Bioventix (BVXP) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended 31 December 2024 was £6.73 million, up 1% year-over-year, reflecting stable sales in core antibody products and increased Tau antibody sales for Alzheimer's research.

• Profit before tax declined 4% to £5.05 million due to increased R&D spending, particularly on industrial pollution, water quality, and Alzheimer's projects.

• Cash balances at period end were £5.1 million, down from £5.5 million a year earlier.

• Interim dividend increased by 3% to 70 pence per share, continuing the policy of distributing post-tax profits.

Financial highlights

• Revenue: £6.73 million (up 1% year-over-year).

• Profit before tax: £5.05 million (down 4% year-over-year).

• Profit after tax: £3.77 million (down 6% year-over-year).

• Gross profit: £5.97 million (down from £6.22 million year-over-year).

• Cash at bank: £5.14 million (down from £5.51 million year-over-year).

Outlook and guidance

• Full-year revenues to 30 June 2025 expected to be similar to the prior year, with continued cash generation.

• Heightened R&D investment anticipated to result in slightly lower profits for the full year.

• Return to growth expected in 2026 and beyond as troponin and Tau antibody revenues increase.