REG - BioVentix PLC - Interim Results
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260330:nRSd5106Ya&default-theme=true
RNS Number : 5106Y BioVentix PLC 30 March 2026
Bioventix plc
("Bioventix" or the "Company")
Unaudited Interim Results for the six months ended 31 December 2025
Bioventix plc (BVXP) ("Bioventix" or "the Company"), a UK company specialising
in the development and commercial supply of high-affinity monoclonal
antibodies for applications in clinical diagnostics, announces its unaudited
interim results for the six-month period ended 31 December 2025.
Highlights
· Revenue of £6.16 million (2024: £6.73 million)
· Profit before tax of £4.85 million (2024: £5.05 million)
· Revenue of £6.4 million with PBT of £5.1 million on constant
currency basis (at average exchange rates for 2024)
· Closing cash balances of £5.3 million (2024 £5.1 million)
· Interim dividend 70p (2024: 70p)
· Tau/neuro royalties increased five-fold to £150k (2024: £30k)
· Bioventix SMAs now included in the design of multiple research use
only assays for Alzheimer's disease,
· Trading remains in line with expectations for the year ending 30 June
2026
CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT
Bioventix's business continues to evolve, and the value created from our
historic portfolio of core antibodies is increasingly supplemented by the
addition of new antibodies for application in the diagnosis of Alzheimer's and
other neurological diseases.
Our results for the half year ended 31 December 2025 reflect this evolution
with royalties from our Tau/neuro antibodies increasing five-fold for the
reporting period from £30k to £150k. These revenues relate solely to
research use only (RuO) assays for Alzheimer's disease as there are not yet
any IVD assays approved for routine clinical use. The current leading
blood-based biomarker assay for amyloid build-up in patients' brains, a key
element of Alzheimer's pathology is brain-derived phospho-Tau217 or B-D
pT217. Amongst the RuO B-D pT217 assays being developed by the leading IVD
companies (e.g. Roche, Siemens, Abbott, Beckman, Quidel-Ortho, Mindray etc.),
three use at least one Bioventix SMA in their assay design. For the newer
high sensitivity research-orientated platform companies (e.g. Quanterix,
Alamar, Spear, Bio-techne/Ella, Merck/SCM&Singulex, Stata etc.) three have
also included at least one Bioventix SMA in their RuO pT217 assay design.
The royalty dynamics above, together with our increasing footprint in our
customer's Alzheimer's assay designs, are clear causes for optimism that our
revenues will grow significantly into the future as IVD assays for routine
clinical use are approved. The timing of these future IVD assay developments
is difficult to predict. Whilst there is an immediate demand for such tests
to be made more widely available, new biomarker assays generally take longer
to gain regulatory approval than revisions for existing biomarker assays
although approval of the first new biomarker assay often leads to an
acceleration in the subsequent approval for other such assays.
Another key element of Alzheimer's pathology is the rate of neurodegeneration
experienced by Alzheimer's patients. There are a number of candidate
blood-based biomarkers linked to neurodegeneration, all of which detect
breakdown products of brain cell death. Total brain-derived Tau is one such
candidate biomarker and four leading global IVD companies and four high
sensitivity RuO-orientated companies have at least one Bioventix SMA included
in their total B-D Tau assay design.
We believe that the next significant blood-based assay development for
Alzheimer's could be a test that reflects Tau tangle pathology, another
important element of the disease that is currently assessed using Tau PET
brain scans. This is a critical part of our current research with our
partners at the University of Gothenburg, and we hope to report further on
this research later in the year.
Additional neuro pipeline research projects are focused on peripheral
neuropathies (i.e. non-brain neurological diseases) and vascular dementia
which is linked to the build-up of amyloid in the blood vessels of the
brain.
Sales of our vitamin D antibody and other core antibodies were all broadly in
line with last year's sales reflecting the mature nature of the diagnostic
products that our core antibodies support. As we have reported previously
the challenging market conditions in China have led to the loss of some
limited revenue streams.
Our sales relating to troponin antibodies were steady. In November 2024, we
reported that Siemens had received FDA approval for a revised label claim for
their troponin assay covering a new prognostic application. This was an
encouraging development, but we have not yet experienced an uplift in our
associated royalties.
