RNA, “you have to be very meticulous,” says Snell, who co-developed direct nanopore-based RNA sequencing (RNA-seq)12. A peek at ONT’s RNA lab reveals how fastidious Snell’s team is about clean surfaces and pipettes. RNA has long held her interest, given how it informs on events in a cell or organism. ONT application scientist Daniel Garalde, the paper’s first author, calls the work “one of the highlights of my career.” RNA sequencing long involved a proxy: analysis of cDNA, which requires an extra step of reverse transcribing RNAs into complementary DNA sequences. This changed with the advent of direct RNA sequencing using nanopore sequencer arrays, developed at ONT. Snell enjoys seeing the many ways the method is being used. Its potential reaches to RNA modification analysis and perhaps mRNA vaccine quality control. “I’m really proud of it and I have a framed copy of the Nature Methods cover on my wall,” says Daniel Turner. Daniel Turner, the paper’s last author, used to be at ONT and is now chief scientific officer at Cambridge, UK–based Enhanc3D Genomics. The idea of direct RNA sequencing was, he says, ambitious and challenging. The direct RNA-sequencing project helped to shape his career. Moreover, he says, “it’s not easy to figure out the potential value of something that just doesn’t exist,” and he appreciates how the company had “faith in the vision.” Turner says of the paper12, “I’m really proud of it and I have a framed copy of the Nature Methods cover on my wall.” Garalde, who co-developed direct nanopore RNA sequencing, now works in ONT’s business division in California with a focus on emerging techniques. He had joined ONT with a background in computer engineering from the University of California, Santa Cruz. He considered a postdoctoral fellowship with Hagan Bayley at the University of Oxford, one of ONT’s founders, but decided to join the company instead. In nanopore sequencing, a polynucleotide moves through a nanopore that spans a membrane in a volume of salt buffer. The readout is an electrical signal that provides information about what just traveled through the nanopore. Software converts the signal to a base sequence. Working on RNA meant re-engineering much of the technology used to sequence DNA, says Garalde. The voltage that runs across the nanopore accelerates the passage of DNA through the nanopore. Garalde and his colleagues worked on ways to slow this down, but the helicases that work with DNA didn’t work with RNA. They needed to get an RNA signal readout in the sensors. After Garalde left for California, Snell led next versions of the direct RNA sequencing chemistry up to the latest release. “It’s just tremendously better,” Garalde says. The team developed the method’s aspects in parallel, says Turner. For library prep, they worked on affixing adapters to RNA so that the nanopores would process it; they needed to assure RNA didn’t degrade in the flow cell; the right motor protein had to control the speed with which RNA passes through the nanopore; and they sought a signal readout and software for base-calling. The sequencers were not as accurate and fast as they are today, he says, but the sequencing hardware itself—the MinION sequencer—exis In Snell’s academic training at the Universities of Oxford and Reading, she used cDNA sequencing to study ancient cell lineages and the relatedness of organisms in the eukaryotic tree of life. She was intrigued about working in industry when she came across ONT, then a startup. Its long-read DNA sequencing promised to avoid needing to put together genome assemblies piecemeal from short DNA sequences. She also knew that it would be good to avoid the use of reverse transcriptases and polymerases to make cDNA, which can bias sequencing. Among the challenges with RNA, says Snell, were finding ways to keep RNA molecules intact. The work on direct RNA sequencing began around 2013 and the paper was published in 2018. At the time, it was not yet clear how scientists might apply the method but, says Snell, “I was always super excited by it,” she says. Projects like her academic ones would benefit greatly from such a capability. The team hoped the same motor protein that threads the DNA molecule through the nanopore would work for RNA. But a DNA-specific motor protein disengages from RNA, she says. After screening a variety of motor proteins, they decided on a motor protein called M1. The one they now use, M2, is RNA specific, says Snell. It does not work on DNA, just as the DNA one does not work for RNA. They explored pore modifications, too. They would set up flow cells and then wait. “Sometimes it would work and sometimes it wouldn’t,&rdqu Turner enjoys the fact that no other technology can sequence RNA directly and that a cDNA step is no longer needed with nanopore sequencing. One “gets so much closer to the action,” he says: actual RNA strands from the organism touch the nanopores during sequencing. Currently, says Snell, the nanopore sequencers read RNA at 120 nucleotides per second with a pore optimized for RNA and the RNA-specific motor protein. “We’re at about 98.8% accuracy.” When training researchers, she relishes how excited they are to sequence RNA directly. It’s normal to her, but “it’s still pretty amazing, right?” |
