Circassia Group, The Oxford headquartered asthma diagnosis and management company, has reported revenue growth of 27 per cent.
Circassia is a dedicated diagnostics and management company focused on asthma. Its market-leading Niox® products are used by physicians around the world to help improve asthma diagnosis and management;
Unaudited revenues for the Niox business for the six months ended 30 June 2021 were approximately £14.5 million, up 27 per cent on the same period last year.
Clinical revenues were up 16 per cent to approximately £12.1 million, as more patients were able to visit their physician. While clinical revenues are yet to return fully to pre-Covid levels, sales in the first half of 2021 were approximately 84 per cent of underlying sales in H1 2019. H1 2021 Clinical revenue included a one-off £0.6m benefit arising from the final unwinding of certain historical trading arrangements in China.
The Research business made a strong start to the year as clinical studies run by its customers resumed. Revenues were more than double those of H1 2020 at £2.4 million.
The discontinued COPD business traded profitably during the first quarter, with the transfer of these products back to AstraZeneca completed on 31 March 2021.
Management has also changed the sales and marketing strategy to reduce fixed costs by putting greater emphasis on third party distribution.
Ian Johnson, Circassia’s Executive Chairman, said: “We are pleased to report that the Niox business has turned a corner and, with the building blocks now in place, is profitable at the EBITDA level for the first time in the history of the Company. Management continues to implement the new business model to generate top line growth and to drive further benefit from the significantly reduced cost base in the second half.
“Accordingly the Board believes that, notwithstanding revenue visibility continuing to be limited, the Company’s full year EBITDA performance is likely to be ahead of current market expectations.”