Source - LSE Regulatory
RNS Number : 0712A
Niox Group PLC
18 January 2024




NIOX Group plc


Full Year Trading Update


Strong business model delivering profitable growth


Oxford, UK - 18 January 2024: NIOX Group plc ("NIOX", the "Company" or the "Group"; AIM: NIOX), a medical device company focused on point of care asthma diagnosis and management, today announces the following trading update for the year ended 31 December 2023.


Highlights (unaudited data)


·      Revenue growth of c.18% (c. 22% on a constant currency basis) to £36.8m (2022: £31.3m)


·      Clinical Revenue growth of approximately 24% to £32.6m (2022: £26.2m), approximately 29% on a constant currency basis


·      Adjusted EBITDA in line with consensus expectations at approximately £11.4m (2022: £7.3m)


·      Net cash £19.9m (31 December 2022: £19.4m)


Unaudited revenues for the year ended 31 December 2023 were up 18% at approximately £36.8m (2022: £31.3m) with revenues growing by approximately 22% on a constant currency basis.  Given that less than 10% of the group's sales are invoiced in sterling, reported revenues are subject to fluctuation as a result of exchange rates.


Clinical revenues were approximately £32.6m (2022: £26.2m) and grew at approximately 24% (approximately 29% on a constant currency basis).  Research revenues were approximately £4.2m (2022: £5.1m) and fell by approximately 18% (approximately 14% on a constant currency basis).


Gross margins improved to 72% from 71% in 2022, with recurring test kit revenues for the Clinical business continuing to represent a high proportion of Clinical sales at 92%.


Group adjusted EBITDA1 was approximately £11.4m (2022: £7.3m), in line with current consensus market expectations which have been revised upwards twice during the year.


The unaudited cash balance at the period end was £19.9m (31 December 2022: £19.4m).  During the year, the group's continuing activities generated approximately £11.0m of operating cash flow; discontinued activities had a cash outflow of approximately £2.0m, a special dividend of £10.5m was paid and $3.5m was received from Beyond Air under the terms of the relevant settlement agreement.



Ian Johnson, NIOX's Executive Chairman, said: "I am pleased to report continued strong growth in revenues and profits which were driven by our core Clinical business. All three geographic areas generated good growth in the year. Our manufacturing partner also started work on the development of the next generation NIOX Pro® device which is expected to be launched in 2025.


During 2024 management's focus is on growing revenues in the USA, expanding into new healthcare professional channels and developing a product for home-use.


The Board believes that the Company's robust business model will continue to deliver profitable growth and drive further shareholder value."


NIOX expects to release its preliminary results for the year ended 31 December 2023 on 26 March 2024.


1 Adjusted EBITDA excludes depreciation, amortisation, impairment and share option charges





Ian Johnson, Executive Chairman

Michael Roller, Chief Financial Officer

Tel: +44 (0) 1865 405 560


Singer Capital Markets (Nominated Adviser and joint broker)

Aubrey Powell / Jen Boorer / Alaina Wong

Tel: +44 (0) 20 7496 3000

Investec Bank plc (joint broker)

Edward Knight / Bruce Garrow / Lydia Zychowska

Tel: +44 (0) 20 7597 5970



About NIOX

Our mission is to improve asthma diagnosis and management by greater patient access to FeNO testing. Asthma is one of the biggest healthcare issues globally with 340 million sufferers, many of whom are undiagnosed or are misdiagnosed. The Group is engaged in the design, development, and commercialisation of medical devices for the measurement of FeNO, a precise biomarker for asthma. Our market leading device, NIOX VERO®, is increasingly recognised by healthcare professionals as an important tool to improve the diagnosis and management of asthma. NIOX VERO® is also the device of choice by leading clinical research organisations for respiratory studies.


NIOX provides products and services via its direct sales organisation and extensive distributor network in 50 countries. For more information, please visit


Forward-looking statements

This press release contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of NIOX. The use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target" or "believe" and similar expressions (or the negatives thereof) are generally intended to identify forward-looking statements. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Nothing contained in this press release should be construed as a profit forecast or profit estimate. Investors or other recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. NIOX undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances.


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