NIOX Group, formerly known as Circassia, announced today that its revenue for the first half of the year increased by 22% compared to the previous year. This growth was driven by a significant jump of 29% in clinical revenue.
For the period spanning January to June 2023, NIOX Group's total revenue amounted to approximately £18.8 million ($24.6 million), compared to £15.5 million in the same period last year. The substantial increase in clinical revenue contributed to this positive performance, with revenue reaching £16.7 million, up from £13 million in the previous year.
While research revenue saw a decline from £2.5 million to £2.1 million in the year-prior period, the strong performance in clinical revenue compensated for this decrease, according to a company spokesperson.
NIOX Group also reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of around £6.2 million, a significant increase from the £3.2 million reported a year ago. The growth in clinical revenue, coupled with improved gross margins and reduced overheads, were the main drivers behind this positive financial result.
Executive Chairman Ian Johnson expressed his optimism about the future, stating that the company is now in a robust financial position and enjoying positive momentum in its business operations.