Trading Update
Summary by AI BETAClose X
NIOX Group plc
("NIOX" or the "Company" and, together with its subsidiaries, the "Group")
H1 Trading Update
Oxford - 28 July 2026 - NIOX Group plc (AIM: NIOX), a medical device company focused on point-of-care FeNO testing for the diagnosis, monitoring and management of asthma and COPD, provides the following trading update for the six months ended 30 June 2026 (H1 2026).
Financial highlights
· Revenue approximately £24.0m (H1 2025: £25.2m)
· Clinical revenue approximately £20.6m (H1 2025: £20.0m) reflecting the timing of NIOX PRO® regulatory approvals
· Research revenue approximately £3.4m (H1 2025: £5.2m) following the strategic decision to prioritise inventory within the Clinical business
· Gross margin approximately 71% (H1 2025: 70%), reflecting a higher mix of Clinical sales
· Adjusted EBITDA1 approximately £8.3m (H1 2025: £9.2m)
· Strong balance sheet with net cash of approximately £16.8m, after payment of £6.5m final dividend (31 December 2025: £19.9m)
· Trading in line with consensus market expectations for the full year
· Intention to return excess capital to shareholders during the second half of 2026
Clinical revenue was broadly in line with the prior year period reflecting the timing of the regulatory approvals for NIOX PRO®. This has led to an accumulation of Clinical demand which the Company expects to deliver during H2 2026. Customer feedback on the NIOX PRO® has been highly encouraging, and regulatory submissions continue to progress in the US and Japan, with approvals expected during the second half of 2026.
Research revenue was exceptionally strong in 2025, driven by a high volume of COPD studies. As anticipated, clinical trial activity has returned to more normal levels in 2026, although it is expected to increase in the second half of the year. Whilst the timing of clinical trials can cause revenue to fluctuate between reporting periods, the recent Master Services Agreement with our largest customer is expected to improve visibility of future Research revenues, which have been challenging to forecast in the past.
Operating expenditure remained well controlled at approximately £8.8 million (H1 2025: £8.6 million) despite continued investment in the US commercial organisation and product development.
Operational highlights
During the period, the Company has delivered against several key strategic priorities that strengthen its competitive position, expand future growth opportunities and support long-term value creation:
· CE Mark and UK MHRA approval obtained for NIOX PRO®. US and Japan approvals expected during H2 2026.
· 10-year exclusive sensor supply agreement signed, providing long-term supply security and supporting future product development.
· Japan pricing increase implemented from 1 June 2026, following the Japanese Ministry of Health reimbursement increase.
· US field-based sales organisation fully deployed in March.
· Master Services Agreement signed with a leading global contract research organisation, improving visibility of future Research revenues.
· Development of the MyNO® home-use device underway.
Proposed capital return
NIOX remains committed to its disciplined capital allocation policy, balancing investment in long-term growth with the return of surplus capital to shareholders.
Reflecting the Group's strong cash generation and robust balance sheet, the Board intends to return excess capital to shareholders during the second half of 2026. The Board is currently evaluating the most appropriate mechanism to deliver this return and expects to provide further details at the time of the Group's interim results.
NIOX expects to release its interim results for the six months ended 30 June 2026 towards the end of September 2026.
Jonathan Emms, NIOX's CEO, said:
"The first half of 2026 has been an important period for NIOX as we continued to execute our strategy while progressing the transition to our next-generation device. Customer feedback following the launch of NIOX PRO® has been extremely encouraging, reinforcing our confidence in the opportunity ahead.
Alongside this, we have strengthened the business operationally by securing long-term sensor supply, expanding our commercial capabilities and investing in future growth initiatives. We expect the second half of the year to be stronger than the first, supported by the commercial rollout of NIOX PRO® and the implementation of higher pricing in Japan. We remain confident in the delivery of full-year performance in line with market expectations. Combined with our highly cash generative business model and strong balance sheet, we believe NIOX is well positioned to continue delivering value for shareholders."
[1] Adjusted EBITDA excludes depreciation, amortisation and share option charges
2 NIOX believes that consensus expectations as at 27 July 2026 for FY2026 are as follows: Revenue: £50.5m; Adjusted EBITDA: £17.5m
-Ends-
|
For further information, please contact: |
|
|
NIOX Group plc Jonathan Emms, Chief Executive Officer Sarah Duncan, Chief Financial Officer
|
+44 (0) 3303 309 356
|
|
Singer Capital Markets (Nominated Adviser and Broker) Jen Boorer / James Fischer |
+44 (0) 20 7496 3000 |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 hour ago Pipehawk
- 1 hour ago Frasers Group
- 1 hour ago DP Aircraft I Limited Pref
- 1 hour ago Cropper (James)
- 14 hours ago Oxford Nanopore Technologies