NIOX Group (NIOX) H1 2025 earnings summary

Executive summary

• Revenue increased 20% year-over-year to £25.2m for H1 2025, driven by strong growth in both clinical and research segments.

• Adjusted EBITDA rose 30% to £9.2m, reflecting operational leverage and a stable cost base.

• Cash position improved to £11.8m at 30 June 2025, with no debt and a £5.0m dividend paid.

• Continued global adoption of FeNO testing, supported by new guidelines and market expansion.

• Maintained a scalable, capital-light business model focused on profitable growth and shareholder returns.

Financial highlights

• Clinical revenue grew 9% to £20.0m, with over 90% recurring sales; research revenue more than doubled to £5.2m.

• Adjusted EBITDA margin improved to 36.5% from 33.8% year-over-year.

• Gross margin was 70% (down from 72% in H1 2024) due to a higher proportion of lower-margin research sales.

• Adjusted basic earnings per share increased 31% to 2.26p; basic EPS was 1.43p.

• Cash generated from operations was £7.0m, up from £6.0m in H1 2024.

Outlook and guidance

• Full-year results expected to be in line with consensus for revenue and adjusted EBITDA.

• Core clinical revenue growth projected to remain stable.

• US go-to-market strategy transition in 2025, with benefits anticipated from late 2026.

• Ongoing investment in product innovation and a progressive dividend policy.

• Trading in July and August remained strong, with cash at £13.2m as of 31 August 2025.