Oxford Nanopore Technologies plc
Oxford Nanopore sells instruments, consumables and software that read DNA and RNA, from portable devices to high-output laboratory sequencers.
Overview
Latest results
Jan–Jun 2026 · Reported in GBP
Latest financial publication
First-half 2026 results
Investment Thesis
Turning richer sequencing data into repeat laboratory use
European Tech Equities analysis ·
More use can build recurring demand
Oxford Nanopore’s case rests on laboratories using its instruments more often and buying more flow cells and kits. Long reads and real-time data can make the platform useful where short fragments or slower workflows leave questions unanswered. Greater adoption in clinical and biopharma work could broaden a business still heavily exposed to research. The opportunity depends on reliable results and repeat use, not the novelty of the instrument alone.
Clinical adoption has practical examples
The September NHS brain-tumour pilot pairs the sequencer with Nottingham analysis software and clinical teams. It is a concrete route towards wider use, although a pilot is not nationwide adoption. The RISE partnership adds another route through rare-disease laboratories, with initial implementation expected in late 2026 or early 2027. Neither announcement establishes a disclosed large revenue contribution.
Different laboratories buy for different reasons
Academic research, pharmaceutical quality control and clinical diagnosis have different purchasing cycles and validation needs. The company must make the whole workflow practical for each. Research-budget constraints and large projects ending can offset faster growth elsewhere. H1 2026 clinical revenue grew 35.4% and biopharma revenue 25.0%, while total reported revenue grew 10.5%.
Margins improve, but cash still leaves the business
H1 revenue reached £116.7m and the statutory operating loss narrowed to £50.7m from £77.8m. Adjusted EBITDA improved to a £22.1m loss, but operating cash outflow was £42.8m before £30.1m of equipment and intangible investment. June cash was £142.7m; the broader £234.5m liquidity figure includes investments. Management’s 2027 adjusted EBITDA breakeven target is therefore a milestone towards cash generation, not evidence that it has arrived.
A valuation built on future scale
At 26 October 2026, the company’s equity value was near £2.1bn, around nine times 2025 revenue of £223.9m. This rounded sales comparison is not a value estimate. It leaves substantial weight on future growth and margins. Slower customer adoption, sustained cash use or further share issuance could change the outcome for each share.
What would weaken the case
- Clinical validation and laboratory integration take longer than the company expects.
- Competition, research-budget pressure or large projects ending reduce repeat consumable demand.
- Manufacturing gains fail to offset operating costs and cash needs, leading to additional financing.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Additional figures
- Adjusted EBITDA
- GBP -22.1m
At 30 June 2026, cash and cash equivalents were £142.7m. The company’s broader £234.5m liquidity measure also includes liquid investments and is not the cash balance.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS group figures in GBP millions; basic EPS in GBP per share, converted from reported pence. Debt comprises leases. Capital expenditure includes cash purchases of equipment and capitalised development/intangibles, including IP licences. The resulting free cash flow is operating cash flow less these purchases. Adjusted EBITDA is a separate company measure and is not substituted for statutory operating profit. Annual accounts are audited; interim accounts have an independent review, not an audit.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
At 30 June 2026, cash and cash equivalents were £142.7m. The company’s broader £234.5m liquidity measure also includes liquid investments and is not the cash balance.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS group figures in GBP millions; basic EPS in GBP per share, converted from reported pence. Debt comprises leases. Capital expenditure includes cash purchases of equipment and capitalised development/intangibles, including IP licences. The resulting free cash flow is operating cash flow less these purchases. Adjusted EBITDA is a separate company measure and is not substituted for statutory operating profit. Annual accounts are audited; interim accounts have an independent review, not an audit.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
At 30 June 2026, cash and cash equivalents were £142.7m. The company’s broader £234.5m liquidity measure also includes liquid investments and is not the cash balance.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS group figures in GBP millions; basic EPS in GBP per share, converted from reported pence. Debt comprises leases. Capital expenditure includes cash purchases of equipment and capitalised development/intangibles, including IP licences. The resulting free cash flow is operating cash flow less these purchases. Adjusted EBITDA is a separate company measure and is not substituted for statutory operating profit. Annual accounts are audited; interim accounts have an independent review, not an audit.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Interviews
Interviews are coming soon
No interviews with Oxford Nanopore Technologies plc have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2025 · Published Aug 19, 2026 · Checked Oct 27, 2026
H1 2026 · Published Aug 19, 2026 · Checked Oct 27, 2026
FY 2024 · Published May 1, 2026 · Checked Oct 27, 2026
FY 2025 · Published May 1, 2026 · Checked Oct 27, 2026
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