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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
NIOX Group
NIOX Group (NIOX) investor relations material
NIOX Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary29 Sep, 2026
Executive summary
Delivered resilient H1 2026 performance with revenue of £24.0m and adjusted EBITDA of £8.3m, despite a strong prior-year comparator and lower Research revenue, supported by well-controlled costs and continued US investment.
Maintained a strong balance sheet, remaining debt-free with cash of £16.8m as of June 30, 2026.
Continued global rollout of NIOX PRO®, the first major product launch in 13 years, with CE Mark and UK MHRA approval, supporting leadership in the FeNO market.
Strategic focus on innovation, supply resilience, and capital-light, cash-generative operations.
Announced a tender offer to repurchase shares, potentially returning £12.5m to shareholders, with total cash returns over four years reaching £60m.
Financial highlights
Revenue declined 5% year-over-year to £24.0m (H1 2025: £25.2m); Clinical revenue up 3% to £20.6m, Research revenue down 33–35% to £3.4m.
Adjusted EBITDA margin was 34.6%–35% (H1 2025: 36%–36.5%), with gross margin improving to 71% from 70%.
Cash increased to £16.8m from £11.8m in H1 2025, reflecting strong operating cash inflows.
£6.5m dividend paid in June; tender offer announced to return a further £12.5m to shareholders.
Profit for the period was £5.9m; basic EPS 1.41p, adjusted basic EPS 1.98p.
Outlook and guidance
H2 2026 expected to be stronger than H1, driven by NIOX PRO® rollout, higher Japan reimbursement, and increased clinical trial activity.
Full-year revenue and adjusted EBITDA anticipated to align with current market consensus.
Pro forma cash after tender offer expected to be ~£5.0m at 30 September 2026; ~£9.0m cash expected at 31 December 2026.
Long-term growth underpinned by FeNO adoption, US commercial expansion, and ongoing product innovation.
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Latest events from NIOX Group
- H1 2026 saw stable clinical revenue, improved margins, and plans for capital return in H2.NIOX
H1 2026 TU - Revenue and EBITDA surged, cash doubled, and growth investments continue amid strong outlook.NIOXH2 2025
- Revenue up 14%, EBITDA up 21%, strong APAC growth, major cash returns, new device on track.NIOXH2 2024
- Revenue and EBITDA exceeded expectations, driven by research growth and new product launch.NIOXH2 2025 TU
- 20% revenue growth and 36% EBITDA margin highlight strong H1 2025 performance.NIOXH1 2025
- Strong revenue and profit growth driven by research and US market initiatives.NIOXTrading Update
- Double-digit growth, robust cash, and expanding FeNO adoption support a strong outlook.NIOXH1 2024
- Strong H1 2024 growth with rising revenues, profits, and a solid net cash position.NIOXTrading Update
- NIOX achieved double-digit revenue growth and margin expansion, with strong cash generation.NIOXTrading Update
Next NIOX Group earnings date
H2 202624 Mar, 2027
NIOX Group
Next NIOX Group earnings date
H2 202624 Mar, 2027
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Frequently asked questions
NIOX Group Plc is a medical device company focused on the diagnosis and management of respiratory diseases, with a particular emphasis on asthma. The company's flagship product, NIOX VERO, is a non-invasive, point-of-care device designed for the measurement of fractional exhaled nitric oxide, which is a biomarker for airway inflammation in asthma patients. This device aids healthcare professionals in diagnosing and managing asthma by providing precise FeNO measurements. The company is headquartered in Oxford, United Kingdom, and its shares are listed on the London Stock Exchange.