TIDMNIOX
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 GBP36.8m (2022: GBP31.3m)
-- Clinical Revenue growth of approximately 24% to GBP32.6m
(2022: GBP26.2m), approximately 29% on a constant currency
basis
-- Adjusted EBITDA in line with consensus expectations at
approximately GBP11.4m (2022: GBP7.3m)
-- Net cash GBP19.9m (31 December 2022: GBP19.4m)
Unaudited revenues for the year ended 31 December 2023 were up
18% at approximately GBP36.8m (2022: GBP31.3m) 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 GBP32.6m (2022: GBP26.2m)
and grew at approximately 24% (approximately 29% on a constant
currency basis). Research revenues were approximately GBP4.2m
(2022: GBP5.1m) 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 EBITDA(1) was approximately GBP11.4m (2022:
GBP7.3m), 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 GBP19.9m (31
December 2022: GBP19.4m). During the year, the group's continuing
activities generated approximately GBP11.0m of operating cash flow;
discontinued activities had a cash outflow of approximately
GBP2.0m, a special dividend of GBP10.5m 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(R)
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
Contacts
NIOX Tel: +44 (0) 1865 405 560
Ian Johnson, Executive Chairman
Michael Roller, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and joint broker) Tel: +44 (0) 20 7496 3000
Aubrey Powell / Jen Boorer / Alaina Wong
Investec Bank plc (joint broker) Tel: +44 (0) 20 7597 5970
Edward Knight / Bruce Garrow / Lydia Zychowska
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(R), is increasingly
recognised by healthcare professionals as an important tool to
improve the diagnosis and management of asthma. NIOX VERO(R) 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
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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