Oxford Nanopore Technologies PLC (GB:ONT)
LSE:ONT
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Oxford Nanopore Technologies PLC
(LSE:ONT)
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Rating:49Neutral
Price Target:
112.00 p
▼(-5.00% Downside)
Action:ReiteratedDate:03/04/26
The score is held back primarily by weak financial performance—large ongoing losses and continued cash burn—despite improving revenue growth and solid gross margins. Technicals also detract due to a clear downtrend (below major moving averages and negative MACD). Offsetting factors include constructive earnings-call guidance with margin/OpEx discipline and a credible longer-term breakeven timeline, plus a relatively low-leverage balance sheet.
Positive Factors
Consumables-led recurring revenue model
A consumables-first model creates high predictability and stickiness: installed instruments seed repeated flow-cell and kit purchases, supporting recurring revenue and unit economics that compound as installed base grows. This durability underpins long-term revenue visibility and customer lock-in.
Negative Factors
Persistent losses and weak cash generation
Consistent negative operating and free cash flows, sizable net losses and equity erosion constrain financial flexibility. Until adjusted-EBITDA and cash breakeven (guidance 2027/2028) are achieved, the company remains dependent on external financing, raising execution and dilution risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Consumables-led recurring revenue model
A consumables-first model creates high predictability and stickiness: installed instruments seed repeated flow-cell and kit purchases, supporting recurring revenue and unit economics that compound as installed base grows. This durability underpins long-term revenue visibility and customer lock-in.
Read all positive factors
Oxford Nanopore Technologies PLC (ONT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.14B
Dividend YieldN/A
Average Volume (3M)1.51M
Price to Earnings (P/E)―
Beta (1Y)1.16
Revenue Growth22.03%
EPS Growth20.01%
CountryUK
Employees1,382
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.07
Shares Outstanding967,098,000
10 Day Avg. Volume1,415,809
30 Day Avg. Volume1,510,061
Financial Highlights & Ratios
PEG Ratio1.36
Price to Book (P/B)2.66
Price to Sales (P/S)5.51
P/FCF Ratio-18.61
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£207.00Price Target Upside75.57% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.12
Revenue Forecast (FY)£276.01M
Oxford Nanopore Technologies PLC Business Overview & Revenue Model
Company Description
Oxford Nanopore Technologies plc develops and commercializes a technology platform using nanopore-based sensing for the analysis of various types of molecules. The company offers MinION, a portable device for deoxyribonucleic acid and ribonucleic ...
How the Company Makes Money
Oxford Nanopore Technologies generates revenue primarily through the sale of its sequencing devices, consumables, and associated software. The company's revenue model encompasses multiple streams, including direct sales of hardware, ongoing consum...
Oxford Nanopore Technologies PLC Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 08, 2026
Earnings Call Sentiment Positive
The call presents a constructive operational and financial progression: strong top‑line growth (+24.2% constant currency), marked shift toward higher‑value applied markets (clinical +59%), meaningful margin improvements and a stronger cash position (GBP 302.8m). Management has executed strategic reprioritization and cost discipline, delivering a 26% improvement in adjusted EBITDA and guiding to FY26 growth (21–25% ccy) and FY26 gross margin expansion (62%). Key negatives are ongoing adjusted EBITDA and cash losses (with breakeven targeted in 2027/2028), one‑off margin hits (obsolete inventory and FX), restructuring costs, product discontinuations/pauses (P2 Solo, ElysION), delays to some product launches (PromethION timing) and market‑specific headwinds (China/APAC export controls). Overall, positives—broad growth, margin momentum, cash runway, and clearer strategic focus—outweigh the remaining execution and market risks, with management articulating a credible path to profitability.Positive Updates
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.
Negative Updates
Continued Adjusted EBITDA Loss and Net Cash Outflow
Despite improvement, operating loss before restructuring was GBP 79.1m and net cash outflow was GBP 101m in FY25; company remains loss‑making until projected breakeven in 2027 (adjusted EBITDA) and 2028 (cash flow).
