China sales drop 16% amid export control restrictions
Oxford Nanopore Technologies shares fell more than 11% on Monday after the Didcot-based company disclosed that first-half revenue would fall short of its own targets, citing softer sales in China and the Middle East and slower-than-expected order timing in the Americas.
The FTSE 250-listed gene-sequencing firm, spun out of Oxford University in 2005, said revenue in the first half of 2026 is expected at £116.5 million, up 12% year-on-year at constant currencies but below management expectations. Shares, which fell more than 20% in earlier trading, were last down 11.5%.
Oxford Nanopore produces gene-sequencing technology used to identify viruses and spot variants in the genetic makeup of humans, animals, and plants.
In China, revenue declined 16%, reflecting tougher export control restrictions and changes to commercial operations, the company said. Revenue in the Middle East fell 14% due to conflict-related disruption.
In the Americas, sales grew 12%, although growth was slower than anticipated due to the timing of customer orders and contract wins, according to the company.
Chief Executive Francis Van Parys said in a statement: “While first half revenue growth was below our expectations, we have continued to make good operational progress in the period, delivering further improvements in gross margin and disciplined cost control, keeping us on track to achieve adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) breakeven during 2027.”
Van Parys added that the company continues to see “encouraging momentum across our strategic growth markets, particularly clinical and biopharma.” Oxford Nanopore said it still expects “a materially stronger second half.”