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Circassia Pharmaceuticals
(LSE:NIOX)
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Rating:73Outperform
Price Target:
77.00 p
▲(12.90% Upside)
Action:Upgraded
Date:10/01/26
The score is primarily supported by strong financial quality (growth, profitability, low leverage, and solid cash generation) and a positive technical trend with constructive momentum. These strengths are tempered by valuation risk from a high P/E multiple and some recent pressure in gross margin and free cash flow.
Positive Factors
Revenue growth and profitability
Sustained multi-year revenue expansion, combined with a healthy operating margin, indicates stronger demand and improving operating scale. The shift from earlier losses to consistent profitability supports reinvestment, resilience, and the potential for durable earnings generation over coming quarters.
Negative Factors
Gross-margin pressure
The gross-margin decline indicates that recent revenue growth has not translated fully into stable underlying economics. If mix, pricing, or cost pressure persists, it could constrain operating leverage and make future profit expansion more dependent on continued volume growth or expense control.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and profitability
Sustained multi-year revenue expansion, combined with a healthy operating margin, indicates stronger demand and improving operating scale. The shift from earlier losses to consistent profitability supports reinvestment, resilience, and the potential for durable earnings generation over coming quarters.
Read all positive factors
Circassia Pharmaceuticals (NIOX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£290.40M
Dividend Yield2.35%
Average Volume (3M)424.18K
Price to Earnings (P/E)39.5
Beta (1Y)0.42
Revenue Growth3.26%
EPS Growth32.54%
CountryUK
Employees97
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.02
Shares Outstanding420,866,300
10 Day Avg. Volume392,260
30 Day Avg. Volume424,184
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)£50.37M
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 makes money primarily by commercializing its NIOX® FeNO testing ecosystem. Revenue is generated through (1) sales or placements of NIOX instruments (the testing devices used by clinics and hospitals), and (2) recurring sales of associate...
Circassia Pharmaceuticals Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
88
Very Positive
Cash Flow
77
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 47.50M | 48.70M | 41.80M | 36.80M | 31.30M | 27.90M |
| Gross Profit | 28.70M | 29.60M | 30.20M | 26.50M | 22.20M | 19.00M |
| EBITDA | 14.70M | 14.80M | 12.20M | 8.60M | 15.20M | 3.10M |
| Net Income | 7.00M | 7.00M | 3.70M | 10.70M | 16.10M | 3.60M |
Balance Sheet | ||||||
| Total Assets | 73.10M | 76.20M | 68.40M | 91.50M | 98.50M | 86.40M |
| Cash, Cash Equivalents and Short-Term Investments | 16.80M | 19.90M | 10.90M | 19.90M | 19.40M | 12.60M |
| Total Debt | 700.00K | 1.00M | 1.50M | 1.10M | 1.00M | 1.30M |
| Total Liabilities | 7.00M | 8.60M | 8.90M | 7.70M | 16.60M | 19.60M |
| Stockholders Equity | 66.10M | 73.70M | 59.50M | 83.80M | 81.90M | 66.80M |
Cash Flow | ||||||
| Free Cash Flow | 12.50M | 15.60M | 16.20M | 11.30M | 6.60M | 1.20M |
| Operating Cash Flow | 12.70M | 15.80M | 17.20M | 11.60M | 6.70M | 1.40M |
| Investing Cash Flow | -700.00K | -1.20M | -1.00M | -300.00K | -100.00K | -200.00K |
| Financing Cash Flow | -7.10M | -5.50M | -25.10M | -10.50M | -500.00K | 4.10M |
Circassia Pharmaceuticals Technical Analysis
Neutral
68.20
Price Trends
67.25
Negative
63.39
Positive
62.34
Positive
Market Momentum
0.36
Positive
44.02
Neutral
56.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:NIOX, the sentiment is Neutral. The current price of 68.2 is above the 20-day moving average (MA) of 67.57, above the 50-day MA of 67.25, and above the 200-day MA of 62.34, indicating a neutral trend. The MACD of 0.36 indicates Positive momentum. The RSI at 44.02 is Neutral, neither overbought nor oversold. The STOCH value of 56.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | £101.88M | 13.73 | 65.83% | 7.69% | -8.21% | -5.27% | |
73 Outperform | £290.40M | 39.52 | 10.01% | 2.35% | 3.26% | 32.54% | |
64 Neutral | £105.71M | 41.81 | 3.58% | 4.36% | 2.26% | -57.04% | |
62 Neutral | £173.48M | -629.69 | -0.68% | ― | 20.14% | 82.22% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | £22.75M | -16.36 | -34.31% | ― | 30.42% | 43.16% | |
42 Neutral | £284.96M | -4.54 | 409.00% | ― | 2.94% | -32.00% |
* Healthcare Sector Average
GB:NIOX
Circassia Pharmaceuticals
67.80
-0.44
-0.64%
GB:AGY
Allergy Therapeutics
4.50
-3.70
-45.12%
GB:BVXP
Bioventix
2,000.00
-156.81
-7.27%
GB:EKF
EKF Diagnostics Holdings
24.30
-3.65
-13.06%
GB:DXRX
Diaceutics
199.00
38.50
23.99%
GB:ABDX
Abingdon Health PLC
9.00
2.75
44.00%
Circassia Pharmaceuticals Corporate Events
Stock BuybackShareholder Meetings
NIOX Group Launches £12.5m Tender Offer Buyback at Premium Price
Positive
Sep 29, 2026
NIOX Group plc has announced a proposed return of up to £12.5 million to shareholders through a tender offer to buy back as many as 15,625,000 ordinary shares at 80 pence per share, representing a premium to recent market prices and around 3....
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresRegulatory Filings and Compliance
NIOX Group Delivers Resilient H1, Launches Major Cash Return Amid FeNO Expansion
Positive
Sep 29, 2026
NIOX Group reported a resilient first half to 2026, with revenue edging down to £24.0 million from £25.2 million amid lower research sales, while clinical revenue grew 3% to £20.6 million and gross margin improved to 71%. Adjusted E...
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...
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.