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Management guided FY26 revenue growth of 21–25% at constant currency, a 62% gross‑margin target and 0–5% adjusted OpEx growth, while reiterating medium‑term targets of adjusted‑EBITDA breakeven in 2027 and cash‑flow breakeven in 2028 with minimum cash of >£100m. They pointed to FY25 results that support this outlook: 24.2% constant‑currency revenue growth (above prior 20–23% guide), 26% improvement in adjusted EBITDA (GBP 31.2m), adjusted OpEx growth of just 1%, reported gross margin of 58.6% (see‑through nearer 61%), cash of £302.8m, net cash outflow of £101m, inventory down £18m, CapEx and capitalized development of £45.5m, and working‑capital inflow of £13.4m. Management expects continued above‑market, broad‑based growth (clinical +59%, biopharma +30%, applied industrial +27%, research +15%), stronger growth in the Americas, further margin upside from PromethION recycling and the CapEx‑first pricing model, but flags near‑term regional headwinds (EMEA contract timing and APAC/China/PRECISE II) that underpin the guidance range.Oxford Nanopore Technologies PLC Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
71
Positive
Cash Flow
29
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 223.90M | 183.19M | 169.67M | 198.60M | 133.66M |
| Gross Profit | 131.30M | 105.39M | 90.48M | 123.81M | 73.19M |
| EBITDA | -105.50M | -93.09M | -105.71M | -49.67M | -140.34M |
| Net Income | -145.20M | -146.19M | -154.51M | -91.03M | -167.61M |
Balance Sheet | |||||
| Total Assets | 622.50M | 742.05M | 777.06M | 823.89M | 841.87M |
| Cash, Cash Equivalents and Short-Term Investments | 255.30M | 338.37M | 270.05M | 476.19M | 618.47M |
| Total Debt | 41.50M | 45.96M | 41.66M | 34.10M | 24.80M |
| Total Liabilities | 159.20M | 155.71M | 133.21M | 130.33M | 137.89M |
| Stockholders Equity | 463.30M | 586.34M | 643.85M | 693.56M | 703.98M |
Cash Flow | |||||
| Free Cash Flow | -66.30M | -123.83M | -164.59M | -91.62M | -84.64M |
| Operating Cash Flow | -62.80M | -109.89M | -137.30M | -49.39M | -53.83M |
| Investing Cash Flow | 48.50M | 15.03M | -61.79M | -65.79M | -161.99M |
| Financing Cash Flow | -2.10M | 73.58M | 64.73M | -13.71M | 622.90M |
Oxford Nanopore Technologies PLC Technical Analysis
Negative
117.90
Price Trends
136.24
Negative
135.00
Negative
149.39
Negative
Market Momentum
-4.13
Negative
42.54
Neutral
43.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ONT, the sentiment is Negative. The current price of 117.9 is below the 20-day moving average (MA) of 120.05, below the 50-day MA of 136.24, and below the 200-day MA of 149.39, indicating a bearish trend. The MACD of -4.13 indicates Negative momentum. The RSI at 42.54 is Neutral, neither overbought nor oversold. The STOCH value of 43.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:ONT.
Oxford Nanopore Technologies PLC Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £72.36M | 9.42 | 66.44% | 8.33% | -3.61% | -6.35% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | £1.14B | -8.50 | -29.43% | ― | 22.03% | 20.01% | |
42 Neutral | £299.62M | -1.74 | -361.23% | ― | ― | ― | |
41 Neutral | £78.97M | -4.89 | -63.53% | ― | 198.49% | -26.66% | |
40 Underperform | £8.58M | -0.59 | -316.67% | ― | 72.17% | 79.03% | |
40 Underperform | £16.86M | -6.19 | -213.66% | ― | 39.88% | 81.33% |
* Healthcare Sector Average
GB:ONT
Oxford Nanopore Technologies PLC
117.90
12.90
12.29%
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Oxford Nanopore Technologies PLC Corporate Events
Business Operations and Strategy
Oxford Nanopore to Step Up Investor Outreach at March Conferences
Positive
Mar 4, 2026
Oxford Nanopore Technologies plans to engage investors at two major March conferences, the Barclays Annual Global Healthcare Conference in Miami and the Berenberg UK Corporate Conference in Hertfordshire. The company will host analyst-led fireside...
Executive/Board Changes
Oxford Nanopore grants CEO 583,791-share LTIP award to replace forfeited incentives
Neutral
Mar 3, 2026
Oxford Nanopore Technologies has granted its chief executive officer, Francis Van Parys, conditional awards over 583,791 ordinary shares under its 2021 Long Term Incentive Plan. The awards are intended to compensate him for incentive awards forfei...
Regulatory Filings and Compliance
Oxford Nanopore Chair Increases Stake with £100,000 Share Purchase
Positive
Mar 3, 2026
Oxford Nanopore Technologies plc, a life sciences company specialising in nanopore-based DNA and RNA sequencing platforms for research and applied markets, has disclosed a share transaction involving its chair. The company’s technology is us...
