Oxford, UK – 26 September 2023: NIOX Group plc (AIM: NIOX), a company engaged in the design, development, and commercialisation of medical devices for asthma diagnosis and management, today announces its unaudited interim results for the six months ended 30 June 2023 (“H1 2023”).

Financial highlights

  • Revenue growth of 21% to £18.8 million (H1 2022: £15.5 million).
  • Clinical business revenue growth of 28% to £16.7 million (H1 2022: £13.0 million). 90% of clinical revenue from recurring test kit sales.
  • Adjusted EBITDA2 of £6.2 million (H1 2022: £3.2 million), reflecting higher sales, improved margins as a result of a higher proportion of test kit sales and a slight reduction in the cost base.
  • Strong balance sheet with no bank debt and cash of £23.8 million as of 30 June 2023 (30 June 2022: £13.8 million, 31 December 2022: £19.4 million).
  • Operating cash flow of £5.0 million (H1 2022: £1.0 million).

Financial progress

  H1 2023



H1 2022


Revenue 18.8 15.5
Gross margin 73% 71%
Total expenditure1 (7.5) (7.8)
Adjusted EBITDA2 6.2 3.2
Operating profit 2.9 0.6
Beyond Air settlement consideration3 8.1
Profit before tax from continuing operations 2.9 8.9
Profit for the financial period from discontinued operations 0.5 0.3
Profit for the financial period 3.4 9.2
Cash4 at period end 23.8 13.8

1 Excludes depreciation, amortisation, impairment and share option charge. See note 13 for reconciliation.

2 Earnings before interest, tax, depreciation, amortisation, impairment and share option charge. See note 13 for reconciliation.

3 Full amount of Beyond Air settlement recognised in H1 2022.

4Includes cash and cash equivalents.


Operational highlights

  • Ongoing transition to distributor-led business model with new arrangements in Europe, the USA and China expected to drive scalable revenue growth.
  • Commenced development of NIOX Pro, the next generation of clinical use device.

Post period end

  • Second payment of $3.5 million received from Beyond Air on 25 August 2023.
  • Net cash at 31 August 2023 increased to £27.3 million.
  • A special dividend of 2.5p per share (equating to a return of cash of £10.5 million) was paid on 15 September 2023 to shareholders on the register as at the close of business on Friday 18 August 2023.


Ian Johnson, NIOX’s Executive Chairman, said: “The Group has performed well in the first half of the year with good growth in revenue and profits. Cash generation remained strong with net cash at the half year of £23.8 million, up from £19.4 million at the end of 2022.  Our strong cash generation permitted the payment of a special dividend of 2.5p per share earlier this month and we expect to propose a final dividend for the 2023 year at the time of our full year results next March.

The Group is now in a strong financial position to deploy its cash resources to invest in creating further demand for its products and in developing next generation devices, including a home-use device.


Trading in July and August has been in line with management expectations. While the value of reported sales is subject to fluctuation as a result of exchange rate movements, the impact of this on EBITDA is not expected to be significant and the Board remains confident of achieving management expectations for the full year, which were significantly upgraded in July, and in prospects for 2024 and beyond.”





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

About NIOX

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

The Group’s interim results report is available online at


Forward-looking statements

This press release contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of NIOX. The use of terms such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue”, “target” or “believe” and similar expressions (or the negatives thereof) are generally intended to identify forward-looking statements. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Nothing contained in this press release should be construed as a profit forecast or profit estimate. Investors or other recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. NIOX undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances.