hVIVO, the specialist contract research organisation and world leader in testing infectious and respiratory disease products using human-challenge clinical trials, has reported robust financial performance for the first half of 2024.
Investors cheered the results with shares gaining over 2% in London trade on Tuesday.
The company’s revenue surged to £35.6 million, marking a 30.6% increase compared to the same period in 2023. This growth was driven by a record number of volunteers inoculated across six challenge trials and five challenge agents.
The firm’s profitability also saw significant improvement, with EBITDA rising by 67.6% to £8.7 million. The EBITDA margin expanded to 24.5%, up from 19.1% in the first half of 2023.
hVIVO has been highlighted as one of London’s best examples of an innovative company creating value for shareholders, and today’s numbers validate this argument. The company has gone from strength to strength and the group is targeting full year revenue of £100 million by 2028.
hVIVO’s cash position strengthened to £37.1 million as of 30 June 2024, up from £31.3 million in the previous year. The company maintained a healthy weighted contracted orderbook of £71 million, providing good visibility into future revenues.
Management has reaffirmed its full-year revenue guidance of £62 million, with EBITDA margins expected to be at the upper end of market expectations.
The company’s growth strategy is underpinned by its new state-of-the-art facility in Canary Wharf, which became fully operational during the period.
This facility, largely funded by hVIVO’s clients, provides additional capacity and capabilities, forming the foundation for the group’s future expansion.