Niox Share Discussion Threads

[masurenguy] 17/1/2023 07:43

An ecellent Y/E trading update!

Full Year Trading Update
Strong business model delivering profitable growth

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 Preliminary Results for the year ended 31 December 2022 on 21 March 2023.

[c3479z] 17/1/2023 07:36

looks good with roll-out in the NHS primary care market, great cash generation and the possibility of further recovery in APAC and North America.....the news leaked yesterday, always a problem in the AIM market.

[thedudie] 16/1/2023 13:03

Yes ... trading statement was 13th Jan last year so presumably it will be some time this week.

[bc4] 16/1/2023 12:53

A little flurry of buying must be an update soon

[p1nkfish] 15/12/2022 00:20

FeNo by NIOX, some new youtube videos today.

[p1nkfish] 07/12/2022 19:26

There should be some catalyst coming in the form of capital return through divi or buyback (tender?) now share capital account reduction actioned, alternatively some news on at home kit launch?

[bc4] 09/11/2022 09:39

These were trading at over 46p in January they must be worth a lot more now 14 million cash in the bank

[upomega] 31/10/2022 15:13

Has anyone an idea as to how home use for Feno testing is progressing. It would be good to get some kind of update from the company with regards to this.

[edwardt] 17/10/2022 18:06

This company looks like a little cracker to me! What's the catch??

[muffster] 17/9/2022 08:54

Voting started for cancellation of share premium and share buybacks.

[bc4] 16/9/2022 10:12

L2 looking very strong at the moment!

[masurenguy] 15/9/2022 06:35

Cheers rambutan2 - these two pages provide a very positive picture going forward.

Financial Review – Summary Statement of Income. 2022 H1 £m v 2021 H1£m

Revenue: 15.5 v 14.6
Gross margin: 71% v 68%
Overheads: (12.3) v (14.9)
Adjusted EBITDA*: 3.2 v (0.3)
Operating profit/(loss): 0.6 v (2.6)
Beyond Air settlement: +8.1 - 0.0
Discontinued operations: 0.3 v 1.1
Profit/ (loss) before tax: 9.2 v (0.9)

Summary & Outlook

* Strong business model delivering profitable growth
* Significant growth opportunity as patient access to FeNO testing improves
* High margins (70%) and high recurring revenues (85%)
* Profitable business with EBITDA margins ~30% (excl. plc costs)
* Very scalable model via distributor-led sales strategy
* Capital light due to third party manufacture
* Strong financial position (debt free, sustainable cash generation) enables investment in growth.

[rambutan2] 14/9/2022 20:19

Presentation:

[masurenguy] 14/9/2022 08:07

Very positive update - onwards and upwards !

Update

Oxford, UK - 14 July 2022: Circassia Group trading update for the six months ended 30 June 2022.

Highlights

-- Underlying revenue growth of 11% to GBP15.5m
-- Adjusted EBITDA of approximately GBP3.2m (H1 2021: EBITDA loss of GBP0.3m)
-- Strong balance sheet with cash of GBP13.8m (31 December 2021: GBP12.6m)
-- FDA approval for Beyond Air's LungFit device, initiating total payments of $10.5m over the next three years, with $2.5m due in H2 2022

Unaudited revenues for the six months ended 30 June 2022 were approximately GBP15.5m, up 6% on the same period last year (2021: GBP14.6m), with underlying revenues ahead by 11% (excluding the effect of a one-off revenue item of GBP0.6m recognised in H1 2021). Underlying clinical revenues grew 12% to approximately GBP13.0m (H1 2021: GBP11.6m, excluding the one-off revenue item of GBP0.6m), despite the effect of Covid lockdowns in China during the first half. Research revenues were ahead by 4% to GBP2.5m compared with what was a strong H1 in 2021 (GBP2.4m).

Management has continued to implement a distributor-led sales strategy, with the aim of improving the awareness of FeNO testing and the availability of NIOX(R) worldwide. The change in the business model has led to a reduction in overheads from GBP10.0m in H1 2021 to approximately GBP7.8m in H1 2022. This, together with strong gross margins largely driven by revenue mix, has resulted in H1 2022 adjusted EBITDA(1) of approximately GBP3.2m compared with a loss of GBP0.3m in H1 2021.

Unaudited net cash at 30 June 2022 was GBP13.8m (31 December 2021: GBP12.6m) with the Group producing a cash inflow of GBP1.2m in the period. Net rebate payments for the discontinued COPD business during the first half, were GBP0.7m. As announced on 29 June 2022, Beyond Air received FDA approval of their LungFit product, as a result of which Circassia is entitled to receive payments of $10.5m over the next three years plus up to a further $6m royalty payments, providing further cash resources for the Group. Circassia expects to release its Interim Results for the six months ended 30 June 2022 on 14 September 2022.

Ian Johnson, Exec Chairman, said: "The Group has performed well in the first half of the year with good underlying growth in revenue and profits despite Covid-19 lockdowns persisting in China and the ongoing effects of Covid-19 on testing volumes in Japan. Cash generation remained strong with net cash at the half year of GBP13.8 million, up from GBP12.6 million at the end of 2021. Future revenue growth is likely to be driven by success in raising the awareness of the benefits of FeNO testing amongst clinicians, patients and drug developers, the continued expansion of our worldwide network of distributors and investing in the installed base of devices. The NIOX Group is now in a strong financial position to deploy its cash resources to invest in these areas and also to develop next generation devices, including a home-use device. The second half has started well with revenues for July and August taken together up 25% on the same period in 2021. Margins remain strong and costs are continuing at a much-reduced level. The Board remains confident of achieving management expectations for the full year, which were significantly upgraded in July."."

[masurenguy] 14/9/2022 08:05

New thread to reflect the company change of name.

[masurenguy] 14/9/2022 08:01

Established in 2006, with an IPO in 2014 and the acquisation of the NIOX® range of products in 2015. Niox is now the leading provider of point-of-care FeNO diagnosis and management products that enable healthcare professionals to regulate patients asthma.



Major Shareholders: 14 September 2022
Harwood Capital LLP: 77.75m. 18.55%
Lombard Odier Asset Mgmt (Europe): 18.13m. 4.32%
Danske Bank A/S: 13.46m. 3.22%
Chelverton Asset Management: 10.00m. 2.38%
Hargreaves Lansdown Stockbrokers: 9.89m. 2.36%
Merchant Capital Manager Ltd: 8.67m. 2.07%
KW Investment Management Ltd: 7.73m. 1.84%
Burgundy Asset Management Ltd: 5.45m. 1.30%
Amiral Gestion SA: 4.89m. 1.17%
Hargreaves Lansdown Asset Mgmt: 4.17m. 1.00%



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