Oxford Nanopore Technologies (ONT) H2 2024 earnings summary

Executive summary

• Achieved FY 2024 revenues of £183.2 million, up 23.3% underlying constant currency, with 34% H2 growth and expansion into applied, clinical, and biopharma markets.

• Growth driven by innovation, platform adoption, and strategic focus on differentiated technology and operational efficiency.

• Launched four new products, including GridION Q-Line and ElysION, targeting regulated markets.

• Secured major contracts and collaborations, including with UK Biobank, UK Government, and Precision Health Research Singapore.

• Entered 2025 with strong operational momentum and a robust balance sheet.

Financial highlights

• FY24 revenue: £183.2m, with 23.3% underlying constant currency growth; gross margin improved 420bps to 57.5%.

• Adjusted EBITDA loss was £116.1m, reflecting continued investment but improved loss trajectory in H2.

• Cash and liquid assets at year-end: £403.8m, bolstered by an £80m capital raise.

• Working capital inflow of £18.7m; cash outflow from operations was £109.9m.

• Net loss reduced to £146.2m, aided by a Founder LTIP credit and reversal of historic social security tax charges.

Outlook and guidance

• FY25 revenue guidance set at 20–23% constant currency growth, with gross margin expected to rise to ~59% and >62% by 2027.

• Adjusted OpEx growth guided at 3–4% for FY25, 3–8% CAGR through FY27.

• Adjusted EBITDA break-even targeted for 2027; cash flow break-even in 2028.

• Medium-term revenue CAGR target remains above 30%, with acceleration expected in 2026–2027.

• Guidance reflects risks from US federal funding (10–15% exposure) and China export controls.