NIOX’s strong momentum has continued, with revenues increasing 21% in the first four months of the year. Gross margins have remained robust and, with a continued tight control of overheads, management now expects FY23 Adj EBITDA to be significantly higher than that expected at the start of the year. We upgrade our FY23 estimates accordingly (Adj EBITDA +17% to £10.0m) and ripple these through outer years. The direction of travel is clearly very positive and we see continued scope for growth and upgrades as the business continues to drive penetration of FeNO testing globally. We stay at Buy, with an increased TP of 61p.