Revenues up 17 per cent at Circassia

Revenues at Oxford-based medical device company Circassia were up 17 per cent to £27.9 million, according to its latest financial results.

Profit for the financial year stood at £3.6 million after a deferred tax credit of £4.4 million, compared with a 2020 loss of £33.5 million.

The company, whose devices are focused on point of care asthma diagnosis and management, said its recovery in revenues had been "solid" despite continuing Covid-19 disruption.

Ian Johnson, Circassia's executive chairman, said: "The Group passed some significant milestones in 2021, achieving positive adjusted EBITDA and a profit after tax for the first time, as well as generating positive cash flow from our operating activities.

"The Group is debt free and has the cash resources to continue implementing its business strategy of accessing a large and underserved population of patients suffering from asthma.

We anticipate the global pandemic will continue to have some impact on our markets, however, the much-reduced cost base, high levels of recurring revenues and high gross margins will continue to provide a considerable degree of resilience going forward.

"The business has made a positive start to 2022 with NIOX clinical revenues up 24 per cent in the first two months of the year on the equivalent period in 2021 and has continued to generate positive operating cash flow.

"The Board believes that the ongoing transition to a distributor led business model will drive top line growth and deliver further shareholder value over the medium term."