Oxford Nanopore Technologies Plc · LSE:ONT
Oxford Nanopore Technologies — H1 2025 Earnings Presentation
30 slides from Oxford Nanopore Technologies's earnings presentation, Sep 2, 2025
Slide 1: 2025 interim results presentation
2025 interim results presentation 2 September 2025
Slide 2: Disclaimer
Disclaimer 2 This presentation has been prepared by Oxford Nanopore Technologies plc (“Oxford Oxford Nanopore products are not intended for use for health assessment or to Nanopore”) for information purposes only and does not constitute an offer of, or diagnose, treat, mitigate, cure or prevent any
Slide 3: Strong H1 performance and strategic progress
Strong H1 performance and strategic progress 3 Strong broad-based revenue growth Significant progress on path to profitability; adjusted EBITDA loss improved YoY and sequentially Strategic progress in Applied markets On track to deliver 2025 and medium-term guidance
Slide 4: Strong H1 revenue growth; +28% CC
Strong H1 revenue growth; +28% CC 4 Growth delivered across all regions, end markets and product types Product type Geography End market Devices and services APAC AMR Applied Industrial Clinical +29.0% +38.3% CC +16.9% CC +27.4% +52.9% 12% 26% 24% 34% 13% 7% 68% 74% 42% Consumables EMEAI Research1 B
Slide 5: Delivering against our strategic pillars
Delivering against our strategic pillars 5 Commercial execution Innovation Operational excellence Research1 Applied Industrial £72.1m (+22.1% YoY) £12.9m (+27.4% YoY) New strategic clinical collaboration • National programmes scaling; NIHR BioResource • Increasing demand for the technology in synthe
Slide 6: Delivering against our strategic pillars
Delivering against our strategic pillars 6 Commercial execution Innovation Operational excellence Differentiation in Expanding menu of Research applications1 end-to-end workflows Product development to drive adoption in Applied markets • Information rich • Accelerating utilisation by data driving no
Slide 7: Delivering against our strategic pillars
Delivering against our strategic pillars 7 Commercial execution Innovation Operational excellence Expanding manufacturing Improving the and logistics capacity customer journey • Fitout of 56,000 sq. ft global fulfilment centre • Salesforce transformation project ongoing to allow Spectrum at a cost o
Slide 8: Strong foundations and momentum across the business
Strong foundations and momentum across the business 8 Strong execution against strategic priorities, with continued delivery of sustained, above market growth Refining commercial strategy, further details to be disclosed in Q4 2025 Focused on high-priority market segments that value the differentiat
Slide 9: Financial performance
Financial performance Nick Keher, CFO
Slide 10: Strong H1 performance
Strong H1 performance 10 APAC AMR Broad-based growth and improving adj. EBITDA £24.9m £36.0m +35.1% +14.2% +38.3% CC 24% +16.9% CC Revenue Revenue growth 34% £105.6m 28.0% CC (25.6% reported) EMEAI (H1 24: £84.1m) £44.6m 42% +31.0% +32.7% CC Gross margin Adjusted EBITDA 58.2% £(48.3)m +59.6% (3.1)%
Slide 11: New pricing model changes implemented
New pricing model changes implemented 11 Financial tailwinds overall ahead of plan Revenue Gross margin Cashflow Uplift balanced Margin benefit Cash flow benefit against timing ahead of plan ahead of plan • H1 tailwind, moderated by • Majority of H1 margin • Adoption of capex by lower device volumes
Slide 12: Gross margin bridge
Gross margin bridge 12 (60)bps Positive underlying movements 58.8% +525bps (195)bps 58.2% Increased proportion of customer (80)bps (315)bps capex purchases driven by adoption of the new pricing model Benefit of ASP increases also showing improvement in margin Recycling of PromethION Flow Cells begin
Slide 13: Solid progress on pathway to breakeven
Solid progress on pathway to breakeven 13 Adjusted EBITDA improvement driven by strong revenue growth and disciplined cost control FY23 FY24 FY25 FY27 H1 H2 H1 H2 H1 H2 Reach breakeven 2027 £(41)m £(48)m Key levers £(56)m • Cost control £(62)m • Gross margin expansion initiatives £(66)m +22% YoY imp
Slide 14: Cash, cash equivalents and other liquid assets
Cash, cash equivalents and other liquid assets 14 Cash bridge FY24 to HY25 £403.8m £(44.8)m Strong cash position: £(5.5)m £(2.4)m £8.1m • £11m improvement in operating cash £(6.2)m £(15.8)m before working capital. Includes £337.3m targeted restructuring programme charge of £5.2m. • New business pric
Slide 15: FY25 guidance reconfirmed
FY25 guidance reconfirmed 15 20-23% • Reflects US Federal funding, including NIH, risk Revenue (~10-15% revenue exposure) alongside tightening growth Constant currency of export control restrictions • Pricing model changes likely a continued benefit in H2 • Pricing model changes likely a continued t
Slide 16: Financial summary
Financial summary 16 Strong broad-based revenue growth, ahead of end markets and full-year guidance 22% improvement to adjusted EBITDA loss; pathway to breakeven on track Meaningful improvement in cash profile driven by new pricing model; well capitalised to deliver goals
Slide 17: Summary and outlook
Summary and outlook Gordon Sanghera, CEO
Slide 18: Unique platform benefits driving sustained, above market growth
Unique platform benefits driving sustained, above market growth 18 Richer Insights Rapid Accessible & affordable Large cohort programmes Translational labs deploy Platform accessibility establish biological value where additional information and affordability enable broader of novel information and
Slide 19: Oxford Nanopore today
Oxford Nanopore today 19 Strong foundations built; business well positioned for the next 20 years of growth £200m+ >125 >2,500 Last 12-month revenue Countries served Patents >1,300 >18,000 >30% Employees Publications 5-year revenue CAGR All numbers are as of 30 June 2025 unless stated otherwise.
Slide 20: 20 years in – a marathon of innovation and realisation
20 years in – a marathon of innovation and realisation 20 From Continuous Established an Built a global Established prototype performance innovative user infrastructure business in the to product iteration community Research market Innovating the Breakthroughs in 100,000+ Manufacturing, Entered the
Slide 21: Refinement of commercial strategy
Refinement of commercial strategy 21 Focus on higher priority segments where ONT has high potential to disrupt or differentiate Serviceable Addressable Across four end markets, including With a focus on high-priority Market Opportunity multiple market segments segments for ONT $20-25B $20-25B $20-25
Slide 22: Summary and outlook
Summary and outlook 22 Strong H1 25 performance • Strong, broad-based revenue growth; +28% CC • Differentiated technology platform underpins sustained, above market growth • Progress on path to profitability; improving adjusted EBITDA loss YoY and sequentially 2025 guidance reaffirmed • Revenue grow
Slide 23: Oxford Nanopore Technologies
Oxford Nanopore Technologies
Slide 24: Appendix
Appendix
Slide 25: H1 25 revenue split by customer type
H1 25 revenue split by customer type 25 Applied Industrial £12.9m (+27.4%) Customers utilising sequencing for application in industrial or service setting, e.g. manufacturing 12% or outsourced Synthetic biology. Research1 Applied markets 13% Clinical £72.1m (+22.1%) 32% £13.0m (+52.9%) Customers fun
Slide 26: Unique features and benefits of the technology meet unmet customer needs
Unique features and benefits of the technology meet unmet customer needs 26 Oxford Nanopore features Sequence any length fragment from short to ultra-long Direct/native DNA/RNA sequencing Real-time, fast data analysis Scalable formats from small handheld to ultra-high output devices Cost effective.
Slide 27: Investing for growth with improved cost control
Investing for growth with improved cost control 27 Adjusted R&D spend declining vs 2024 as focus increases on £m H1 25 H2 24 H1 24 H2 23 H1 23 later stage development and cost discipline Adjusted SG&A spend up +9% YoY but only +3% since Revenue 105.6 99.1 84.1 83.7 86.0 H2 25 reflecting annualised,
Slide 28: Revenue breakdown by regions
Revenue breakdown by regions 28 H1 H1 Reported Constant currency Currency 2025 £m 2024 £m growth % growth % impact % AMR 36.0 31.6 14.2% 16.9% (2.7)% APAC 24.9 18.4 35.1% 38.3% (3.2)% EMEAI 44.6 34.1 31.0% 32.7% (1.7)% Total 105.6 84.1 25.6% 28.0% (2.4)%
Slide 29: Adjusted expenses reconciliation
Adjusted expenses reconciliation 29 £m H1 25 H1 24 Research and development expenses 44.1 48.0 Adjusting items: Employer’s social security taxes on pre-IPO share awards (0.1) 1.5 Adjusted research and development expenses 44.0 49.5 Amortisation of capitalised development costs (12.9) (10.2) Capitali
Slide 30: Thank you
30 Thank you Oxford Nanopore Technologies, the Wheel icon, AmPORE-TB, ElysION, EPI2ME, Flongle, GridION, MinION, MinKNOW, PromethION, and TraxION are registered trademarks or the subject of trademark applications of Oxford Nanopore Technologies plc in various countries. Information contained herein
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