NIOX Group (AIM:NIOX), the medical device company focused on point-of-care FeNO testing for asthma and COPD, reported revenue of approximately £24m for the six months to 30 June, down from £25.2m a year earlier.
Clinical revenue rose to £20.6m from £20m, though the company said regulatory approval timing for its NIOX PRO device has caused a backlog of demand it expects to clear in the second half.
Research revenue fell to £3.4m from £5.2m after an exceptionally strong 2025 driven by COPD studies, with clinical trial activity normalising this year.
Adjusted EBITDA, which excludes depreciation, amortisation and share option charges, came in at approximately £8.3m against £9.2m in the prior-year period, while gross margin improved to 71% from 70% on a higher mix of clinical sales.
Net cash stood at £16.8m at period end, down from £19.9m at 31 December, after payment of a £6.5m final dividend.
NIOX said trading remains in line with consensus market expectations for the full year, which it believes stand at revenue of £50.5m and adjusted EBITDA of £17.5m.
The board intends to return excess capital to shareholders during the second half, with details to be confirmed alongside interim results.
"We expect the second half of the year to be stronger than the first, supported by the commercial rollout of NIOX PRO and the implementation of higher pricing in Japan", said chief executive Jonathan Emms.
NIOX expects to release interim results towards the end of September.
News Intelligence what this means for the company
NIOX reported H1 revenue of £24m, down 5% year-on-year, but management says trading tracks consensus expectations for full-year revenue of £50.5m and adjusted EBITDA of £17.5m. A regulatory approval backlog for the NIOX PRO device is expected to clear in H2, and the board plans a capital return to shareholders once interim results are published in late September.
The H1 miss (£24m vs. implied H2 guidance of ~£26.5m to hit £50.5m full-year) hinges entirely on the timing of NIOX PRO regulatory clearance and H2 execution. Net cash of £16.8m, down from £19.9m after a £6.5m dividend, leaves limited room for error; the planned capital return signals confidence in cash generation but also that management sees no near-term investment need.
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