The water quality project mentioned in our November 2025 annual report
continues to progress. This project is based on the riverbank measurement of
both caffeine and paracetamol, either individually or in combination, as
markers of human-derived by-products in "fresh water". Laboratory-based
tests are currently being used to measure E. coli and drug levels to establish
the strength of the correlation between the two and therefore the opportunity
to use drug levels as a simple, rapid surrogate measure for E. coli levels.
Quick and immediate riverside assays could be made possible by lateral flow
devices that will become available for additional field trials during
Q2.2026.
We are increasingly confident that our progress in the development of SMAs for
use in assays for the diagnosis of Alzheimer's disease and other neurological
conditions will materialise in tangible commercial success. Our strategy of
partnering with academic research teams has also afforded a change in our
business model and an increasing portion of our R&D costs are now linked
to such success and incurred as a small percentage of the future revenue
generated by SMA's in neurological assays. These advancements alongside the
resilience of our core product set and our relatively small operating base
allow the flexibility to use reserves to maintain our dividend at historic
levels and the Board is therefore pleased to confirm an interim dividend of
70p per share. The shares will be marked ex-dividend on the 9th April 2026
and the dividend will be paid on 24th April 2026 to shareholders on the
register at close of business on 10(th) April 2026.
In conclusion, the evolution of our business with a historic core of
established SMAs being supplemented by a range of exciting new neuro SMAs is
firmly taking shape. Increased royalties for Tau antibodies for Alzheimer's
disease have been a highlight and we continue to remain excited about the
future for these antibodies as the scientific output of our collaboration with
University of Gothenburg increasingly translates into commercial success.
We remain confident in the outlook for the year to 30 June 2026 and believe
there are many reasons to be positive with the opportunities in the diagnosis
of Alzheimer's and other neurological diseases.
P Harrison
Chief Executive Office I J Nicholson
Non‑Executive Chairman
For further information please contact:
Bioventix plc
Peter Harrison
Chief Executive Officer Tel: 01252 728 001
Cavendish (NOMAD and Broker)
Geoff Nash / Elysia Bough Corporate Finance
Nigel Birks / Harriet Ward ECM
Tel: 020 7220 0500
About Bioventix plc:
Bioventix (www.bioventix.com) specialises in the development and commercial
supply of high‑affinity monoclonal antibodies with a primary focus on their
application in clinical diagnostics, such as in automated immunoassays used in
blood testing. The antibodies created at Bioventix are generated in sheep and
are of particular benefit where the target is present at low concentration and
where conventional monoclonal or polyclonal antibodies have failed to produce
a suitable reagent. Bioventix currently offers a portfolio of antibodies to
customers for both commercial use and R&D purposes, for the diagnosis or
monitoring of a broad range of conditions, including heart disease,
neurological diseases, cancer, fertility, thyroid function and drug abuse.
Bioventix currently supplies antibody products and services to the majority of
multinational clinical diagnostics companies. Bioventix is based in Farnham,
UK and its shares are traded on AIM under the symbol BVXP.
