Oxford, UK – 26 March 2024: NIOX Group plc (AIM: NIOX), a medical device company focused on point of care asthma diagnosis and management, today announces its results for the year ended 31 December 2023 (“FY23”).

Financial highlights

  • Revenue growth of 18% to £36.8 million (2022: £31.3 million) and 22% on a constant currency basis
  • Clinical revenue1 growth of 24% (29% on a constant currency basis) to £32.6 million (2022: £26.2 million)
  • Group adjusted EBITDA2 of £11.4 million, in line with upgraded consensus estimates (2022: £7.3 million)
  • Net cash £19.9 million (31 December 2022: £19.4 million)
  • A special dividend of 2.5 pence per share (equating to a return of cash of £10.5 million) was paid to shareholders on 15 September 2023
  • The Board is recommending the payment of a final dividend of 1 pence per share


Financial progress

  2023 2022
£m £m
Revenue 36.8 31.3
Gross margin 72% 71%
Total expenditure3 (15.1) (14.9)
Adjusted EBITDA2 11.4 7.3
Adjusted EBITDA margin 31.0% 23.3%
Operating profit 4.6 1.8
Beyond Air settlement consideration 8.1
Profit before tax 4.1 10.5
Profit for the year from discontinued operations 1.2 2.0
Profit for the financial year 10.7 16.1
Net cash at year end 19.9 19.4
1 Clinical revenue represents sales to physicians and hospitals for use in clinical practice.

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

3 Excludes depreciation, amortisation, impairment and share option charge.


Operational highlights

  • New commercial organisation and distributor network in the USA, to drive revenues in primary care.
  • Expanded the depth and breadth of the distributor network in EMEA and APAC.
  • Commenced development of NIOX Pro®, the next generation device for clinical professionals.
  • Second milestone payment of $3.5 million received from Beyond Air in August 2023, with final payment of $4.5 million due by August 2024 and up to a further $6 million in potential royalty payments thereafter.


Ian Johnson, NIOX’s Executive Chairman, said: “I am pleased to report continued strong growth in revenues and operating profit for 2023. Revenue was up 18% to £36.8 million, with our Clinical business performing particularly well growing 29% in constant currency terms. Adjusted EBITDA improved significantly from £7.3 million in 2022 to £11.4 million in 2023 equating to an operating margin of 31% (2022: 23%). Cash generation remained strong with year-end net cash of £19.9 million, following the payment of a special dividend amounting to £10.5 million in September 2023. The Board is therefore recommending the payment of a final dividend for FY23 of 1 pence per share. Going forward, the Board intends to pursue a progressive dividend policy, growing future dividends in line with earnings.


Management is continuing to implement the strategy of deepening and broadening global distribution, which coupled with outsourcing sales and manufacturing is expected to drive further profitable growth. Whilst the current focus is on growing sales in primary care, looking ahead, the Company plans to introduce FeNO testing in other healthcare channels such a pharmacies and occupational health and ultimately to launch a product for use by patients to manage their condition at home.  

The Group has made a positive start to 2024 and continues to be highly cash generative, with cash of £22.4 million at 29 February 2024. The Company has a robust strategy in place to expand the business and generate profitable growth from the large underserved target market and has the financial resources to achieve its objectives and further enhance shareholder value.”

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.”


NIOX Tel: +44 (0) 3303 309 356
Ian Johnson, Executive Chairman

Michael Roller, Chief Financial Officer

Singer Capital Markets (Nominated Adviser and Broker)Tel: +44 (0) 20 7496 3000Aubrey Powell/ Jen Boorer / James Todd

Investec Bank plc Tel: +44 (0) 20 7597 4000Edward Knight / Bruce Garrow / Lydia Zychowska

The annual report and audited consolidated financial statements will be available on the Company’s website later today. Please visit:


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.

An introductory presentation about the NIOX Group is available at:

At present, NIOX provides products and services in around 50 countries. 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 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.