UK's Oxford Nanopore flags first-half revenue miss on weakness in China, Mideast
UK's Oxford Nanopore flags first-half revenue miss on weakness in China, Mideast July 13 (Reuters) - British biotech firm Oxford Nanopore Technologies ONT.L forecast its first-half revenue to miss expectations on Monday, hurt by weaker sales in China, disruption in the Middle East, and the timing of customer orders in the Americas.
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Revenue in China fell about 16%, reflecting tighter export controls and changes in commercial operations, while ongoing geopolitical disruption led to an about 14% decline in revenue from the Middle East.
The London-listed firm's revenue for the six months ended June 30 grew 12% in constant currency to about £116.5 million ($156 million), but CEO Francis Van Parys said the growth rate was below the company's expectations.
Oxford Nanopore maintained its full-year constant-currency revenue growth forecast of about 21% to 25% and said it was still on track to break even on core profit during FY27.
Berenberg cut its price target on the company's stock to 220 pence from 230 pence, while retaining its "Buy" rating.
($1 = 0.7470 pounds)
(Reporting by Neeshita Beura in Bengaluru; Editing by Rashmi Aich)
((Neeshita.Beura@thomsonreuters.com))