REG - Niox Group PLC - Full Year Trading Update

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RNS Number : 5034P  Niox Group PLC  20 January 2026

NIOX Group plc

("NIOX" or the "Company" and, together with its subsidiaries, the "Group")

 

Full Year Trading Update

 

Strong financial performance ahead of market expectations and successful
introduction of NIOX PRO®

 

Oxford - 20 January 2026 - NIOX Group plc (AIM: NIOX), a medical device
company focused on point-of-care FeNO testing for the diagnosis, monitoring
and management of asthma and COPD, provides the following unaudited trading
update for the year ended 31 December 2025.

 

Highlights

·      Revenue growth of 17% (16% on a constant currency basis) to
approximately £48.7m (2024: £41.8m).

 

·      Clinical revenue growth of 7% (7% on a constant currency basis)
to approximately £38.6m (2024: £36.1m).

 

·      Research revenue growth of 77% (79% on a constant currency basis)
to approximately £10.1m (2024: £5.7m), driven by increased clinical trial
activity involving FeNO testing for both asthma and COPD.

 

·      Adjusted EBITDA(1) ahead of consensus expectations(2), and up 21%
to approximately £16.7m (2024: £13.8m), reflecting strong operational
leverage.

 

·      Successfully introduced the new next-generation NIOX PRO®
device, with the first sale in December 2025.

 

·      Strong balance sheet with cash of £19.9m (31 December 2024:
£10.9m) after the payment of a £5.0m dividend in June 2025.

 

Unaudited revenues for the year ended 31 December 2025 were up 17% (16% on a
constant currency basis) at approximately £48.7m (2024: £41.8m).

 

Clinical revenues were up 7% (7% on a constant currency basis) to
approximately £38.6m (2024: £36.1m). Recurring test kit revenues for the
Clinical business continue to account for a high proportion of clinical sales
at 92% (2024: 93%). Underlying demand remains robust, and the transition to a
direct US sales model, alongside the launch of the new NIOX PRO® device and
the emerging adoption of FeNO testing in COPD diagnosis and management, is
expected to support a return to stronger growth in the Clinical business.

 

Research revenues were up 77% (76% on a constant currency basis) to
approximately £10.1m (2024: £5.7m). The Research business benefited from an
unprecedented level of pharmaceutical company-sponsored studies in both asthma
and COPD. The role of Type 2 inflammation in COPD is emerging, and NIOX was
used to measure FeNO in these studies, as it is a precise biomarker of Type 2
airway inflammation. The Research business has historically been difficult to
predict, and this level of sales is unlikely to continue. We anticipate sales
in future years to be in line with historical levels.

 

Gross margin at 69% was approximately 3% lower than in 2024, primarily due to
a higher mix of device-heavy research sales.

 

Group adjusted EBITDA was ahead of consensus market expectations at
approximately £16.7m (2024: £13.8m), with an increase in adjusted EBITDA
margin to 34% (2024: 33%) reflecting continued operational leverage.

 

The unaudited cash balance at year-end was £19.9m (31 December 2024:
£10.9m), with no bank borrowings. During the year, a final dividend of £5.0m
was paid to shareholders.

 

NIOX expects to release its preliminary results for the year ended 31 December
2025 in late March 2026.

 

Jonathan Emms, NIOX's CEO, said:

"2025 has been another year of strong progress for NIOX, with continued growth
in our installed base and recurring revenues across our key markets. We were
particularly pleased to introduce our next-generation NIOX PRO® device on
schedule and to complete our first sale in December, marking an important
milestone in the evolution of our product portfolio. We enter 2026 with a
strong balance sheet, close to £20m in cash, good commercial momentum, and a
clear focus on driving further adoption of FeNO testing worldwide. We remain
well positioned to deliver profitable growth, strong cash generation and drive
further shareholder value in the years ahead."

 

(1)Adjusted EBITDA excludes depreciation, amortisation and share option
charges

(2)Consensus expectations as at 19 January 2026 for FY2025 are as follows:
Revenue: £47.2m, Adjusted EBITDA: £15.9m.

 

-Ends-

 

This trading update is based upon unaudited management accounts and has been
prepared solely to provide additional information on trading to the
shareholders of NIOX Group plc. All figures are provisional and subject to
further review.

 

 

 For further information, please contact:

 NIOX Group plc                                               +44 (0) 3303 309 356

 Jonathan Emms, Chief Executive Officer

 Sarah Duncan, Chief Financial Officer

 Singer Capital Markets (Nominated Adviser and Joint Broker)  +44 (0) 20 7496 3000

 Jen Boorer / James Fischer / James Todd

 

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