NIOX Group hails continued strong growth in revenues and profits

Oxford-based medtech company NIOX Group continued to see strong growth in revenues and profits in 2023, driven by its core clinical business.

The firm, which is behind the NIOX VERO device to diagnose and manage asthma, revealed that clinical revenue had grown around 24% to £32.6 million in the year to end-December, compared to £26.2 million in 2022.

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Gross margins improved to 72% (2022: 71%), while recurring test kit revenues for the clinical business accounted for 92% of clinical sales.

The group's overall revenue in 2023 grew around 18% to £36.8 million, versus £31.3 million the previous year, while adjusted earnings before interest, tax, depreciation and amortization (EBITDA) were in line with consensus expectations at around £11.4 million (2022: £7.3 million).

"All three geographic areas generated good growth in the year," noted Ian Johnson, NIOX's executive chairman, in the trading update.

"Our manufacturing partner also started work on the development of the next generation NIOX Pro device which is expected to be launched in 2025.

"During 2024 management's focus is on growing revenues in the USA, expanding into new healthcare professional channels and developing a product for home-use," he added.

"The board believes that the company's robust business model will continue to deliver profitable growth and drive further shareholder value."

NIOX said it expected to release its preliminary results for the year to December 31, 2023 on March 26 this year.

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