NIOX GROUP
PLC
("NIOX"
or the "Company"
and, together with its subsidiaries, the
"Group")
Trading
Update
Continued strong performance
driven by Clinical Business
Oxford, UK - 17 July 2024: NIOX
Group plc (AIM: NIOX), a company engaged in the design, development
and commercialisation of medical devices for asthma diagnosis and
management, today announces a trading update for
the six months ended 30 June 2024 ("H1 2024" prior period "H1
2023").
Highlights
· Revenue growth of 12% (15% on
a constant currency basis) to approximately
£21.0m
· Core Clinical revenue growth
of 11% (14% on a constant currency basis) to approximately
£18.5m
· Adjusted
EBITDA1
up 14.5% to
approximately £7.1m (H1 2023: £6.2m)
· Strong balance sheet with net
cash of £21.5m (31 December 2023: £19.9m)
Gross margins were 1% below the
first half of 2023 at 72%, principally on account of higher device
sales in the revenue mix. Overheads were slightly lower than
H1 2023 largely because of currency effects, leading to an overall
modest improvement in operating margin.
The Group's continuing activities
produced a cash inflow of £6.5m in the period. Returns
payments for the discontinued COPD business during the first half
were £0.4m and a one-off payment of £0.5m was made in respect of an
expense of the COPD business incurred and provided for in 2021 but
not invoiced until 2024. Net cash increased from £19.9m at 31
December 2023 to £21.5m at 30 June 2024, notwithstanding the
payment of a £4.2m dividend in June 2024.
NIOX expects to release its Interim
Results for the six months ended 30 June 2024 on 24 September
2024.
Ian
Johnson, NIOX's Executive Chairman, said:
"I am pleased to report continued growth in
revenues and profits in the first half of the current financial
year, during which the group has traded in line with management
expectations. Our core Clinical business, which continues to
benefit from a high degree of recurring revenues, grew at 14% in
constant currency terms.
The Company is now in a strong financial position, with
continuing momentum in the Clinical business. I look forward
to updating shareholders again at the time of the half-year
results."
1 Adjusted EBITDA excludes depreciation, amortisation and share
option charges
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Contacts:
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NIOX Group
plc
Ian Johnson,
Executive Chairman
Michael Roller, Chief Financial
Officer
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+44 (0) 3303 309 356
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Singer Capital Markets
(Nominated Adviser and Joint Broker)
Jen Boorer / James Fischer / James
Todd
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+44 (0) 20 7496 3000
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Investec Bank plc (Financial
Adviser and Joint Broker)
Edward Knight / Lydia
Zychowska
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+44 (0) 20 7597 4000
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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
www.niox.com
