NIOX has again delivered results ahead of expectations, with a 7% EBITDA beat and Y/E Net Cash ahead by £1.4m, reflecting the highly cash generative nature of the model. Whilst we leave outer year forecasts materially unchanged, we are encouraged by the strengthening outlook in Clinical, driven by the successful launch of the upgraded NIOX PRO device, early signs of success in the US with the new go-to-market approach and the prospect of FeNO testing having more application in the COPD market. We stay at BUY, with an unchanged 88p TP. A Best Idea for 26.