Regulatory Filings and Compliance
Oxford Nanopore Updates Share Capital After Option Exercises
Neutral
Mar 2, 2026
Oxford Nanopore Technologies has issued 190,389 new ordinary shares following the exercise of options under its share option plans and the operation of certain remuneration schemes, with these shares admitted to the FCA’s Official List and t...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresLegal Proceedings
Oxford Nanopore lifts revenue, sharpens focus and installs new CEO as it targets profitability
Positive
Mar 2, 2026
Oxford Nanopore reported 2025 revenue of £223.9 million, up 24.2% on a constant-currency basis, with gross margin improvement and a reduced adjusted EBITDA loss, supported by strong demand across all regions and customer segments. Growth was ...
Business Operations and StrategyLegal Proceedings
Oxford Nanopore Wins Key Infringement Admission in Australian IP Fight With MGI
Positive
Feb 27, 2026
Oxford Nanopore Technologies has secured a key admission in its Australian patent dispute, with MGI Australia conceding that its Cyclone SEQ WT02 instrument infringes four of Oxford Nanopore’s Australian patents. The Federal Court has confir...
Business Operations and StrategyExecutive/Board Changes
Oxford Nanopore Director Nominated as Chair of Technip Energies
Positive
Feb 27, 2026
Oxford Nanopore Technologies plc announced that non-executive director John O’Higgins has been nominated to become non-executive chair of Technip Energies NV, subject to shareholder approval at Technip Energies’ annual general meeting ...
Executive/Board ChangesRegulatory Filings and Compliance
Oxford Nanopore CFO receives matching shares under employee incentive plan
Neutral
Feb 12, 2026
Oxford Nanopore Technologies has reported a routine share transaction under its Share Incentive Plan, involving Chief Financial Officer and director Nick Keher. The plan allows employees to buy partnership shares out of gross salary, reinforcing l...
Delistings and Listing ChangesRegulatory Filings and Compliance
Oxford Nanopore Expands Share Capital After Option Exercises
Neutral
Feb 2, 2026
Oxford Nanopore Technologies has issued 850,633 new ordinary shares following the exercise of employee share options and the operation of its remuneration schemes for the month ended 31 January 2026. The newly issued shares have been admitted to t...
Regulatory Filings and Compliance
Oxford Nanopore Discloses CFO Share Award Under Incentive Plan
Neutral
Jan 14, 2026
Oxford Nanopore Technologies has reported a routine share transaction under its Share Incentive Plan involving Chief Financial Officer and director Nick Keher. Keher purchased 100 partnership shares at £1.50 each using gross salary, and, in l...
Business Operations and StrategyFinancial Disclosures
Oxford Nanopore Beats Revenue Guidance on Broad-Based 2025 Growth
Positive
Jan 12, 2026
Oxford Nanopore Technologies reported a strong trading performance for 2025, expecting full-year revenue of approximately £223–224 million, up about 22% on a reported basis and 24% at constant currency, slightly ahead of its guidance. G...
Business Operations and Strategy
Oxford Nanopore to Showcase Genomic Technology at Key January Investor Conferences
Positive
Jan 7, 2026
Oxford Nanopore Technologies plc will engage with investors at two major January events, the 44th Annual J.P. Morgan Healthcare Conference in San Francisco and the dbAccess UK Ireland Conference in London, featuring a presentation, QA and investo...
Regulatory Filings and Compliance
Oxford Nanopore Updates Share Capital and Voting Rights After Option Exercises
Neutral
Jan 2, 2026
Oxford Nanopore Technologies has issued 190,696 new ordinary shares following the exercise of employee share options and the operation of certain remuneration schemes, with the new shares admitted to the FCA’s Official List and to trading on...
Executive/Board ChangesRegulatory Filings and Compliance
Oxford Nanopore Technologies Announces Share Incentive Plan Transaction
Neutral
Dec 12, 2025
Oxford Nanopore Technologies PLC announced a transaction involving the Share Incentive Plan (SIP) for its Chief Financial Officer, Nick Keher. On December 12, 2025, 118 ordinary shares were purchased on behalf of Keher, with an equal number of mat...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Oxford Nanopore Engages Shareholders and Appoints New CEO for Strategic Growth
Positive
Dec 8, 2025
Oxford Nanopore Technologies has engaged with major shareholders following its 2025 AGM to understand their concerns regarding a specific resolution. The company is committed to refining its strategic planning to maximize long-term value, and has ...
Business Operations and StrategyExecutive/Board Changes
Oxford Nanopore Appoints New CEO to Drive Growth
Positive
Dec 8, 2025
Oxford Nanopore Technologies plc has announced the appointment of Francis Van Parys as the new Chief Executive Officer, effective March 2, 2026. Van Parys, who brings extensive experience from leading roles at Radiometer, Cytiva, and GE Healthcare...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.