Shares in Oxford Nanopore Technologies PLC (LSE:ONT), the DNA-sequencing technology company, rose 4% to 126.9p after it set a target of more than $700 million in annual revenue by 2030 as it maps out a path to profitability.
The company also expects its margin on adjusted earnings, a measure of underlying profitability that excludes items such as interest, tax and depreciation, to exceed 15% by the same date.
Both goals are new.
It reaffirmed plans to break even on that earnings measure in 2027 and to generate positive free cash flow from 2028.
Over the longer term, the group is aiming to build a business with annual revenue above $1 billion.
The targets accompany a new strategy under chief executive Francis Van Parys, built around four priorities spanning biopharma, clinical testing and research.
He said investment would be concentrated on a smaller group of high-potential applications where the technology can command clear value.
Revenue for the six months to 30 June rose 10.5% to £116.7 million, or 12.3% at constant currency, which strips out currency movements.
Growth was strongest in clinical sales, up 35.4%, and biopharma, up 25%, while sales in China fell 15.7%.
Gross margin, the share of revenue left after production costs, widened by 4 percentage points to 62.2%.
The adjusted loss on the group's preferred earnings measure more than halved to £22.1 million, from £48.3 million a year earlier.
The reported loss for the period narrowed to £48 million, from £71.8 million.
After the period end, Oxford Nanopore signed a cross-licensing deal with an unnamed global diagnostics firm, worth a $20 million fee this year and $15 million of committed product purchases over the following two years.
The company held cash and liquid investments of £234.5 million at the end of June, down from £302.8 million at the end of 2025.
"The strategic update indicates progression towards a more commercially focused business, which is both encouraging and welcome, though it indicates substantial changes which do not come without risk. However, we expect the 30% discount to the peer group to narrow on these results," said Panmure Liberum.
The broker reiterated its 'hold' recommendation and 170p price target.
