NIOX Group plc
("NIOX" or the "Company" and, together with its subsidiaries, the "Group")
AGM Statement
Oxford, UK - 14 May 2025: NIOX Group plc (AIM: NIOX), a medical device company focused on point of care asthma diagnosis, monitoring and management, is holding its Annual General Meeting (the "AGM") at 11.00 am today at the Magdalen Centre, 1 Robert Robinson Ave, The Oxford Science Park, Oxford, OX4 4GA.
Trading update
We are pleased to report that our business has performed well in the first four months of the year, with NIOX sales growing 21%1.
The clinical business has delivered sales growth of 10%1, which is in line with management's expectations.
The research business has had a strong start to the year, with revenues more than double those achieved in the first four months of 2024 and ahead of management's expectations at this point in the year. This strong and encouraging start is due to an increase in clinical trial activity that includes the use of FeNO testing in both asthma and COPD. It is too early to discern whether this strong performance will persist throughout the year, as clinical trial demand is outside of NIOX's control.
Net cash as at 30 April 2025 totalled £14.5m after the payment of prior year bonuses in April, compared to £10.9m at 31 December 2024.
One-off exceptional costs associated with the withdrawn bid from Keensight totalled £0.3m.
Business priorities for 2025
The Group continues to focus on its core priorities for 2025, which are:
· Acceleration of the penetration of FeNO testing and the use of NIOX® in the US.
· Launch of the NIOX PRO® device, which remains on track for first sales to be made in Q4 2025.
· Commencement of the initial development work on the NIOX MyNO® home-use device.
US tariffs
At the current planned levels, we do not expect US tariffs to have a material impact on our business, and we intend to pass on any related increases to our cost base through higher pricing where possible.
Board Changes
As previously announced, Michael Roller will retire from the Board as CFO at today's AGM and be replaced by Sarah Duncan. Ian Johnson will move to Non-Executive Chairman.
NIOX expects to give a trading update in July in respect of the six month period ended 30 June 2025.
1Growth rates provided are on a constant currency basis.
-Ends-
| For further information, please contact: | |
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NIOX Group plc Jonathan Emms, Chief Executive Officer Michael Roller, Chief Financial Officer Sarah Duncan, Chief Financial Officer Designate
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+44 (0) 3303 309 356
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| Singer Capital Markets (Nominated Adviser and Joint Broker) Jen Boorer / James Fischer / James Todd
| +44 (0) 20 7496 3000 |
| Investec Bank plc (Financial Adviser and Joint Broker) Ben Lawrence / Lydia Zychowska | +44 (0) 20 7597 4000 |
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