NIOX Group (NIOX) H1 2026 TU earnings summary

Executive summary

• Revenue for H1 2026 was approximately £24.0m, down from £25.2m in H1 2025, with clinical revenue stable and research revenue lower due to strategic inventory prioritization.

• Gross margin improved to 71% from 70% year-over-year, driven by a higher mix of clinical sales.

• Adjusted EBITDA was approximately £8.3m, compared to £9.2m in H1 2025.

• Trading remains in line with consensus market expectations for the full year.

Financial highlights

• Clinical revenue was £20.6m (H1 2025: £20.0m), reflecting timing of regulatory approvals for NIOX PRO®.

• Research revenue was £3.4m (H1 2025: £5.2m), following a strategic focus on clinical inventory.

• Net cash stood at £16.8m after a £6.5m final dividend payment (31 Dec 2025: £19.9m).

• Operating expenditure was £8.8m (H1 2025: £8.6m), with continued investment in US commercial operations and product development.

Outlook and guidance

• Full-year performance expected to be in line with market expectations, with H2 2026 anticipated to be stronger due to accumulated clinical demand and higher pricing in Japan.

• Regulatory approvals for NIOX PRO® in the US and Japan expected in H2 2026.

• Research revenue visibility expected to improve following a new Master Services Agreement.