NIOX Group (NIOX) Trading Update summary

Financial performance

• Revenue grew 14% to £41.8m, or 16% on a constant currency basis, for FY2024.

• Clinical revenue increased 11% to £36.1m, with research revenue up 33% to £5.7m.

• Adjusted EBITDA reached £13.8m, slightly ahead of consensus, with margin improving to 33%.

• Gross margin remained strong at 72%, with recurring test kit sales making up 93% of clinical sales.

• Net cash at year-end was £10.9m after a £21m tender offer and £4.2m dividend payment.

Operational highlights

• Operating cash flow from continuing activities was £14.5m, with no bank borrowings.

• Research benefited from pharma-sponsored studies in asthma and COPD, using NIOX for FeNO measurement.

• Manufacturing partner is developing the next-generation NIOX Pro device, expected late 2025.

• Focus for 2025 includes US revenue growth, new healthcare channels, and a home-use product.

Strategic outlook

• Board remains confident in the business model's ability to deliver profitable growth and shareholder value.

• NIOX VERO is increasingly recognized as a key tool for asthma diagnosis and management.

• The company operates in 50 countries through direct sales and distributors.

• Preliminary results for FY2024 will be released on 1 April 2025.