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under Article 17 of
MAR.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Unaudited six months ended 31 Dec 2025 Unaudited six months ended 31 Dec 2024
Note £ £
6,158,816 6,732,355
Turnover
(513,355) (764,768)
Cost of sales
5,645,461 5,967,587
Gross profit
(1,037,485) (1,067,779)
Administrative expenses
151,946 159,943
Research & development tax credit adjustment
(44,734) (44,733)
Share options change
65,724 (75,976)
Difference on foreign exchange
4,780,912 4,939,042
Operating profit
70,136 107,363
Interest receivable
4,851,048 5,046,405
Profit on ordinary activities before tax
(1,225,961) (1,274,003)
Tax on profit on ordinary activities
3,625,087 3,772,402
Profit for the financial period
3,625,087 3,772,402
Total comprehensive income for the six months
Earnings per share:
Period ended 31 Dec 2025 Period ended 31 Dec 2024
p p
Basic 69.38 72.27
Diluted 68.45 71.22
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
Unaudited 31 Dec 2025 Unaudited 31 Dec 2024
Note £ £
Fixed assets
410,997 443,522
Tangible assets
426,733 426,733
Investment
837,730 870,255
Current assets
723,297 554,069
Stocks
6,169,614 6,443,184
Debtors
5,303,901 5,142,363
Cash at bank and in hand
12,196,812 12,139,616
(1,992,891) (1,731,178)
Creditors: amounts falling due within one year
Net current assets 10,203,921 10,408,438
11,041,651 11,278,693
Total assets less current liabilities
11,041,651 11,278,693
Net assets
Capital and reserves
261,243 260,983
Called up share capital
1,541,310 1,471,315
Share premium account
1,231 1,231
Capital redemption reserve
9,237,867 9,545,164
Profit and loss account
11,041,651 11,278,693
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Unaudited 31 Dec 2025 Unaudited 31 Dec 2024
£ £
Cash flows from operating activities
3,625,087 3,772,402
Profit for the financial six months
Adjustments for:
26,110 53,664
Depreciation of tangible assets
(70,136) (107,363)
Interest received
1,071,295 1,125,418
Taxation charge
(33,893) 61,276
(Increase)/decrease in stocks
94,366 (231,265)
Decrease/(increase) in debtors
857,005 122,118
Increase in creditors
(1,247,460) (1,244,646)
Corporation tax (paid)
44,734 44,733
Share option charge
Net cash generated from operating activities
4,367,108 3,596,337
Cash flows from investing activities
(32,752) (19,188)
Purchase of tangible fixed assets
70,136 107,363
Interest received
Net cash from investing activities
37,384 88,175
Cash flows from financing activities
(4,179,888) (4,541,101)
Dividends paid
Net cash used in financing activities (4,179,888) (4,541,101)
Net increase/(decrease) in cash and cash equivalents 224,604 (856,589)
5,079,297 5,998,952
Cash and cash equivalents at beginning of six months
Cash and cash equivalents at the end of six months 5,303,901 5,142,363
NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
1.
General information
While the interim financial information has been prepared using the company's
accounting policies and in accordance with Financial Reporting Standard 102,
the announcement does not itself contain sufficient information to comply with
Financial Reporting Standard 102.
This interim financial statement has not been audited or reviewed by the
auditors.
The accounting policies which were used in the preparation of this interim
financial information were as below.
2. Accounting policies
2.1 Basis of preparation of financial statements
The interim financial information has been prepared under the historical cost
convention unless otherwise specified within these accounting policies and in
accordance with Financial Reporting Standard 102, the Financial Reporting
Standard applicable in the UK and the Republic of Ireland and the Companies
Act 2006.
The preparation of financial statements in compliance with FRS 102 requires
the use of certain critical accounting estimates. It also requires management
to exercise judgment in applying the Company's accounting policies (see note
3).
The following principal accounting policies have been applied:
2.2 Revenue
Turnover is recognised for product supplied or services rendered to the extent
that it is probable that the economic benefits will flow to the Company and
the turnover can be reliably measured. Turnover is measured as the fair value
of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes. The following criteria determine when
turnover will be recognised:
Direct Sales
Direct sales are generally recognised at the date of dispatch unless
contractual terms with customers state that risk and title pass on delivery of
goods, in which case revenue is recognised on delivery.
R&D income
Subcontracted R&D income is recognised based upon the stage of completion
at the year end.
Licence revenue and royalties
Annual licence revenue is recognised, in full, based upon the date of invoice.
Royalties are accrued over period to which they relate and revenue is
recognised based upon returns and notifications received from customers. In
the event that subsequent adjustments to royalties are identified they are
recognised in the period in which they are identified.
2.3 Foreign currency translation
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency
using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the
closing rate. Non‑monetary items measured at historical cost are translated
using the exchange rate at the date of the transaction and non‑monetary
items measured at fair value are measured using the exchange rate when fair
value was determined.
2.4 Interest income
Interest income is recognised in profit or loss using the effective interest
method.