Posted at 03/9/2024 07:49 by bamboo2 03 September 2024Oxford Nanopore Technologies plc Interim results for the six months ended 30 June 2024 Solid underlying growth despite end-market headwinds; new customer wins and continued commercial momentum support reaffirmation of full year guidance 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 2024. Gordon Sanghera, Chief Executive Officer, commented: "Against a challenging backdrop, our financial and operational performance in the first half was solid and in-line with our expectations, underpinning confidence in full year guidance. We delivered robust underlying revenue growth of 12.4% constant currency and margin expansion of 120bps. "We continued with our high pace of innovation in the first half, with new product launches and platform enhancements. For example, we delivered the two product launches aimed at our regulated customer base, GridION Q-Line and Early Access of ElysION, our fully automated samples to answer product. These meet customer needs for routine, end-to-end analyses, for example in clinical and applied industrial markets, particularly with Biopharma customers. "As we look forward, our highly differentiated platform and substantial market opportunity position us well to deliver long-term, sustainable growth. Our growth and margin guidance for the full year remains unchanged. We enter the second half in a strong position; new and enlarged contract wins, such as PRECISE and Plasmidsaurus, coupled with the increased productivity of our sales teams in the second quarter reinforces our confidence in delivering between 20 - 30% underlying revenue growth on a constant currency basis in full year 2024." H1 Financial highlights · Revenue of £84.1million was broadly flat at constant currency (CC), down 2.2% on a reported basis, in-line with expectations. · Underlying revenue, excluding an £8.9 million combined headwind from COVID sequencing and the Emirati Genome Program (EGP); increased by 12.4% CC. o Underlying revenue growth delivered in all regions, led by the EMEAI and APAC, with underlying growth of 16.4% and 10.6% respectively. o Underlying revenue grew fastest across the PromethION product range[1], up 39.0% in the period to £31.9 million (H1 23: £23.0 million). Underlying revenue from the MinION product range[2] declined by 10.8% to £27.8 million (H1 23: £31.1 million) which includes a currency headwind and a mix of commercial and product specific factors. Other revenues, representing kits, services revenues and other devices grew 6.4% on an underlying basis to £22.9 million (H1 23: £21.5 million). · Gross margin increased by 120 basis points (bps) to 58.8% (H1 23: 57.6%) driven by underlying margin improvements (380bps), particularly across both PromethION Flow Cell and devices, offsetting product mix (140bps) and currency (120bps) headwinds. · Adjusted EBITDA loss of £(61.6) million (H1 23: £(39.4 million); driven by increasing operational expenses, primarily the annualised impact of additional headcount as highlighted at FY23 results. Adjusted operating costs were broadly flat (+2.0%) against H2 2023, demonstrating good cost control and with EBITDA loss lower than H2 2023 (£65.6m). · Increase in loss year-on-year to £(74.7) million (H1 23: £(70.1) million). This was predominately driven by increasing operational expenses associated with the increase in headcount partly offset by a lower Founder LTIP charge of £1.0m (H1 23: £14.9 million) and a £5.5 million credit relating to the reversal of historic employers' social security tax charges (H1 23: £1.3 million). · Strong balance sheet position; cash, cash equivalents and other liquid investments of £397.1 million[3] as at 30f June 2024, compared to £472.1 million as of 31 December 2023. Post period end the Group raised net proceeds of £78.2 million, following the successful completion of a multiple times oversubscribed £80.0 million equity placing, which included a new £50.0 million strategic investment from Novo Holdings. H1 Business highlights · Continued commercial progress in the period, evidenced by improving utilisation across existing customers, leading to a growing revenue opportunity for the Group driven by the enlarged and now established commercial infrastructure. · New contract wins and contract expansions with larger PromethION devices (P24 and P48), including Precision Health Research Singapore (PRECISE), which selected Oxford Nanopore technology to sequence 10,000 long read human genomes to gain deeper insights into Asian genetic diversity, and a multi-million, multi-year contract expansion with Plasmidsaurus, to deliver high-accuracy whole plasmid sequencing with fast turnaround times. · New strategic collaborations added to develop and access new growth markets in biopharma, clinical and industrial applications, including a collaboration with Lonza on a novel test to accelerate analysis of mRNA products. · Progress was made to advance existing collaborations in H1, including with bioMérieux. A test for determining antibiotic resistance in tuberculosis is expected to be released as a research-use only product in Q4, prior to seeking IVD approvals by the end of 2025. · Early Access[4] launch of PromethION 2 Integrated (P2i) in Q2, and continued rollout of the PromethION 2 Solo (P2S), following its successful launch in 2023. Evidence of continued market traction and disruption with more than 1,350 P2 devices now in the field. The P2 devices represent a new market area of affordable, accessible and high output sequencing. · Strong progress against our 2024 innovation goals, with the launch of new products from our regulated pipeline, including GridION Q-Line and the Early Access of ElysION, our sample-to-answer automated sequencing solution, to drive adoption in new clinical and applied industrial markets. · Approximately 1,400 peer-reviewed research papers published by users of Oxford Nanopore technology in H1 2024, bringing the total to approximately 12,500 to date, showcasing breakthrough research across cancer, human genetics and infectious disease and demonstrating continued opportunity for growth in the genomics research market. · Expansion of the leadership team, to support the business in its next phase of growth: Nick Keher appointed as CFO and Director of Oxford Nanopore in January, adding significant financial leadership experience and a deep understanding of global capital markets. Nick succeeds Tim Cowper, who moves into a new role as Chief Operating Officer and will lead Oxford Nanopore's continuous improvement programmes and expanding international footprint and operations. |
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