NIOX Group (LSE:NIOX) reported revenue of £24.0 million for the first half of 2026, compared with £25.2 million a year earlier, as lower research sales offset growth in its clinical business.
Clinical revenue increased 3% to £20.6 million, while the group’s gross margin rose to 71%. Adjusted EBITDA declined to £8.3 million.
The company said its results reflected continued consumables revenue and cost controls alongside investment in its US commercial operations and product development.
NIOX PRO Receives European and UK Regulatory Approvals
During the period, NIOX received CE Mark and UK MHRA approval for its NIOX PRO device and transitioned from its existing NIOX VERO platform without supply disruption.
The company also entered into a 10-year exclusive sensor supply agreement intended to support the manufacture of its FeNO testing products.
In the US, NIOX completed the deployment of its field sales team as part of its commercial expansion plans. Development work also continued on MyNO, the company’s planned home-use device.
Americas Clinical Sales Increase
Clinical sales in the Americas increased 6% on a constant currency basis during the first half.
Sales in the APAC and EMEA regions declined slightly. NIOX attributed the regional performance to factors including lower reimbursement in China, competition from lower-cost products and orders deferred pending regulatory approvals for NIOX PRO.
Management expects some of these factors to ease as the new product approvals take effect and deferred demand moves into the second half.
NIOX Launches £12.5 Million Share Tender Offer
NIOX paid a £6.5 million final dividend for 2025 and subsequently launched a tender offer to repurchase up to 15,625,000 shares at 80 pence per share.
If completed in full, the tender would return a further £12.5 million to shareholders. The company said this would take total shareholder distributions over four years to approximately £60 million.
NIOX estimated that its pro forma cash balance would be approximately £5 million following completion of the tender offer.
More About NIOX Group
NIOX Group plc is a UK-based medical device company specialising in fractional exhaled nitric oxide, or FeNO, testing used in the diagnosis, monitoring and management of respiratory conditions including asthma and chronic obstructive pulmonary disease.
The company develops and sells FeNO measurement devices and associated consumables through direct sales channels and distributors in more than 50 countries. Its products are used in clinical settings and by pharmaceutical companies and contract research organisations conducting respiratory clinical trials.
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