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Circassia Pharmaceuticals
(LSE:NIOX)
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Rating:69Neutral
Price Target:
65.00 p
▲(2.20% Upside)
Action:Reiterated
Date:07/01/26
The score is primarily supported by strong financial quality (multi-year growth, solid operating profitability, very low debt, and strong cash conversion). It is held back by a weaker medium/long-term technical setup (below key moving averages) and a relatively high P/E, only partly offset by the ~2.6% dividend yield.
Positive Factors
Revenue Growth
Sustained multi-year revenue expansion signals durable demand for the NIOX platform and consumables. Growth of this magnitude supports scale economics, broader installed base for recurring consumable sales, and provides a structural revenue runway rather than a short-term spike.
Negative Factors
Gross Margin Pressure
A step-down in gross margin suggests structural mix, pricing or cost headwinds that can compress long-term profitability. If persistent, lower gross margins reduce operating leverage, constrain free cash flow and limit the ability to fund growth without margin recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained multi-year revenue expansion signals durable demand for the NIOX platform and consumables. Growth of this magnitude supports scale economics, broader installed base for recurring consumable sales, and provides a structural revenue runway rather than a short-term spike.
Read all positive factors
Circassia Pharmaceuticals (NIOX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£254.20M
Dividend Yield2.57%
Average Volume (3M)773.67K
Price to Earnings (P/E)35.7
Beta (1Y)0.43
Revenue Growth16.51%
EPS Growth97.67%
CountryUK
Employees97
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.02
Shares Outstanding420,866,300
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)£50.44M
Circassia Pharmaceuticals Business Overview & Revenue Model
Company Description
NIOX Group Plc is a worldwide company dedicated to innovating, developing, and distributing medical devices that measure fractional exhaled nitric oxide (FeNO). A key product is the NIOX VERO system, an easily portable and non-invasive diagnostic ...
How the Company Makes Money
Circassia primarily makes money from the sale and ongoing use of its NIOX FeNO testing platform. Revenue is generated through (1) capital equipment sales or placements of NIOX analyzers (hardware) into healthcare settings, and (2) recurring sales ...
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 | 14.80M | 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 Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £78.90M | 10.63 | 65.83% | 9.84% | -8.21% | -5.27% | |
69 Neutral | £254.20M | 35.74 | 10.14% | 2.44% | 16.51% | 97.67% | |
59 Neutral | £110.60M | 54.68 | 3.01% | ― | 2.73% | -65.94% | |
59 Neutral | £121.32M | 1,304.55 | 0.25% | ― | 19.53% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | £26.54M | -12.50 | -55.91% | ― | 40.37% | -13.70% | |
41 Neutral | £378.69M | -6.04 | 409.00% | ― | 2.94% | -32.00% |
* Healthcare Sector Average
GB:NIOX
Circassia Pharmaceuticals
63.20
-5.43
-7.91%
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Circassia Pharmaceuticals Corporate Events
Business Operations and StrategyStock BuybackFinancial DisclosuresProduct-Related AnnouncementsRegulatory Filings and Compliance
NIOX Group Targets Stronger H2 as NIOX PRO Rollout and Capital Return Plans Advance
Positive
Jul 28, 2026
NIOX Group reported first-half 2026 revenue of about £24m, slightly below the prior year, as strong clinical sales and a higher-margin mix offset lower research revenue driven by a strategic shift in inventory towards the clinical business. A...
Regulatory Filings and Compliance
NIOX Updates Total Voting Rights After Employee Option Exercises
Neutral
Jun 1, 2026
NIOX Group plc has reported that, as of 29 May 2026, its issued share capital stands at 420,866,313 ordinary shares, each carrying one voting right, with no shares held in treasury. The company confirmed that recent exercises of employee share opt...
Other
NIOX CFO reshuffles stake with modest share sales and ISA transfers
Neutral
May 29, 2026
NIOX Group plc disclosed a series of share transactions by its chief financial officer, Sarah Duncan, and her spouse, James Duncan, involving the sale of ordinary shares from a dealing account and the repurchase of a similar number of shares into ...
Business Operations and StrategyShareholder Meetings
NIOX Group Wins Full Shareholder Backing at 2026 AGM
Positive
May 21, 2026
NIOX Group plc reported that all resolutions proposed at its Annual General Meeting held on 21 May 2026 in Oxford were approved by shareholders. The successful passage of every resolution signals continued shareholder support for the company’...
Business Operations and StrategyFinancial DisclosuresProduct-Related Announcements
NIOX Secures Long-Term Sensor Supply as 2026 Trading Tracks Expectations
Positive
May 21, 2026
NIOX Group reported that trading so far in 2026 is in line with management expectations, with cash rising to £22.3 million at the end of April after prior-year bonus payments. The company plans to provide a further trading update for the firs...
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...
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.