Core Insights - Oxford Nanopore Technologies achieved a 24% constant currency revenue growth for the year, surpassing its initial guidance of 20%-23% [3][7][4] - The company experienced significant growth across various product segments, particularly in clinical and biopharma markets, despite facing challenges such as NIH funding uncertainty and geopolitical issues in China [2][4][8] Revenue Growth - Clinical revenue grew over 60%, biopharma revenue increased by 30%, applied industrial revenue rose by 27%, and research revenue grew by 15% [2][7] - The Americas region showed strong momentum in the second half of the year, contributing to overall growth [3][7] Regional Performance - The Americas now derive more than half of their revenue from non-research segments, contrasting with EMEA where research remains a larger share [1] - In EMEA, academic growth exceeded 20% and clinical growth surpassed 50% [10] - Asia-Pacific faced challenges due to the roll-off of a significant contract and competitive pressures from local players, with China representing about 8% of total revenue [8][10] Product Dynamics - Higher-throughput devices like PromethION and P2i are becoming central for whole-genome and scale use cases, as customers increasingly skip earlier devices [5][11] - The MinION flow cell is suitable for small genomes and targeted sequencing, while the PromethION flow cell supports whole human genome sequencing [9][11] Financial Position - The company ended the year with GBP 302 million in cash, ahead of market expectations, and improved cash flow by shifting to a CapEx sales model [6][17][18] - Inventory optimization contributed to cash improvement, with over GBP 100 million in inventory at year-end [19] Cost Management and Future Targets - The company reduced headcount by 5% and is targeting EBITDA breakeven by 2027 and cash flow breakeven by 2028 [20][21] - Controlled operating expense growth and gross margin improvement are emphasized as key components to achieving these targets [21]