NIOX Group (NIOX) Trading Update summary

Financial performance

• Revenue grew 20% to approximately £25.2m, with clinical revenue up 8% and research revenue up 108%.

• Adjusted EBITDA increased 30% to about £9.2m, reflecting strong operational leverage.

• Gross margin was 70%, about 2% lower due to a higher mix of device-heavy research sales.

• Net cash rose to £11.8m at 30 June 2025, even after a £5.0m dividend payment.

• Overheads remained stable, excluding a one-off £0.3m cost from a withdrawn bid.

Strategic and operational highlights

• Research revenue growth exceeded expectations, driven by increased clinical trial activity.

• Minimal impact from foreign exchange fluctuations and US tariffs so far in 2025.

• Plans to pass on any future cost increases from tariffs through higher pricing.

• Focus remains on sustainable growth in the core clinical business with high recurring revenue.

• Interim results for H1 2025 are scheduled for release on 30 September 2025.

Management outlook and initiatives

• Confident in strategic initiatives, including accelerating US FeNO testing penetration.

• Upcoming launch of NIOX PRO® expected to support continued progress.

• Management expresses gratitude to shareholders for ongoing support.

• Commitment to providing further updates at interim results.