Asian shares tumble with South Korea’s Kospi down nearly 10%
Oxford Nanopore Technologies shares plummeted after the biotech company admitted that revenues would fall short of its own expectations, hit by a triple whammy of weaker sales in China, disruption in the Middle East and the timing of customer orders in the Americas.
The FTSE 250-listed shares fell more than 20% earlier and are now down 11.5%.
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.
We continue to see encouraging momentum across our strategic growth markets, particularly clinical and biopharma.
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