NIOX Group (NIOX) Trading Update summary

Financial performance

• Revenue grew 12% (15% constant currency) to approximately £21.0m for H1 2024.

• Core Clinical revenue increased 11% (14% constant currency) to about £18.5m.

• Adjusted EBITDA rose 14.5% to £7.1m, up from £6.2m in H1 2023.

• Net cash position improved to £21.5m, despite a £4.2m dividend payment.

• Gross margin was 72%, 1% lower than H1 2023 due to higher device sales in the mix.

Business highlights

• Clinical business continues to benefit from high recurring revenues and strong momentum.

• Operating margin saw a modest improvement due to lower overheads, mainly from currency effects.

• Cash inflow from continuing activities was £6.5m during the period.

• Payments related to discontinued COPD business totaled £0.9m in H1 2024.

• Interim results for H1 2024 are expected to be released on 24 September 2024.

Strategic positioning

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

• The company maintains a strong financial position and continues to expand its global reach.

• Products and services are distributed in 50 countries through direct sales and distributors.

• Focus remains on improving asthma diagnosis via greater access to FeNO testing.

• NIOX VERO® is the preferred device for leading clinical research organizations in respiratory studies.