Oxford, UK – 24 March 2021: Circassia Group plc (“Circassia” or the “Company” and, together with its subsidiaries, the “Group”) (LSE: CIR) today announces its audited results for the year ended 31 December 2020 and a post-period update.

Financial highlights

Audited 2020  20191 
£m £m
Revenue 23.9 34.6
Gross margin 68% 74%
Total expenditure2 (27.4) (40.8)
Adjusted EBITDA (11.1) (15.3)
Operating loss (17.3) (63.8)
Loss before tax from continuing operations (18.4) (27.6)
Loss for the year from discontinued operations (6.7) (31.5)
Loss for the financial year (33.5) (48.3)
Cash/ (net debt)3 at year end 7.4 (82.9)

1 Restated to show the results of the COPD business as a discontinued operation.

2 Excludes depreciation, amortisation and impairment

3 Includes cash and cash equivalents.

  • Revenues of £23.9 million were down 31% (2019: £34.6 million); impacted by COVID-19 pandemic
    • Clinical revenues were down 31% to £21.5 million (2019: £31.0 million)
    • Research revenues were down 33% to £2.4 million (2019: £3.6 million)
  • Operating loss reduced to £17.3 million from £63.8 million in 2019
  • Cash at year end of £7.4 million (2019: net debt £82.9 million)

Operational highlights

  • Transformed Company from pharma platform to medical device business
  • Strategic focus on the NIOX® product line
  • Handed back AstraZeneca COPD products wiping out $150 million debt
  • Significant reduction in cost base as a result of restructuring
  • Secured equity finance facility of £5 million

Post period update

  • Further £5 million of equity raised today by way of a subscription from 3 major shareholders at 25 pence per share to strengthen balance sheet
  • Steady start to the year in Clinical business and strong start in Research

Ian Johnson, Circassia’s Executive Chairman, said:2020 has been a transformational year for the Company, which was led by the decision to hand back the AstraZeneca COPD products in May and the decision to focus on the NIOX® product line. The management team has successfully completed a major restructuring of the business and concentrated relentlessly on the optimisation of the cost base. Circassia emerges as a simplified business with a market leading product for the diagnosis and management of asthma.
One of the strengths of the business is the high level of recurring revenues from consumables. In a normal year these are typically 90% of total revenues and, whilst the COVID-19 pandemic impacted these by restricting patient testing, the recovery by the end of year, with Q4 2020 revenues being 91% of Q1 2020 revenues, is testimony to the resilience of the business.
The Company is now debt free and has net cash, and whilst we will still be living with the effects of COVID-19, the Board believes that the actions taken will deliver greater shareholder value and that over the medium term the business will be profitable and cash generative.” 




Ian Johnson, Executive Chairman                                                               via N+1 Singer

Michael Roller, Chief Financial Officer

N+1 Singer (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 respiratory diagnostics and monitoring. Our market leading NIOX® products are used in clinical settings by physicians around the world to help improve asthma diagnosis and management, and by leading research organisations conducting clinical studies on behalf of pharmaceutical companies.  Customers are able to buy products and receive customer service via dedicated teams in the United States, UK, Sweden, Germany and China, on-line in some regions and via our network of global partners. For more information please visit

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.


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 Results 2020

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