Half Year Trading Update

• Building commercial momentum heading into the second half reinforces confidence; full year 2024 and medium-term guidance reaffirmed

Oxford Nanopore Technologies plc (LSE: ONT) ("Oxford Nanopore" or "the Group"), the company delivering a new generation of molecular sensing technology based on nanopores, today provides a trading update for the six months ended 30 June 2024 ahead of results, which will be published on 3 September 2024.

The Group expects to report Life Sciences Research Tools (LSRT) revenue for the six months ended 30 June 2024 of approximately £84 million (H1 2023: £86.0 million), broadly flat year-on-year at constant currency; marginally down (2%) on a reported basis, including foreign exchange headwinds. Underlying[1] LSRT revenue, grew by 12.4% on a constant currency basis year-on-year. Growth for the first half of 2024 is in-line with expected 2024 phasing.

Underlying growth has been strongest across the PromethION franchise[2], across all product lines. Underlying growth was delivered across each region, and it was strongest across EMEAI and APAC, with commercial momentum building for the second half, supported by new product launches, a number of new and expanded contracts, and a step up in sales team productivity in the second quarter.

Gross margin for the first half is expected to show year-on-year improvement, despite foreign exchange headwinds, and remains on track to meet the Group's full year 2024 guidance.

Outlook

Full year 2024 guidance remains unchanged:

• LSRT revenue growth is expected to be between 6 and 15% on a constant currency basis and underlying revenue growth is expected to be between 20 and 30% on a constant currency basis. The Group continues to expect FY 2024 revenue to be second half weighted, with an approximate 45:55 split.
• Gross margin is expected to be approximately 57%.

All medium-term (FY 2027) guidance is unchanged.

Gordon Sanghera, Chief Executive Officer, commented:

"Our first half performance is in-line with our expectations. We delivered robust underlying revenue growth, despite a challenging macroeconomic backdrop.

"We enter the second half in a strong position; new contract wins coupled with the increased productivity of our sales teams in the second quarter reinforces our confidence in our full year 2024 outlook. In addition, the launch of new products from our regulated pipeline, including GridION Q-Line and ElysION, our sample-to-answer automated sequencing solution, will drive adoption in new clinical and applied markets in the near and medium-term."

[ENDS]

• All revenue in this document is Life Sciences Research Tools (LSRT) revenue.
• All 'underlying revenue' throughout this document is LSRT revenue excluding revenue from COVID sequencing and revenue from the Emirati Genome Program (collectively £10.4 million in H1 2023 and £1.5m in H1 2024).
• All 'underlying growth' throughout this document is LSRT revenue growth after adjusting for COVID sequencing and the Emirati Genome Program revenues.
• Underlying revenues include fluctuations in currency unless explicitly stated otherwise.
• Constant currency applies the same rate to the H1 2024 and H1 2023 non-GBP results based on H1 2023 rates.
• All percentages compare to the equivalent 2023 period.