12 January 2021 | 08:19am
StockMarketWire.com - Medical device company Circassia lowered its earnings breakeven point for its Niox business on margin improvements after largely completing restructuring plan. But annual revenue fell on the impact of the global lockdown.
For the continuing Niox business for the year ended 31 December 2020, revenue fell to £23.9 million from £34.6 million.
'The global lockdown which commenced at the start of the second quarter significantly affected testing volumes in the clinical business and delayed studies for our research customers, the company said.
But the EBITDA breakeven point for the Niox business would be lower than previously indicated at around £30 million of annualised revenue, or £32 million for the group following major restructuring of the business.