hVIVO (HVO) H2 2025 earnings summary

Executive summary

• 2025 was financially challenging due to higher-than-normal trial cancellations and sector headwinds, but operational progress included successful acquisitions, a strategic rebranding under a single platform, and expansion of service lines and laboratory capabilities.

• The company diversified its service offerings beyond human challenge trials, expanding into new clinical development stages, therapeutic areas, and integrating acquired businesses.

• Human challenge trials remain a core focus, but now represent less than 50% of forecasted revenue, reflecting successful diversification.

• Integrated business model now fully operational across HCTs, clinical trials, laboratory, and consulting services.

• The order book methodology was revised for greater reliability, now only including contracted values at a mature stage.

Financial highlights

• Revenue for 2025 was GBP 46.8 million, down from GBP 62.7 million in FY24, in line with revised guidance after a profit warning.

• Adjusted EBITDA was GBP 1.4 million (margin 3.0%), compared to GBP 16.4 million (26.2%) in FY24, reflecting acquisition losses and sector challenges.

• Net profit was GBP 1.4 million, despite GBP 1.4 million in net acquisition losses.

• Cash at year-end was GBP 14.3 million, down from GBP 44.2 million, with about half the decrease due to acquisitions and reduced HCT contracts.

• No dividend will be paid for 2025; funds will be reinvested for growth.

• Order book stands at GBP 30 million, restated under new methodology.

Outlook and guidance

• High single-digit revenue growth is targeted for 2026, with increasing revenue visibility and a strong medium-term opportunity set.

• Pipeline is strong, with a 50% year-on-year increase in new proposals in Q1 2026.

• Major new contracts (e.g., Traws Pharma, ILiAD) will contribute to future revenue, with ILiAD revenue recognized mainly in 2027.

• The company expects continued growth in non-challenge trial business and further geographic expansion.