Circassia Pharmaceuticals PLC (GB:NIOX)
LSE:NIOX
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Circassia Pharmaceuticals
(LSE:NIOX)
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Rating:68Neutral
Price Target:
72.00 p
â–²(5.88% Upside)
Action:Reiterated
Date:03/26/26
The score is primarily supported by strong financial quality (growth, profitability, low debt, and solid cash generation). It is held back by bearish technical signals (price below major moving averages and negative MACD) and a high P/E that is only partly offset by the dividend yield.
Positive Factors
Sustained Revenue Growth
Consistent revenue expansion over several years indicates durable end-market adoption of NIOX products and expanding clinical use. Multi-year top-line growth supports scale benefits, broader installed base and predictable recurring consumables demand that underpin medium-term earnings stability.
Negative Factors
Gross Margin Compression
A step-down in gross margin signals cost, pricing or mix pressures that can durably compress operating profitability. If sustained, lower unit economics reduce cash generation from consumables and limit margin upside from scale, making earnings more sensitive to cost shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Consistent revenue expansion over several years indicates durable end-market adoption of NIOX products and expanding clinical use. Multi-year top-line growth supports scale benefits, broader installed base and predictable recurring consumables demand that underpin medium-term earnings stability.
Read all positive factors
Circassia Pharmaceuticals (NIOX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£258.31M
Dividend Yield3.4%
Average Volume (3M)773.67K
Price to Earnings (P/E)63.8
Beta (1Y)0.47
Revenue Growth16.51%
EPS Growth97.67%
CountryUK
Employees91
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.01
Shares Outstanding420,698,060
10 Day Avg. Volume814,266
30 Day Avg. Volume773,666
Financial Highlights & Ratios
PEG Ratio0.43
Price to Book (P/B)3.73
Price to Sales (P/S)5.65
P/FCF Ratio17.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.03
Revenue Forecast (FY)£50.46M
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 compr...
How the Company Makes Money
Circassia’s NIOX business generates revenue primarily from (1) sales of NIOX FeNO measurement devices placed in hospitals, clinics, and physician offices and (2) recurring sales of high-margin consumables used with those devices (e.g., single-use ...
Circassia Pharmaceuticals Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
88
Very Positive
Cash Flow
77
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 48.70M | 41.80M | 36.80M | 31.30M | 27.90M |
| Gross Profit | 29.60M | 30.20M | 26.50M | 22.20M | 19.00M |
| EBITDA | 10.70M | 12.20M | 8.60M | 15.20M | 3.10M |
| Net Income | 7.00M | 3.70M | 10.70M | 16.10M | 3.60M |
Balance Sheet | |||||
| Total Assets | 76.20M | 68.40M | 91.50M | 98.50M | 86.40M |
| Cash, Cash Equivalents and Short-Term Investments | 19.90M | 10.90M | 19.90M | 19.40M | 12.60M |
| Total Debt | 1.00M | 1.50M | 1.10M | 1.00M | 1.30M |
| Total Liabilities | 8.60M | 8.90M | 7.70M | 16.60M | 19.60M |
| Stockholders Equity | 73.70M | 59.50M | 83.80M | 81.90M | 66.80M |
Cash Flow | |||||
| Free Cash Flow | 15.60M | 16.20M | 11.30M | 6.60M | 1.20M |
| Operating Cash Flow | 15.80M | 17.20M | 11.60M | 6.70M | 1.40M |
| Investing Cash Flow | -1.20M | -1.00M | -300.00K | -100.00K | -200.00K |
| Financing Cash Flow | -5.50M | -25.10M | -10.50M | -500.00K | 4.10M |
Circassia Pharmaceuticals Technical Analysis
Negative
68.00
Price Trends
60.79
Negative
63.48
Negative
67.27
Negative
Market Momentum
0.21
Positive
41.63
Neutral
1.39
Positive
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 68 is above the 20-day moving average (MA) of 63.79, above the 50-day MA of 60.79, and above the 200-day MA of 67.27, indicating a bearish trend. The MACD of 0.21 indicates Positive momentum. The RSI at 41.63 is Neutral, neither overbought nor oversold. The STOCH value of 1.39 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:NIOX.
