This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of UK MAR. The persons taking responsibility for this announcement are the Company contacts named below.
NIOX GROUP PLC
("NIOX" or the "Company" and, together with its subsidiaries, the "Group")
Oxford, UK - 18 May 2023: NIOX Group plc (AIM: NIOX), a medical device company focused on point of care asthma diagnosis and management, is holding its Annual General Meeting today at the Hayakawa Building, Edmund Halley Road, Oxford Science Park. Oxford OX4 4GB.
We are pleased to report that our business has continued to perform well, with total revenues in the first 4 months of the year up 21% compared with the same period in 2022. Our core Clinical business grew strongly with revenues up 28% compared with the same period in 2022. EMEA has continued to experience strong growth, and our Asia markets have also improved significantly. In the USA, our relatively new distributor partners are starting to make an increasing contribution to revenues in the region, which were up 16% year to date compared with 2022.
Gross margins continued to be robust, which together with the lower overheads as we exited 2022 meant that adjusted EBITDA for the first four months of the year was well ahead of management expectations.
The unaudited cash balance at 30 April 2023 was £22.3m (31 December 2022: £19.4m). Returns claims amounting to £1.1m relating to the discontinued business that were noted at the time of the preliminary results were settled in April.
Ian Johnson, NIOX's Executive Chairman, said: "I am pleased to report a continuing strong trading performance in the year to date, reflecting the successful execution of our strategy. The effect of the growth in revenues, robust margins and the lower level of overheads means that adjusted EBITDA for the full year is now likely to be significantly higher than management expectations at the start of the year.
The Board believes that the cash generation and resources of the Group are now at a level where it is appropriate to commence the payment of a dividend. Further details of the timing and quantum of an initial dividend payment will be announced in due course.
I look forward to updating shareholders again on our further progress and plans at the time of the H1 trading update in July."
Ian Johnson, Executive Chairman Tel: +44 (0) 1865 405 560
Michael Roller, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and Broker)
Aubrey Powell/ Jen Boorer Tel: +44 (0) 20 7496 3000
Our mission is to improve asthma diagnosis and management by greater patient access to FeNO testing. Asthma is one of the biggest healthcare issues globally with 340 million sufferers, many of whom are undiagnosed or are misdiagnosed. The Group is engaged in the design, development, and commercialisation of medical devices for the measurement of FeNO, a precise biomarker for asthma. Our market leading device, NIOX VERO®, is increasingly recognised by healthcare professionals as an important tool to improve the diagnosis and management of asthma. NIOX VERO® is also the device of choice by leading clinical research organisations for respiratory studies.
NIOX provides products and services via its direct sales organisation and extensive distributor network in 50 countries. For more information, please visit www.niox.com