**Summary**
hVIVO plc, a full-service international clinical development partner, reported its final results for 2025, highlighting strategic progress and financial performance. Revenue decreased to £46.8 million from £62.7 million in 2024, with a positive adjusted EBITDA of £1.4 million, down from £16.4 million. The company expanded its capabilities through acquisitions, including two Clinical Research Units from CRS and Cryostore, diversifying its service offerings and therapeutic expertise. These acquisitions contributed £13.1 million in revenue and are expected to be earnings accretive in 2026. hVIVO established four integrated service lines: Consulting, Clinical Trials, Human Challenge Trials, and Laboratories, with a focus on cross-selling opportunities. The company also completed the development of a bacterial laboratory and validated a new hMPV challenge model. Despite macroeconomic challenges, hVIVO expects high single-digit revenue growth in 2026, weighted to the second half, with a strong pipeline of opportunities across all service lines. The companys cash position decreased to £14.3 million, and it has a weighted contracted orderbook of £30 million, reflecting a more diversified revenue base. hVIVOs strategic transformation positions it as a purpose-built, full-service early clinical development partner, aiming to accelerate client pathways to clinical proof-of-concept.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Revenue (£ million) | 62.7 | 46.8 | -25.4% |
| Adjusted EBITDA (£ million) | 16.4 | 1.4 | -91.5% |
| Adjusted EBITDA margin (%) | 26.2 | 3.0 | -88.5% |
| Basic adjusted earnings per share (p) | 1.69 | (0.41) | -124.3% |
| Cash (£ million) | 44.2 | 14.3 | -67.7% |
| Weighted contracted orderbook (£ million) | 43.5 | 30.0 | -31.0% |
| Debt (Lease liabilities, £ million) | 10.4 | 12.3 | 18.3% |