Circassia Pharmaceuticals (NIOX) AI Stock Analysis

• Market Cap: £281.65M
• Dividend Yield: 3.34%
• Average Volume (3M): 773.67K
• Price to Earnings (P/E): 53.5
• Beta (1Y): 0.85
• Revenue Growth: 17.95%
• EPS Growth: -54.68%
• Country: UK
• Employees: 91
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Equipment & Services
• EPS (TTM): 0.01
• Shares Outstanding: 417,879,120
• 10 Day Avg. Volume: 814,266
• 30 Day Avg. Volume: 773,666
• PEG Ratio: -1.09
• Price to Book (P/B): 4.43
• Price to Sales (P/S): 6.30
• P/FCF Ratio: 16.26
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: 77.00p ▲(14.24% Upside)

Circassia Pharmaceuticals' overall stock score is driven by its strong financial performance and positive corporate events, which are offset by neutral technical indicators and a high P/E ratio suggesting overvaluation. The company's robust cash flow and low leverage provide a stable foundation, while recent corporate actions signal confidence in future growth.

Positive Factors

Revenue Growth

Consistent revenue growth indicates a successful market strategy and increased demand for Circassia's products, strengthening its market position.

Cash Flow Management

Strong cash flow management ensures liquidity and financial flexibility, allowing for strategic investments and operational stability.

Financial Stability

A high equity ratio and low debt levels provide a solid financial foundation, reducing risk and supporting long-term growth initiatives.

Negative Factors

Profitability Concerns

Declining net profit margins may indicate challenges in cost management or pricing power, potentially impacting future profitability.

Return on Equity Decline

A declining ROE suggests reduced efficiency in generating profits from shareholders' equity, which could affect investor confidence.

Earnings Volatility

Earnings volatility can create uncertainty and challenge long-term planning, potentially impacting strategic decisions and investor sentiment.

Circassia Pharmaceuticals Business Overview & Revenue Model

Company Description

NIOX Group Plc engages in the design, development, and commercialization of medical devices for the measurement of fractional exhaled nitric oxide (FeNo) worldwide. Its products include NIOX VERO, a non-invasive and point-of-care system that comprises a small portable device and a range of consumables, including sensors, individual disposable mouthpieces, and breathing handles for the measurement of FeNo level in patients. The company was formerly known as Circassia Group Plc and changed its name to NIOX Group Plc in September 2022. NIOX Group Plc was incorporated in 2006 and is headquartered in Oxford, the United Kingdom.

How the Company Makes Money

Circassia Pharmaceuticals generates revenue primarily through the sale of its NIOX device and related services to healthcare providers and institutions. The company’s business model is centered on selling its diagnostic products to hospitals, clinics, and physicians, who use the technology to improve asthma management for their patients. In addition to product sales, Circassia may also earn money through partnerships with other pharmaceutical companies for joint marketing or development of new respiratory treatments. Other potential revenue streams may include licensing agreements and collaborations for research and development of new diagnostic tools and treatments in the respiratory field, although specific partnership details and their contributions to overall revenue may vary.

Circassia Pharmaceuticals Financial Statement Overview

Summary

Circassia Pharmaceuticals demonstrates solid financial health with strong revenue growth and robust cash flow management. The company has improved its profitability metrics over the years, although recent fluctuations in net profit margins and ROE warrant attention. The low leverage and high equity position provide a stable financial foundation.

Income Statement

Circassia Pharmaceuticals has demonstrated strong revenue growth over the past years, with a notable increase from $23.9M in 2020 to $41.8M in 2024. The Gross Profit Margin has been consistently high, reaching 72.25% in 2024. However, the Net Profit Margin shows some volatility, having decreased from 29.08% in 2023 to 8.85% in 2024. The company has improved its EBIT Margin from negative values in earlier years to 18.42% in 2024, indicating better operational efficiency.

Balance Sheet

The company maintains a strong equity position with an Equity Ratio of 86.99% in 2024, suggesting financial stability and low reliance on debt. The Debt-to-Equity Ratio is low at 0.03, reflecting prudent financial management. However, the Return on Equity has decreased from 12.76% in 2023 to 6.22% in 2024, signaling a need for improved profitability relative to shareholder equity.

