**Summary of Oxford Nanopore Technologies plc Annual Results for the Year Ended 31 December 2025**
Oxford Nanopore Technologies plc reported strong financial and operational performance for the year ended 31 December 2025, with significant revenue growth and progress toward profitability. Key highlights include
### **Financial Performance**
**Revenue Growth**Revenue increased by 24.2% on a constant currency basis to £223.9 million, slightly ahead of the top end of FY25 guidance. Growth was broad-based across all regions, products, and customer types.
**Regional Growth**EMEAI, APAC, and AMR regions grew by 26.3%, 23.2%, and 22.2% respectively on a constant currency basis.
**Customer Segments**: ClinicalBioPharmaApplied Industrialand Research segments grew by 59.9%30.4%27.2%and 15.1% respectively.
**Product Growth**PromethION product range led with 43.1% growth, while MinION and Other revenue grew by 2.4% and 12.0% respectively.
**Gross Margin**Increased by 110 basis points to 58.6%, driven by operational improvements and pricing model changes. Adjusted gross margin was 59.4%.
**Adjusted EBITDA**Loss improved to £(86.7) million from £(117.9) million in FY24, reflecting increased gross profits and cost control.
**Cash Position**The company remains well-capitalized with £302.8 million in cash, cash equivalents, and other liquid investments.
### **Operational and Strategic Highlights**
**Market Expansion**Strong demand across priority markets, particularly in Clinical, BioPharma, and Applied Industrial segments, driven by the adoption of Oxford Nanopores technology for richer, faster data.
**Clinical Collaborations**Strategic partnerships with Cepheid and bioMérieux to develop automated infectious disease sequencing solutions and rapid tuberculosis characterization.
**Technology Advancements**Improvements in throughput, cost efficiency, and robustness, particularly for the PromethION platform, alongside enhanced basecalling and real-time methylation detection.
**Scientific Validation**Over 4,000 peer-reviewed papers published in 2025, reinforcing scientific leadership and supporting clinical and commercial adoption.
**Strategic Focus**Refinement of the operating model to prioritize high-value market opportunities, resulting in restructuring actions to streamline the portfolio and concentrate investment.
**Leadership Transition**Francis Van Parys appointed as CEO, succeeding Gordon Sanghera, who will remain as an advisor until early 2027.
### **Outlook**
**FY26 Guidance**Revenue expected to grow by 21-25% on a constant currency basis, with growth weighted toward Applied end markets. Gross margin projected at approximately 62%.
**Medium-Term Goals**Reaffirmed commitment to reach adjusted EBITDA breakeven in FY27 and become cash flow positive in FY28, supported by <mark style="background-color:yellow">above</mark>-market revenue growth and operational improvements.
### **Key Challenges and Risks**
**Market Competition**Ongoing litigation with MGI over patent and trade secret infringements, with trials set for 2027.
**Regulatory Compliance**Continued efforts to strengthen quality systems and operational processes for deeper penetration of clinical and regulated markets.
**Economic Uncertainty**Potential impact of macroeconomic conditions, supply chain disruptions, and funding pressures in key markets.
### **Conclusion**
Oxford Nanopore Technologies plc demonstrated robust growth and strategic progress in 2025, positioning itself for sustained expansion in both research and applied markets. The company’s focus on innovation, operational efficiency, and strategic partnerships underscores its commitment to long-term value creation. With a strong balance sheet and clear medium-term goals, Oxford Nanopore is well-placed to capitalize on the growing demand for its molecular sensing technology.