Shares in Oxford Nanopore Technologies PLC (LSE:ONT) jumped 21% after the company reported accelerating revenue growth in the second half of 2024, meeting full-year guidance.
The biotechnology firm, known for its DNA sequencing technology, posted revenues of approximately £183 million for the year, with underlying growth of 23% on a constant currency basis.
Second-half growth was particularly strong, with underlying revenue rising 34%, while gross margins slightly exceeded expectations at around 57%.
The company reaffirmed its medium-term targets, projecting further revenue momentum, higher margins, and adjusted EBITDA breakeven by 2027.
Oxford Nanopore attributed its robust performance to increasing global demand for its products and disciplined cost management. Investors responded positively to the results, reflecting confidence in the company’s growth trajectory and ability to deliver on its long-term goals.
In early trading, the stock was changing hands for 158.5p, up 27.5p from Friday's close.