Last week, we visited NIOX’s facility in Uppsala, Sweden to learn more about the company’s history and meet key members of the team, including one of the original co-founders of the business. What we found reinforced our conviction over the high-quality nature of the business, the defensibility of its position in FeNO testing and the substantial growth opportunities still to be realised. This note summarises some of the key findings of the visit. We maintain our conviction over the NIOX investment case and see the potential for continued strong shareholder returns in the coming years.