Oxford, UK – 22 March 2022: Circassia Group plc (“Circassia” or “the Group”; AIM: CIR), a medical device company focused on point of care asthma diagnosis and management, today announces its audited results for the year ended 31 December 2021.

Financial highlights

  • Revenues were up 17% to £27.9 million (20% on a constant currency basis), approximately 84% being recurring consumable revenues
  • Group adjusted EBITDA positive for the first time at £0.6 million, ahead of upgraded consensus estimates
  • Profit for the financial year £3.6 million after a deferred tax credit of £4.4 million (2020: loss of £33.5 million)
  • Net cash £12.6 million (31 December 2020: £7.4 million)


Financial progress

Audited 2021 2020
£m £m
Revenue 27.9 23.9
Gross margin 68% 68%
Total expenditure1 (18.4) (25.4)
Adjusted EBITDA2 0.6 (9.1)
Operating loss (4.3) (17.3)
Loss before tax (2.1) (18.4)
Profit/ (loss) for the year from discontinued operations 1.3 (6.7)
Profit/ (loss) for the financial year 3.6 (33.5)
Cash3 at year end 12.6 7.4
1 Excludes depreciation, amortisation, impairment and share option charge.

2 Earnings before interest, tax, depreciation, amortisation, impairment and share option charge.

3 Includes cash and cash equivalents.

Operational highlights

  • Solid recovery in revenues despite continuing Covid-19 disruption
  • Ongoing transition to distributor-led business model with new arrangements in the USA and China expected to drive scalable revenue growth
  • Transition period for COPD business complete
  • Global Health & Pharma Awards named Circassia as Global Leaders in FeNO testing in 2021
  • Updated American Thoracic Society guidelines recommend FeNO testing for diagnosis and ongoing management of asthma


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% 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.




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/ Hannah Woodley                                               Tel: +44 (0) 20 7496 3000

About Circassia

Circassia is a medical device company focused on point of care asthma diagnosis and management. Our market-leading NIOX® products are used in clinical settings by physicians around the world to improve asthma diagnosis and management and by leading research organisations conducting clinical studies on behalf of pharmaceutical companies.  At present, Circassia provides products and services in around 50 countries. For more information please visit

The Company’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 Circassia. 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. Circassia 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.


Download Preliminary Results 2021

Click here to download full preliminary results as a PDF.