Oxford Nanopore H1 Prelim Revenue Up 10 Percent, Short of Expectations
China and Middle East underperformance dragged down first-half results, though clinical revenue grew 35 percent year over year.
Oxford Nanopore Technologies reported on July 13 that its first-half revenue rose approximately 10 percent on a reported basis, though fell short of management expectations.
The UK-based nanopore sequencing company reported preliminary H1 2026 revenue of approximately £116.5 million ($155.9 million,) up from approximately £105.9 million in the prior-year period, and growth of approximately 12 percent on a constant currency basis. The company said this was below management expectations, attributable to weakness in China and the Middle East.
Asia-Pacific revenue declined approximately 8 percent at constant currency, reflecting a meaningful decline in China, where revenue fell approximately 16 percent due to enhanced export control restrictions and changes to commercial operations, and the completion of the PRECISE II contract in Singapore in the prior year. Middle East revenue declined approximately 14 percent due to ongoing geopolitical disruption.
Europe, the Middle East, Africa, and India delivered the strongest growth, up approximately 23 percent on a constant currency basis, driven by growth in the clinical and biopharma end markets. Americas revenue grew approximately 12 percent at constant currency, though growth was slower than anticipated due to the timing of customer orders and contract wins in the region.
Applied Markets revenue grew approximately 22 percent year over year, led by clinical growth of approximately 35 percent and biopharma growth of approximately 25 percent, partially offset by industrial growth of approximately 5 percent. Research revenue grew approximately 5 percent year over year, reflecting the previously communicated roll-off of several large projects. PromethIon led product category growth at approximately 15 percent year over year.
Actual revenue figures for these markets were not disclosed.
“While first half revenue growth was below our expectations, we have continued to make good operational progress in the period,” CEO Francis Van Parys said in a statement.
As of June 30, Oxford Nanopore had approximately £234.5 million in cash, cash equivalents, and liquid investments.
Shares fell sharply at the market open of the London Stock Exchange on July 13, however, closed down only 3 percent at £116.00.
Oxford Nanopore maintained its full-year 2026 constant currency revenue growth guidance of approximately 21 to 25 percent, which includes additional collaboration and licensing revenue opportunities expected to be recognized in the second half, some of which is expected to be non-recurring. Excluding those opportunities, the company said full-year constant currency growth is expected to be approximately 16 to 20 percent. Full-year gross margin guidance remains approximately 62 percent.
Oxford Nanopore will report first-half financial results in August.