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NIOX has delivered FY23 results in line with upgraded expectations. Notable highlights include CER growth of 29% in the core Clinical business, Adj EBITDA margins reaching 31%, the payment of a 2.5p Special dividend and the declaration of a maiden 1.0p final dividend. With a strong balance sheet, the prospect remains for additional special dividends from excess cash in addition to a progressive ordinary dividend. We make no material change to forecasts at this stage and continue to see a long gr
Companies: NIOX Group Plc
Singer Capital Markets
NIOX enjoyed another strong year in FY23, with revenues growing >20% CER and operating margins improving materially once again. We see scope for sustained growth into the medium term, with various initiatives underway to further drive penetration of FeNO testing. The fundamentals of NIOX are highly attractive, supported by regular forecast upgrades and optionality around shareholder returns given the strong balance sheet. In this context, the shares should be viewed as a core holding in the sect
NIOX has delivered a broadly positive FY trading update coupled with an upbeat financial and operational outlook. FY revenues are expected to come in at £36.8m (+22% CER vs FY22); slightly lower than cons. £37.6m and SCMe £37.9m but net cash ahead of market expectations at £19.9m (vs cons. £18.9m & SCMe £19.3m). Furthermore, margins are expected to improve to 72% resulting in FY23E adj. EBITDA coming in line with cons. at £11.4m. We make no changes to forecasts today, as we await full detail fro
NIOX delivered a strong H1, driven by Clinical revenues +29% in the period. Trading is in line with the forecasts that were materially upgraded in July. Margins continue to strengthen and cash flow is following the increased profitability. Having returned £10.5m via a special dividend in September, we expect a maiden ordinary dividend to be declared at the finals in March, reflecting the strong fundamentals and highly cash generative nature of the model. We continue to view NIOX as a unique asse
The strong momentum in the first four months of the year has continued for the rest of H1, with core Clinical revenues increasing by a strong 29% in the period. APAC was the key highlight as those markets return to normal post the easing Covid-related restrictions, but other territories continue to deliver good growth. Favourable mix and a further reduction in overheads YoY has brought Adj EBITDA in at £6.2m, considerably more than 50% of our FY estimate. We therefore push through further materi
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
2022 was a pivotal year for NIOX as it moved firmly into sustainable profitability and cash generation. The foundations for a scalable platform are now well-established and the group enters 2023 with strong momentum (revenues in the first two months of the year were +19%). Having upgraded our forecasts following the trading update in January, we push through further EBITDA upgrades on improved margin assumptions. NIOX is a rare asset and fully deserves a premium rating. We stay at Buy, with an i
At the trading update earlier this week, NIOX indicated FY22 EBITDA would be around £7.0m, ~15% ahead of already upgraded expectations, with net cash coming in at £19.4m. This was driven by 15% underlying revenue growth, improved gross margins on mix and ongoing operational efficiencies. We formally update our estimates in this note, increasing our FY22 PBT/EPS forecast by 20% but, prudently, leaving FY23/24 unchanged for now. The outlook remains positive with latent growth potential in the US a
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
Niox (formerly Circassia) has delivered a strong set of interim results, which has continued into H2. Revenues in July and August increased by a strong +25% and trading is in line with already upgraded EBITDA expectations. Cash reserves continue to build and we increase further our Y/E cash assumptions by £3m, reflecting lower than expected legacy rebate payments. The board is seeking approval to create distributable reserves to facilitate potential returns to shareholders in due course. We reit
Circassia has delivered another positive update, demonstrating yet again the benefits of management’s restructuring actions in recent years. Notable highlights were a strong Gross Margin performance on favourable mix effects and continued progress on reducing the overhead base. Net, this resulted in EBITDA of £3.2m in H1, some 78% of our previous FY estimate. We push through material profit upgrades this year (+50% to EBITDA) and trickle these through to outer years. With cash generation now fol
A positive AGM update confirms strong revenue growth has continued YTD and further margin improvement means management again expect EBITDA to be materially ahead of expectations. The business model is now settled, with additional distributors appointed in the US which should help drive further penetration into the Primary Care market there. China revenues were strong and with no sign yet of any slowdown, despite being cognisant of renewed lockdowns there. Gross margins have remained robust on po
Research Tree provides access to ongoing research coverage, media content and regulatory news on NIOX Group Plc. We currently have 0 research reports from 9 professional analysts.
Companies: Warpaint London PLC
Shore Capital
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
Hardman & Co
Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r
Companies: Avon Protection PLC
Edison
15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio
Companies: GTC SAV FAB KRM BOOM
Hybridan
Companies: SCE HVO VLG
Cavendish
Companies: IGP RUA BOOM
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
TRX is focused on the development and commercialisation of two proprietary processing technologies for the repair of soft tissue (dCELL®) and bone (BioRinse®). It has a broad portfolio of products used in biosurgery, orthopaedics and dental markets. Investment in tissue processing, manufacturing capacity and strong commercial partners, together with its “4S” strategy, has generated six consecutive reporting periods of strong growth, with TRX turning EBITDA-positive in 2023. Further growth in 202
Companies: Tissue Regenix Group plc
Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We
Companies: Cambridge Nutritional Sciences PLC
Companies: BILN IGP RBN SBTX
Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli
Companies: Venture Life Group Plc
Creo Medical has released a trading update for FY23, an active year for the company, with progress made across all business segments. Traction improved in H223, following Speedboat Inject’s European clearance for upper gastrointestinal (GI) procedures and the accelerated approval and launch of Creo’s slimmest electrosurgical device, Speedboat UltraSlim. Top-line growth was supported by continued streamlining of the cost structure, resulting in a better-than-expected underlying EBITDA loss (impro
Companies: Creo Medical Group Plc
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Zoetis delivered a decent set of results for the last quarter of 2022 meeting analyst expectations as well as the high end of its management guidance. Despite the economic challenges, ongoing pandemic recovery, and the political unpredictability brought on by the war in Ukraine, they delivered operational growth for the year in each of their top 13 markets. The company's unique companion animal portfolio drove its 8% operational revenue increase for the year, growing 14% operationally. In compar
Companies: Zoetis (ZTS:NYSE)Zoetis, Inc. Class A (ZTS:NYS)
Baptista Research
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