Oxford asthma diagnosis device manufacturer reports 15 per cent growth

By Nicky Godding

17 January 2023

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Clinical revenues grew to £16.7 million in the six months, compared to £13 million in the year-earlier period

NIOX Group PLC, the Oxford-based developer of medical devices for asthma diagnosis and management, has reported a 15 per cent revenue growth of to £31.3 million.

The group – formerly known as Circassia – has also seen good progress in expanding distribution in the USA and initial sales of NIOX into the UK primary care sector.

Unaudited revenues for the year ended 31 December 2022 were up 12 per cent at approximately £31.3m. The second half of the year saw stronger relative growth of 19% over H2 2021.

Gross margins also improved to 71 per cent from 68 per cent in 2021.

Group adjusted EBITDA was approximately £7.0m (2021: £0.6m), ahead of market expectations which had been revised upwards twice during the year.

Ian Johnson, NIOX's Executive Chairman, said: "As the impact of the global pandemic receded during 2022, sales of NIOX devices and tests continued to improve, with the increase in revenues reflecting a combination of returning customers and new sales. In our clinical business, sales in EMEA finished well ahead of 2021 and exceeded pre pandemic levels, whilst APAC and the USA also finished ahead of 2021 but with further recovery available as they are yet to return fully to 2019 levels. Sales to our Research customers were significantly higher than in 2019.

"It is particularly encouraging that the NHS in the UK continues to support the use of FeNO testing, which has resulted in a significant number of additional NIOX devices being introduced into primary care, where the majority of asthma is diagnosed.

"The Board believes that the Company's robust business model will remain resilient to existing macroeconomic conditions and, together with the measures taken to drive top-line growth, will continue to deliver improved shareholder value going forward."

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.