NIOX has again exceeded expectations, with FY22 EBITDA expected at around £7.0m, ahead of both our and consensus expectations, which had already been upgraded twice in the year. This was driven by better than expected gross margins and ongoing operating efficiencies. The balance sheet is strong, with good cash generation and the first instalment of the BeyondAir settlement received. Net cash (pre-IFRS16) was slightly ahead of expectations at £19.4m, providing optionality over investment and shar ....
