LONDON (Reuters) – British technology company Oxford Nanopore said it hoped to reach break-even by the end of 2026, as it outlined plans to drive further growth in the life science research tools market and expand into new areas of healthcare.
Oxford Nanopore, a spinout from the University of Oxford which floated two years ago, wants to further commercialise its sensing technology which is able to produce immediate analysis of DNA and RNA for use across scientific research, healthcare and other industries.
As part of its future growth plan, it announced on Thursday a partnership with the U.S. healthcare group Mayo Clinic to develop new clinical tests for diseases, including detection of genetic predisposition to cancer, plus other tests to improve patient care.
Its shares rose 7% in early trading.
The company said that it was aiming for adjusted EBITDA break-even by the end of 2026, which would come from disciplined financial management alongside an expansion of the reach of its technology into new markets, building on growth already seen in the life science research tools market.
“Today also marks an important transition for Oxford Nanopore as we introduce our medium-to-long term strategy to meet unmet needs in the clinical and applied markets,” Chief Executive Gordon Sanghera said in a statement.
For the first half-year of the year, Oxford Nanopore posted a 46% rise in revenues from its Life Science Research Tools unit.
Shares in Oxford Nanopore, which has a market capitalisation of 1.6 billion pounds, have fallen 15% in the last six months, prior to Thursday’s announcement.
(Reporting by Sarah Young; Editing by Kate Holton)
