hVIVO plc Upgraded Full Year Revenue and EBITDA Guidance

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

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