Circassia Pharmaceuticals PLC (GB:NIOX)
LSE:NIOX
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Circassia Pharmaceuticals
(LSE:NIOX)
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Rating:68Neutral
Price Target:
65.00 p
▼(-4.41% Downside)
Action:ReiteratedDate: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
Recurring consumables model
Circassia’s NIOX business sells measurement devices plus single‑use consumables, creating recurring high‑margin revenue tied to an installed base. This installed‑base razor/razorblade model tends to generate predictable, durable cash flows and margin resilience as device penetration grows.
Negative Factors
Decline in free cash flow
FCF falling despite higher revenue suggests working‑capital swings or higher reinvestment; this can constrain internal funding for growth, maintenance of the installed base, or dividends. Persistent FCF volatility reduces predictability of cash available for strategic initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables model
Circassia’s NIOX business sells measurement devices plus single‑use consumables, creating recurring high‑margin revenue tied to an installed base. This installed‑base razor/razorblade model tends to generate predictable, durable cash flows and margin resilience as device penetration grows.
Read all positive factors
Circassia Pharmaceuticals (NIOX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£242.48M
Dividend Yield3.4%
Average Volume (3M)773.67K
Price to Earnings (P/E)39.3
Beta (1Y)0.70
Revenue Growth17.95%
EPS Growth-54.68%
CountryUK
Employees91
SectorHealthcare
Sector Strength45
IndustryMedical - Equipment & Services
Share Statistics
EPS (TTM)<0.01
Shares Outstanding418,074,460
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 Target
£86.00Price Target Upside26.47% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.03
Revenue Forecast (FY)£50.45M
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
61.80
Negative
65.27
Negative
68.02
Negative
Market Momentum
-1.44
Negative
43.24
Neutral
48.96
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 68 is above the 20-day moving average (MA) of 57.97, above the 50-day MA of 61.80, and below the 200-day MA of 68.02, indicating a bearish trend. The MACD of -1.44 indicates Negative momentum. The RSI at 43.24 is Neutral, neither overbought nor oversold. The STOCH value of 48.96 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £96.66M | 6.86 | 65.83% | 8.33% | -3.61% | -6.35% | |
68 Neutral | £242.48M | 39.29 | 10.14% | 3.40% | 17.95% | -54.68% | |
66 Neutral | £104.18M | 55.78 | 3.01% | ― | -1.43% | 28.57% | |
57 Neutral | £136.62M | -5.17 | -3.95% | ― | 31.83% | 46.59% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | £683.91M | -7.21 | 409.00% | ― | -0.28% | 22.94% | |
45 Neutral | £20.09M | -2.69 | -58.27% | ― | 37.39% | -126.19% |
* Healthcare Sector Average
GB:NIOX
Circassia Pharmaceuticals
57.00
-2.13
-3.59%
GB:AGY
Allergy Therapeutics
10.80
5.10
89.47%
GB:BVXP
Bioventix
1,900.00
-419.15
-18.07%
GB:EKF
EKF Diagnostics Holdings
24.00
2.80
13.21%
GB:DXRX
Diaceutics
166.00
48.00
40.68%
GB:ABDX
Abingdon Health PLC
8.50
2.75
47.83%
Circassia Pharmaceuticals Corporate Events
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...
Regulatory Filings and Compliance
NIOX Group Updates Total Voting Rights Following Employee Option Exercises
Neutral
Jan 30, 2026
NIOX Group plc has confirmed that as of 30 January 2026 its issued share capital consists of 417,934,328 ordinary shares, each carrying one voting right, with no shares held in treasury. The updated total follows the exercise of employee share opt...
Business Operations and StrategyDividendsFinancial DisclosuresProduct-Related Announcements
NIOX lifts revenue 17% and beats profit forecasts as new NIOX PRO device debuts
Positive
Jan 20, 2026
NIOX Group reported a strong 2025 performance, with revenues rising 17% to about £48.7m, driven by 7% growth in its core clinical business and a 77% surge in research revenues linked to an exceptional wave of pharma-sponsored asthma and COPD ...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
NIOX Group Corrects Advisory Error and Seeks Block Admission of New Shares for SAYE Scheme
Neutral
Jan 16, 2026
NIOX Group plc has corrected an earlier announcement regarding a block listing application, clarifying that an adviser was incorrectly included in the original notice. The company has applied for a block admission of 165,413 new ordinary shares of...
Business Operations and StrategyDelistings and Listing Changes
NIOX Seeks AIM Admission for New Shares Under 2023 Employee Option Plan
Neutral
Jan 16, 2026
NIOX Group plc has applied to the London Stock Exchange for a block admission of 165,413 new ordinary shares of 0.08 pence each to be admitted to trading on AIM. The shares will be issued from time to time upon the exercise of options under the co...
Regulatory Filings and Compliance
NIOX Updates Total Voting Rights Following Employee Option Exercises
Neutral
Dec 31, 2025
NIOX Group plc has confirmed that as of 31 December 2025 its issued share capital consists of 417,896,847 ordinary shares, each carrying one voting right, with no shares held in treasury. The updated total follows the exercise of employee options ...
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.