Strong Revenue Growth
FY25 revenue of GBP 223.9m, up 24.2% at constant currency (ahead of guidance 20–23%). Growth was broad-based with >20% growth across all regions.
Applied Markets Outperformance
Applied end markets gained share: Clinical grew ~59%, BioPharma up 30%, Applied Industrial up 27%, while Research grew 15%; life science research tools still 66% of revenues but applied mix rose to ~34%.
Improving Profitability Trajectory
Adjusted EBITDA loss improved by GBP 31.2m (26% year‑on‑year improvement) with a clear path to adjusted EBITDA breakeven in 2027 and cash flow breakeven in 2028.
Gross Margin Progress
Underlying gross margin improvement of ~460 bps from FY24 (see-through margin closer to ~61%); reported FY25 gross margin 58.6% and FY26 gross margin guidance of 62% (guidance implies further margin expansion).
Cash Position and Cash Burn Improvement
Ended FY25 with GBP 302.8m cash and no debt; net cash outflow of GBP 101m in FY25 but cash burn reduced by ~GBP 50m year‑on‑year; management targets minimum cash >GBP 100m through breakeven.
Operational and Cost Discipline
Adjusted OpEx grew only 1% in FY25 reflecting two restructurings and cost control; FY26 OpEx guidance 0%–5% indicating continued discipline and targeted reinvestment.
Commercial and Strategic Focus
Completed strategic review to prioritize high‑opportunity segments (~$13–14bn of higher priority segments); reallocated commercial and R&D resources to higher ROI initiatives to drive sustainable growth and margin expansion.
Manufacturing and Product Footprint
70% of revenues from flow cells and kits manufactured at company factory; inventory management improved with inventories down GBP 18m in FY25 and assets at customers down GBP 10.5m, reflecting CapEx‑first pricing adoption.
Scientific and Market Validation
10 years of DNA products and ~5 years of direct RNA; 20,000 publications underpinning platform differentiation; notable high‑profile applications (NASA, UK Biobank plans to sequence 50,000 samples).