Oxford Nanopore Technologies (ONT) H1 2026 TU earnings summary

Executive summary

• H1 2026 revenue reached approximately £116.5 million, up 10% reported and 12% at constant currency year-over-year.

• Revenue growth was below management expectations due to declines in China (down 16%) and the Middle East (down 14%) from export controls and geopolitical issues.

• Outside China and the Middle East, revenue grew 16% at constant currency.

Financial highlights

• EMEAI region delivered 23% constant currency growth year-over-year, led by Clinical and BioPharma markets.

• AMR region grew 12% at constant currency, with growth consistent across end-markets despite research funding pressures.

• APAC revenue declined 8% at constant currency, mainly due to China and the completion of a major contract in Singapore.

• Applied Markets revenue grew 22%, with Clinical up 35% and BioPharma up 25%.

• Research revenue increased 5%, reflecting the roll-off of large projects.

• PromethION product category led growth, up 15% year-over-year.

• Cash and liquid investments stood at £234.5 million at 30 June 2026 (down from £302.8 million at FY25).

Outlook and guidance

• FY26 constant currency revenue growth expected at 21-25%, including non-recurring collaboration and licensing revenue.

• Excluding non-recurring items, FY26 constant currency revenue growth expected at 16-20%, reflecting continued weakness in China, Middle East disruption, and AMR order timing.

• Second half of FY26 expected to be materially stronger, driven by Applied Markets momentum and ramp-up of secured business.

• FY26 gross margin guidance remains at approximately 62%.

• Adjusted EBITDA breakeven targeted for FY27, with strong progress in H1 2026.