Healthcare company hVIVO, previously known as Open Orphan, anticipates reporting first-half revenues of £35.6m, marking a 30.6% increase compared to the same period last year.
In a recent trading update for the six months ending in June, hVIVO announced that its quarantine facility in Canary Wharf, London, is now fully operational, setting the stage for future growth. The move to Canary Wharf enables hVIVO to expand its core human challenge trial offerings to include new pathogen models.
The company recently secured its largest field study contract to date, being chosen as the sole UK clinical site for a multicentre study aiming to enrol up to 1,000 volunteers. This highlights the high demand for hVIVO’s services across various challenge models. In the first half of this year, hVIVO utilised its three quarantine facilities to complete several projects ahead of schedule, boosting both revenues and margins.
As of 30 June 2024, hVIVO’s weighted contracted orderbook stood at £71m, a slight decrease from £78m the previous year. Despite this, 100% of its full-year revenue guidance is already contracted, with good visibility into 2025. The orderbook value as of 30 June 2024 reflects the exceptional operational delivery, including the acceleration of several projects leading to a quicker conversion of contracted work compared to previous periods.
hVIVO’s CEO, Yamin ‘Mo’ Khan, praised the team’s hard work and flexibility during a period of significant activity, including the build-out and move to a new facility. This period saw not only a substantial increase in revenue but also improved margins. The concurrent operation of three different facilities contributed to the revenue boost for the first half of 2024.
Khan expressed confidence in hVIVO’s positive outlook, citing the welcoming of the first volunteers to the new Canary Wharf facility, the world’s largest human challenge trial unit. He believes the foundations have been laid for strong performance in the coming months and years.
hVIVO appears well-positioned to continue its sustainable growth strategy, with a strong orderbook and promising pipeline of opportunities, ensuring robust future performance.
hVIVO plc (formerly Open Orphan plc), led by Cathal Friel, is a rapidly growing specialist contract research organisation (CRO) and the world leader in testing infectious and respiratory disease vaccines and antivirals using human challenge clinical trials, providing end-to-end early clinical development services for its broad and long-standing client base of biopharma companies.
