hVIVO plc (Euronext & LON:HVO), the world leader in testing infectious and respiratory disease products using human challenge clinical trials, has announced its unaudited interim results for the six-month period ended 30 June 2023.
Financial highlights
· First half revenue growth of 52% to £27.3 million* (H1 2022: £18.0 million)
· EBITDA more than doubled to £5.2 million (H1 2022: £2.3 million)
· EBITDA margin increased to 19.1% (H1 2022: 12.6%)
· Net cash of £31.3 million as at 30 June 2023 (H1 2022: £15.9 million)
· Weighted contracted orderbook of £78 million as at 30 June 2023 (30 June 2022: c.£70 million)
*The Group will now report revenue excluding other income, such as R&D tax credits. Other income in H1 2023 was £1.4 million (H1 2022: £0.9 million).
Operational highlights
· Human metapneumovirus (hMPV) challenge model under development, funded by an end-to-end human challenge service contract with North American biopharmaceutical company
· Completed the manufacturing of Influenza H1N1 and Omicron human challenge viruses
· Asia-Pacific (APAC) region identified as a key long term growth area, underscored by the signing of first challenge trial contract signed with APAC client in over a decade
· The Group’s fast growing drug development consultancy arm, Venn Life Sciences, awarded a €3.2 million contract with a major pharmaceutical client
· Value proposition for human challenge trials reinforced by positive outcomes from hVIVO challenge trials
o Pfizer’s ABRYSVO™ became one of the first RSV vaccines to receive FDA approval in May 2023 having received Breakthrough designation
o Cidara received FDA Fast Track designation for its influenza antiviral candidate in June 2023
o SAB Biotherapeutics received FDA Breakthrough and Fast Track designation for its influenza antiviral candidate in April 2023
