NIOX Group plc (AIM:NIOX), a medical device company specializing in point-of-care FeNO testing for asthma and COPD, on Tuesday reported full-year 2025 revenue growth of 17% to £48.7 million, exceeding market expectations.
The company’s clinical revenue increased by 7% to £38.6 million, while research revenue surged 77% to £10.1 million, driven by increased clinical trial activity involving FeNO testing for both asthma and COPD.
Adjusted EBITDA rose 21% to £16.7 million, ahead of consensus expectations of £15.9 million, with the EBITDA margin improving to 34% from 33% in 2024, reflecting operational leverage.
The company successfully introduced its next-generation NIOX PRO® device with the first sale completed in December 2025, marking an important milestone in the evolution of its product portfolio.
NIOX ended the year with a strong balance sheet, reporting cash of £19.9 million as of December 31, 2025, up from £10.9 million a year earlier, despite paying a £5.0 million dividend in June 2025.
Recurring test kit revenues continued to account for a high proportion of clinical sales at 92%, slightly down from 93% in 2024.
The company noted that while the research business benefited from an unprecedented level of pharmaceutical company-sponsored studies in both asthma and COPD, this level of sales is unlikely to continue, with future years expected to align with historical levels.
Gross margin decreased approximately 3% to 69%, primarily due to a higher mix of device-heavy research sales.
