The hVIVO PLC (LON: HVO) share price surged 10.3% after announcing its interim results for the six months ended 30 June 2023 (H1 2023). The company revealed that its revenues had increased 52% to £27.3 million, compared to £18 million in H1 2022. The upbeat revenue figures triggered a positive response from investors.
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The contract research organisation specialising in human challenge trials also revealed that its pre-tax profits increased by more than 100% to £5.2 million from £2.3 million last year. The EBITDA margin increased to 19.1% from 12.6% a year ago.
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The company’s net cash also doubled to £31.3 million as of June 30 2023, compared to £15.9 million in June 2022. The firm’s weighted contract orderbook stood at £78m on June 30 2023, from £70m a year ago.
hVIVO also informed investors that it had a busy H1 where it completed multiple human challenge models, with others still under development. Most importantly, the company is developing a new human metapneumovirus (hMPV) challenge model, funded by a North American pharma company through an end-to-end contract.
Furthermore, hVIVO also completed manufacturing its Omciron and Influenza H1N1 challenge viruses during the six months. The company also increased its revenue guidance to £55 million (excluding other income) for 2023 and its margin guidance to 19%.
Several hVIVO human challenge trials generated positive outcomes during the period, particularly Pfizer’s ABRYSVO, which was one of the first RSV vaccines to receive FDA approval in May 2023.
Yamin ‘Mo' Khan, Chief Executive Officer of hVIVO, said: “The first half of 2023 has delivered another period of excellent growth and progress towards establishing a long-term sustainable growth model. The increasing number of trials, the growing volunteer cohorts, and expanding use cases highlight that the human challenge market is experiencing a strong growth trend that we strongly believe will continue over the long term. The outlook for the business is extremely positive, as our new state-of-the-art facility sets us up to accelerate our growth over the long term. We are delighted to increase our revenue and EBITDA margin guidance for 2023.”
hVIVO share price.
The hVIVO share price surged 10.30% to trade at 20.13p, from Monday’s closing price of 18.25p.
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