hVIVO (HVO) Q4 2025 TU earnings summary

Executive summary

• FY25 revenue was £46.7 million, in line with guidance but down from £62.7 million in 2024 due to macroeconomic headwinds and sector-specific challenges.

• Achieved positive low single-digit adjusted EBITDA margin, outperforming consensus and prior guidance of a loss.

• Cash at year-end 2025 was £14.3 million, exceeding market expectations and providing sufficient liquidity for growth plans.

• Completed and integrated strategic acquisitions of Cryostore and CRS Mannheim & Kiel, expanding service capabilities and geographic reach.

• Diversified business model now covers consulting, preclinical, phase I-III clinical trials, and laboratory services, supporting a broader client base.

Financial highlights

• FY25 revenue was £46.7 million, down from £62.7 million in FY24 but in line with guidance.

• Adjusted EBITDA margin for FY25 was positive low single-digit, compared to 26.2% in FY24 and above prior loss guidance.

• Year-end cash position was £14.3 million, above market expectations and down from £44.2 million in 2024.

• No debt on the balance sheet; acquisitions funded from cash reserves.

• CRS became cash generative in Q4 2025.

Outlook and guidance

• High single-digit revenue growth guidance reiterated for 2026, supported by diversified service lines and robust sales pipeline.

• Multiple preferred providerships secured and aggregate value of customer proposals in FY25 exceeded FY24.

• Four key growth initiatives: expand cardiometabolic specialism, respiratory offering, laboratory services, and patient recruitment.

• CRS acquisitions expected to be EBITDA accretive in 2026.

• No fundraise anticipated; cash position sufficient for investment and organic growth.