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Loss swings to profit at medical devices firm NIOX Group

The Business Magazine article image for: Loss swings to profit at medical devices firm NIOX Group
15 September 2022

Revenues NIOX Group PLC, the Oxford-based developer of medical devices for asthma diagnosis and management, have increased by 6.2 per cent annually to £15.5 million, according to figures published yesterday (Wednesday).

The group – formerly known as Circassia Group - saw revenues grow from £14.6 million last year while profits swung from £8.9 million this year from a £2 million loss last year.

Ian Johnson, NIOX's Executive Chairman, said: "The Group has performed well in the first half of the year with good underlying growth in revenue and profits despite Covid-19 lockdowns persisting in China and the ongoing effects of Covid-19 on testing volumes in Japan.

"Cash generation remained strong with net cash at the half year of £13.8 million, up from £12.6 million at the end of 2021.

"Future revenue growth is likely to be driven by success in raising the awareness of the benefits of FeNO testing amongst clinicians, patients and drug developers, the continued expansion of our worldwide network of distributors and investing in the installed base of devices.

"The NIOX Group is now in a strong financial position to deploy its cash resources to invest in these areas and also to develop next generation devices, including a home-use device.

"The second half has started well with revenues for July and August taken together up 25 per cent on the same period in 2021.

"Margins remain strong and costs are continuing at a much-reduced level.

"The Board remains confident of achieving management expectations for the full year, which were significantly upgraded in July."


Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country.

An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts.

Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.

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