Circassia Group Plc Trading Statement (2663Y)
13 Enero 2022 - 1:00AM
UK Regulatory
TIDMCIR
RNS Number : 2663Y
Circassia Group Plc
13 January 2022
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR. The persons
taking responsibility for this announcement are the Company
contacts named below.
Circassia Group plc
Full Year Trading Update
Execution of business strategy delivers EBITDA ahead of
expectations
Oxford, UK - 13 January 2022: Circassia Group plc ("Circassia"
or "the Group"; AIM: CIR), a medical device company focused on
point of care asthma diagnosis and management, today announces a
trading update for the year ended 31 December 2021.
Highlights
-- Revenue growth of 17% (20% on a constant currency basis) to
GBP27.9m, with recurring revenue of 84%
-- Group adjusted EBITDA(1) positive for the first time at c.
GBP0.6m, ahead of market expectations
-- Net cash GBP12.6m
-- New distribution arrangements in the United States and China to drive further revenue growth
Unaudited revenues for the continuing NIOX business for the year
ended 31 December 2021 were up 17% at approximately GBP27.9m (2020:
GBP23.9m) with underlying revenues (excluding a one-off stocking
order in 2019) recovering to 85% of 2019 levels. On a constant
currency basis, revenue growth was 20%.
Gross margins were steady at 68% with recurring revenues also
consistent with the previous year at 84% of total revenues.
Management continued to implement the new sales and marketing
strategy, focussing particularly on partnered distribution in China
and the USA. This resulted in a significant reduction in operating
costs with total expenditure reducing from GBP27.4m in 2020 to
GBP18.4m in 2021.
As a result of the top line growth and the reduction in
operating expenses, EBITDA for the NIOX business increased
significantly to GBP2.3m (2020: EBITDA loss GBP6.8m) whilst Group
adjusted EBITDA(1) was positive for the first time at approximately
GBP0.6m (2020: EBITDA loss GBP9.1m), ahead of market expectations,
which had previously been revised upwards.
The unaudited cash balance at 31 December was GBP12.6m (2020:
GBP7.4m) with the Group (excluding the discontinued COPD business)
generating GBP1.1m in cash in the second half of the year.
Circassia expects to release its Preliminary Results for the
year ended 31 December 2021 on 22 March 2022.
Ian Johnson, Circassia's Executive Chairman, said: "2021 has
been a significant year for Circassia with both the NIOX business
and the Group achieving positive EBITDA for the first time. The
Group is now cash generative and debt free.
With the global pandemic set to continue into 2022, the
much-reduced cost base, high levels of recurring revenues and high
gross margins provide a considerable degree of resilience. The
Board believes that these attributes, together with the measures
taken to drive top line growth, will deliver further shareholder
value over the medium term."
Contacts
Circassia
Ian Johnson, Executive Chairman Tel: +44 (0) 1865 405 560
Michael Roller, Chief Financial Officer
Singer Capital Markets
Aubrey Powell / Jen Boorer Tel: +44 (0) 20 7496 3000
About Circassia
Circassia is a medical device company focused on point of care
asthma diagnosis and management. Our market-leading NIOX(R)
products are used in clinical settings by physicians around the
world to improve asthma diagnosis and management and also by
leading research organisations conducting clinical studies in
behalf of pharmaceutical companies. At present, Circassia provides
products and services in around 50 countries. For more information
please visit www.circassia.com .
Forward-looking statements
This press release contains certain projections and other
forward-looking statements with respect to the financial condition,
results of operations, businesses and prospects of Circassia. The
use of terms such as "may", "will", "should", "expect",
"anticipate", "project", "estimate", "intend", "continue", "target"
or "believe" and similar expressions (or the negatives thereof) are
generally intended to identify forward-looking statements. These
statements are based on current expectations and involve risk and
uncertainty because they relate to events and depend upon
circumstances that may or may not occur in the future. There are a
number of factors that could cause actual results or developments
to differ materially from those expressed or implied by these
forward-looking statements. Any of the assumptions underlying these
forward-looking statements could prove inaccurate or incorrect and
therefore any results contemplated in the forward-looking
statements may not actually be achieved. Nothing contained in this
press release should be construed as a profit forecast or profit
estimate. Investors or other recipients are cautioned not to place
undue reliance on any forward-looking statements contained herein.
Circassia undertakes no obligation to update or revise (publicly or
otherwise) any forward-looking statement, whether as a result of
new information, future events or other circumstances.
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END
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