TIDMNIOX
RNS Number : 8856M
Niox Group PLC
17 January 2023
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("UK MAR"), and is disclosed in accordance
with the Company's obligations under Article 17 of UK MAR. The
persons taking responsibility for this announcement are the Company
contacts named below.
NIOX Group plc
Full Year Trading Update
Strong business model delivering profitable growth
Oxford, UK - 17 January 2023: NIOX Group plc ("NIOX", the
"Company" or the "Group"; AIM: NIOX), a medical device company
focused on point of care asthma diagnosis and management, today
announces the following trading update for the year ended 31
December 2022.
Highlights (unaudited data)
-- Underlying revenue growth of c.15% to GBP31.3m (2021: GBP27.9m)
-- Adjusted EBITDA ahead of consensus expectations at
approximately GBP7.0m (2021: GBP0.6m in a transitional year)
-- Net cash GBP19.4m (31 December 2021: GBP12.6m)
-- Good progress in expanding distribution in the USA and
initial sales of NIOX into the UK primary care sector
Unaudited revenues for the year ended 31 December 2022 were up
12% at approximately GBP31.3m (2021: GBP27.9m) with underlying
revenues growing by 15% (excluding a one-off revenue item in 2021
of GBP0.6m). The second half of the year saw stronger relative
growth of 19% over H2 2021.
Gross margins improved to 71% from 68% in 2021, with recurring
test kit revenues for the Clinical business continuing to represent
a high proportion of Clinical sales at 89%.
Group adjusted EBITDA(1) was approximately GBP7.0m (2021:
GBP0.6m), ahead of market expectations which had been revised
upwards twice during the year.
The unaudited cash balance at the period end was GBP19.4m (31
December 2021: GBP12.6m), reflecting positive cash generation in
the business and including the benefit of $2.5m received in the
second half as the first milestone payment under the settlement
reached with Beyond Air.
The transition to a distributor-led sales strategy in our
Clinical business continued throughout 2022 with the focus on
building partnered distribution in USA and China. This was the
principal contributor to a further substantial reduction in
operating costs, with total costs of GBP15.2m down from GBP18.4m in
2021.
Ian Johnson, NIOX's Executive Chairman, said: "As the impact of
the global pandemic receded during 2022, sales of NIOX devices and
tests continued to improve, with the increase in revenues
reflecting a combination of returning customers and new sales. In
our Clinical business, sales in EMEA finished well ahead of 2021
and exceeded pre pandemic levels, whilst APAC and the USA also
finished ahead of 2021 but with further recovery available as they
are yet to return fully to 2019 levels. Sales to our Research
customers were significantly higher than in 2019.
It is particularly encouraging that the NHS in the UK continues
to support the use of FeNO testing, which has resulted in a
significant number of additional NIOX devices being introduced into
primary care, where the majority of asthma is diagnosed.
The Board believes that the Company's robust business model will
remain resilient to existing macroeconomic conditions and, together
with the measures taken to drive top-line growth, will continue to
deliver improved shareholder value going forward."
NIOX expects to release its Preliminary Results for the year
ended 31 December 2022 on 21 March 2023.
(1) Adjusted EBITDA excludes depreciation, amortisation,
impairment and share option charges
Contacts
NIOX
Ian Johnson, Executive Chairman Tel: +44 (0) 1865 405 560
Michael Roller, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and Broker) Tel: +44
(0) 20 7496 3000
Aubrey Powell/ Jen Boorer/ Alex Emslie
About NIOX
Our ambition is to improve the quality of life of millions of
people suffering from asthma. Asthma is one of the biggest
healthcare issues globally with 340 million sufferers, many of whom
are undiagnosed or misdiagnosed The Group is engaged in the design,
development, and commercialisation of medical devices for the
measurement of FeNO, a biomarker of inflammatory asthma. Our market
leading device, NIOX VERO(R), is increasingly recognised by
healthcare professionals as an important tool to improve the
diagnosis and management of asthma. NIOX VERO(R) is also the device
of choice by leading clinical research organisations for
respiratory studies. We passionately believe in empowering everyone
to manage their health at home and will look to provide a device
designed exclusively for home use.
At present, NIOX provides products and services in around 50
countries. For more information, please visit
www.investors.niox.com
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.
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END
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