Circassia Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £88.82M | 6.86 | 65.83% | 8.33% | -8.21% | -5.27% | |
68 Neutral | £258.31M | 63.85 | 10.14% | 3.40% | 16.51% | 97.67% | |
59 Neutral | £115.16M | 166.23 | 3.01% | ― | 2.73% | -65.94% | |
57 Neutral | £142.88M | -5.17 | -3.95% | ― | 31.83% | 46.59% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | £28.87M | -2.69 | -55.91% | ― | 40.37% | -13.70% | |
45 Neutral | £614.26M | -7.21 | 409.00% | ― | 2.94% | -32.00% |
* Healthcare Sector Average
GB:NIOX
Circassia Pharmaceuticals
60.00
-7.80
-11.50%
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Circassia Pharmaceuticals Corporate Events
Business Operations and Strategy
NIOX Launches 2026 Employee Share Save Scheme With Discounted Options
Positive
May 5, 2026
NIOX Group plc has launched its 2026 Save As You Earn Scheme for eligible UK employees, granting options over ordinary shares at a 20% discounted exercise price of 45.02 pence. The three-year savings plan is intended to broaden employee share owne...
Regulatory Filings and Compliance
NIOX Group Updates Share Capital and Total Voting Rights
Neutral
May 1, 2026
NIOX Group has confirmed that its issued share capital stands at 420,698,072 ordinary shares as of 30 April 2026, with each share carrying one voting right and no shares held in treasury. The company also reported that employees have recently exer...
DividendsShareholder Meetings
NIOX Group Sets Timetable for 2025 Final Dividend
Positive
Apr 24, 2026
NIOX Group plc has announced the timetable for its proposed final dividend for the financial year ended 31 December 2025, set at 1.55 pence per share. The company continues to return cash to shareholders in line with its capital allocation policy,...
Other
NIOX CEO Reshapes Shareholdings With ISA Transfers
Neutral
Apr 21, 2026
NIOX Group plc reported that chief executive Jonathan Emms sold 69,494 ordinary shares and immediately repurchased 34,542 shares into his individual savings account, while his spouse, Sharon Emms, bought 34,539 shares into her own ISA, all execute...
Shareholder Meetings
NIOX Group Sets Date and Details for 2026 Annual General Meeting
Neutral
Apr 21, 2026
NIOX Group plc has published the notice for its 2026 Annual General Meeting, confirming that the AGM will take place on 21 May 2026 at the company’s registered office in Oxford. The notice and the 2025 Annual Report and Accounts are now avai...
Regulatory Filings and Compliance
NIOX Directors Exercise Options as Share Capital Rises
Neutral
Apr 17, 2026
NIOX Group plc has issued 1,466,320 new ordinary shares after three board directors exercised performance share options, with the resulting awards ranking pari passu with existing stock. Two of the directors, CEO Jonathan Emms and CFO Sarah Duncan...
Business Operations and StrategyExecutive/Board Changes
NIOX Group aligns executive incentives with growth via new performance share options
Positive
Apr 9, 2026
NIOX Group plc has granted options over 1,563,605 new ordinary shares to Chief Executive Officer Jonathan Emms and Chief Financial Officer Sarah Duncan under its 2026 Performance Share Plan, with Emms receiving 1,060,071 options and Duncan 503,534...
Business Operations and Strategy
NIOX streamlines share schemes with block listing update and cancellations
Neutral
Apr 2, 2026
NIOX Group has provided an interim update on its active block listings, detailing the remaining unallotted shares across nine current share schemes, which now total just over 8.16 million ordinary shares. The figures reflect recent increases in bl...
Executive/Board ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
NIOX issues new shares to CEO under deferred bonus plan, updates voting rights
Neutral
Apr 1, 2026
NIOX Group has issued 135,188 new ordinary shares to chief executive Jonathan Emms under its Deferred Share Bonus Plan, settling the deferred portion of his 2023 annual bonus in equity. The award, made from an existing block admission, lifts Emms&...
Business Operations and StrategyDividendsFinancial Disclosures
NIOX Group boosts revenue, cash and dividend on growing global demand for FeNO diagnostics
Positive
Mar 24, 2026
NIOX Group reported strong 2025 results, with revenue rising 17% to £48.7m, adjusted EBITDA up 21% to £16.7m and year-end cash nearly doubling to £19.9m despite a £5m dividend, prompting the Board to recommend a higher final pa...
Business Operations and StrategyDelistings and Listing Changes
NIOX Seeks Block Admission for 4.9 Million New AIM Shares
Positive
Mar 16, 2026
NIOX Group plc has applied to the London Stock Exchange for a block admission of 4,919,318 ordinary shares of 0.08 pence each to be admitted to trading on AIM. The new shares will be issued over time upon exercise of options granted under the comp...
Regulatory Filings and Compliance
NIOX Group Updates Total Voting Rights After Employee Option Exercises
Neutral
Feb 27, 2026
NIOX Group has confirmed that its issued share capital stands at 417,939,265 ordinary shares, each carrying one voting right, with no shares held in treasury. This updated total follows the exercise of 4,937 share options by employees, with the re...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.