Oxford Nanopore Technologies (ONT) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic vision and platform evolution

• Developed a transformative multi-omics platform over 20 years, enabling analysis of DNA, RNA, and expanding into proteomics and metabolite measurement, with the aim to allow analysis of any biological sample by anyone, anywhere.

• Platform validated by over 20,000 publications and a global footprint in more than 125 countries, supporting multi-omic genomics differentiation.

• Reads native DNA and RNA directly, enabling detection of modifications and providing rapid, real-time, and affordable sequencing.

• Ambition to enable end-to-end chromosome reads, direct RNA sequencing, and advances in adaptive sampling and proteomics.

• Partnerships across sample extraction, enrichment, and data analysis drive targeted workflow development and market growth.

Financial performance and growth drivers

• Achieved 28% CAGR over five years, with FY25 revenues at GBP 223–224 million, reflecting 24% constant currency growth.

• Over 70% of revenues come from sequencing consumables; cash and equivalents exceed GBP 300 million at year-end 2025.

• Revenue growth exceeded 20% in all regions, with clinical segment up 60%, biopharma 30%, and applied industrial 27%.

• Shifted to a CAPEX business model for large devices, improving cash flow by GBP 20 million annually and structurally enhancing gross margins.

• Gross margin reached 61% (adjusted), with ongoing focus on cost control and capital reallocation to high-growth areas.

Market opportunities and applications

• Targeting a $20–25 billion market, with $13–14 billion in clinical biopharma research as unique white space.

• Large-scale programs like PRECISE and UK Biobank drive innovation and revenue, with the latter aiming to publish the first five-base genome.

• Clinical applications include rapid infectious disease diagnostics, adaptive sampling for hereditary cancer panels, and comprehensive gene fusion detection.

• Biopharma workflows reduce RNA characterization from a month to overnight, and real-time viral contamination testing saves significant costs.

• Proteomics and peptide drug characterization are emerging as new growth areas, with advances in single-molecule peptide measurement.