Cash Flow

Circassia exhibits robust cash flow management, with Free Cash Flow increasing significantly from $6.6M in 2022 to $16.2M in 2024. The company's Operating Cash Flow to Net Income Ratio is strong at 4.65, indicating efficient conversion of earnings into cash. The Free Cash Flow to Net Income Ratio is favorable at 4.38, highlighting effective cash generation relative to net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	46.00M	41.80M	36.80M	31.30M	27.90M	23.90M
Gross Profit	28.50M	30.20M	26.50M	22.20M	19.00M	16.30M
EBITDA	13.70M	12.20M	8.60M	15.20M	3.10M	-9.10M
Net Income	5.20M	3.70M	10.70M	16.10M	3.60M	-33.50M
Balance Sheet
Total Assets	71.00M	68.40M	91.50M	98.50M	86.40M	103.10M
Cash, Cash Equivalents and Short-Term Investments	11.80M	10.90M	19.90M	19.40M	12.60M	7.40M
Total Debt	1.20M	1.50M	1.10M	1.00M	1.30M	1.60M
Total Liabilities	6.60M	8.90M	7.70M	16.60M	19.60M	37.00M
Stockholders Equity	64.40M	59.50M	83.80M	81.90M	66.80M	66.10M
Cash Flow
Free Cash Flow	18.80M	16.20M	11.30M	6.60M	1.20M	-24.40M
Operating Cash Flow	18.70M	17.20M	11.60M	6.70M	1.40M	-23.90M
Investing Cash Flow	-1.40M	-1.00M	-300.00K	-100.00K	-200.00K	-500.00K
Financing Cash Flow	-26.80M	-25.10M	-10.50M	-500.00K	4.10M	4.30M

Circassia Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 67.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:NIOX, the sentiment is Negative. The current price of 67.4 is below the 20-day moving average (MA) of 69.95, below the 50-day MA of 70.12, and below the 200-day MA of 68.82, indicating a bearish trend. The MACD of -0.71 indicates Positive momentum. The RSI at 40.00 is Neutral, neither overbought nor oversold. The STOCH value of 32.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:NIOX.

Circassia Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NIOX	68 Neutral	£281.65M	53.49	6.70%	3.34%	17.95%	-54.68%
AGY	57 Neutral	£706.27M	-13.69	―	―	-0.28%	22.94%
OXB	56 Neutral	£694.30M	-16.48	-74.64%	―	55.44%	75.77%
PRTC	55 Neutral	£304.52M	8.82	15.04%	―	1231.50%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
AVCT	42 Neutral	£270.90M	―	―	―	―	―

Circassia Pharmaceuticals Corporate Events

NIOX CFO Increases Stake with Share Purchase

NIOX Group plc, a company operating in the pharmaceutical industry, announced that its Chief Financial Officer, Sarah Duncan, has purchased 5,522 Ordinary Shares at a price of 70.64 pence per share. This transaction, which took place on December 3, 2025, represents a minor increase in her shareholding, now totaling 0.001% of the company’s issued share capital. The purchase signifies confidence in the company’s future prospects and may positively influence investor sentiment.

NIOX Group Announces Block Listing Application for New Shares

NIOX Group plc, a company involved in the healthcare sector, has announced a block listing application for 115,340 ordinary shares on the London Stock Exchange’s AIM market. This move is part of their Save As You Earn Plan 2024, and the shares are expected to be admitted for trading on December 2, 2025. This strategic step will allow the company to enhance its financial flexibility and potentially improve its market position.

NIOX Group Updates Total Voting Rights Following Share Option Exercises

NIOX Group plc announced an update on its total voting rights, revealing that the company’s issued share capital consists of 417,879,117 Ordinary Shares, each with one voting right. This follows the exercise of options by employees over 7,500 Ordinary Shares under the company’s share option schemes. The new shares have been admitted via block listing and rank equally with existing shares. This update is crucial for shareholders as it affects their calculations for notifying interest changes under FCA rules.

NIOX Group Announces Total Voting Rights and Share Option Exercise

NIOX Group plc, a company listed on the AIM market, has announced its total voting rights as of September 30, 2025. The company’s issued share capital consists of 417,871,617 ordinary shares, each carrying one voting right, with no shares held in treasury. Recently, employees exercised options over 45,432 ordinary shares under the company’s share option schemes. The admission of these new shares has been satisfied via block listing and will rank equally with existing shares. This information is crucial for shareholders to determine their notification requirements under the FCA’s Disclosure and Transparency Rules.

NIOX Group Reports Strong H1 2025 Financial Results Amid Global Expansion

NIOX Group PLC reported a strong financial performance for the first half of 2025, with a 20% increase in revenue to £25.2 million and a 30% rise in adjusted EBITDA to £9.2 million. This growth was driven by increased adoption of FeNO testing globally, supported by new guidelines and market expansion, as well as a significant rise in research sales due to unexpected clinical trial activity. The company remains debt-free and well-positioned for sustained growth, focusing on expanding its presence in the US market through a revised sales strategy.