Oxford Nanopore Technologies PLC (LSE:ONT) shares fell 2.9% despite the molecular sensing specialist reporting a smaller first-half loss than expected and reaffirming its full-year and medium-term outlook.
Revenue of £105.6 million for the first half of 2025 was up 25.6% compared to a year ago, or 28% on a constant currency basis.
Adjusted EBITDA losses narrowed to £48.3 million from £61.7 million a year earlier, with the net loss reduced to £71.8 million from £74.7 million.
The underlying loss was slightly better than the average City forecast of £56 million, which analysts said was due to the solid growth in the period and cost control.
Revenue growth was delivered across all regions, led by APAC with a 38.3% increase at constant currency, followed by EMEAI at 32.7% and the Americas at 16.9%.
All customer markets expanded too, with Clinical up 52.9%, Applied Industrial up 27.4%, BioPharma up 18.5% and Research up 22.1%.
Product sales of PromethION, its high-output, large-scale sequencing platform, rose 59.6% year-on-year, while for the smaller MinION they fell 3.1%.
Oxford Nanopore ended the half year with cash and liquid investments of £337.3 million.
"We delivered a strong first half performance, with broad-based growth across all geographies and customer segments," said Gordon Sanghera, chief executive officer, who it was announced last month will step down next year.
The company reaffirmed its full-year guidance for revenue growth of 20-23% at constant currency, a gross margin of around 59%, and operating expense growth of 3-4%.
Medium-term targets also remain unchanged, including adjusted EBITDA breakeven in FY27 and cash flow positive in FY28.