2.5 Pensions
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined
contribution plan is a pension plan under which the Company pays fixed
contributions into a separate entity. Once the contributions have been paid
the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they
fall due. Amounts not paid are shown in accruals as a liability in the
Statement of financial position. The assets of the plan are held separately
from the Company in independently administered funds.
2.6 Current and deferred taxation
Current and deferred tax are recognised as an expense or income in the
Statement of Comprehensive Income, except when they relate to items credited
or debited directly to equity, in which case the tax is also recognised
directly in equity. The current income tax charge is calculated on the basis
of tax rates and laws that have been enacted or substantively enacted by the
reporting date in the countries where the Company operates and generates
income.
Deferred tax balances are recognised in respect of all timing differences that
have originated but not reversed by the reporting date, except that:
• The recognition of deferred tax assets is limited to the extent that it is
probable that they will be recovered against the reversal of deferred tax
liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for
retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences
except in respect of business combinations, when deferred tax is recognised on
the differences between the fair values of assets acquired and the future tax
deductions available for them and the differences between the fair values of
liabilities acquired and the amount that will be assessed for tax. Deferred
tax is determined using tax rates and laws that have been enacted or
substantively enacted by the reporting date.
2.7 Research and development
Research and development expenditure is written off in the year in which it is
incurred.
2.8 Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less
accumulated depreciation and any accumulated impairment losses. Historical
cost includes expenditure that is directly attributable to bringing the asset
to the location and condition necessary for it to be capable of operating in
the manner intended by management.
Land is not depreciated. Depreciation on other assets is charged so as to
allocate the cost of assets less their residual value over their estimated
useful live
Freehold property ‑ 2% straight
line
Plant and machinery ‑ 15% straight
line
Motor Vehicles ‑ 25% straight
line
Fixtures & Fittings ‑ 15% straight
line
Office equipment ‑ 25% straight
line
2.9 Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably
determined, are remeasured to market value at each reporting date. Gains and
losses on remeasurement are recognised in the Statement of comprehensive
income for the period. Where market value cannot be reliably determined, such
investments are stated at historic cost less impairment.
2.10 Stocks
Stocks are stated at the lower of cost and net realisable value, being the
estimated selling price less costs to complete and sell. Cost includes all
direct costs and an appropriate proportion of fixed and variable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is
impaired, the carrying amount is reduced to its selling price less costs to
complete and sell. The impairment loss is recognised immediately in profit or
loss.
2.11 Debtors
Short‑term debtors are measured at transaction price, less any impairment.
Loans receivable are measured initially at fair value, net of transaction
costs, and are measured subsequently at amortised cost using the effective
interest method, less any impairment.
2.12 Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions
repayable without penalty on notice of not more than 24 hours. Cash
equivalents are highly liquid investments that mature in no more than twelve
months from the date of acquisition and that are readily convertible to known
amounts of cash with insignificant risk of change in value.
In the Statement of cash flows, cash and cash equivalents are shown net of
bank overdrafts that are
repayable on demand and form an integral part of the Company's cash
management.
2.13 Creditors
Short‑term creditors are measured at the transaction price. Other financial
liabilities, including bank loans, are measured initially at fair value, net
of transaction costs, and are measured subsequently at amortised cost using
the effective interest method.
2.14 Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a
legal or constructive obligation, a transfer of economic benefits is probable
and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle
the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
2.15 Financial instruments
The Company has elected to apply the provisions of Section 11 "Basic Financial
Instruments" of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and
bank balances, are initially measured at their transaction price including
transaction costs and are subsequently carried at their amortised cost using
the effective interest method, less any provision for impairment, unless
the arrangement constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market
rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The
Company's cash and cash equivalents, trade and most other receivables due with
the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into. An equity instrument
is any contract that evidences a residual interest in the assets of the
Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank
loans and other loans are initially measured at their transaction price after
transaction costs. When this constitutes a financing transaction, whereby the
debt instrument is measured at the present value of the future receipts
discounted at a market rate of interest. Discounting is omitted where the
effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the
effective interest rate method.
Trade payables are obligations to pay for goods and services that have been
acquired in the ordinary course of business from suppliers. Trade payables are
classified as current liabilities if the payment is due within one year. If
not, they represent non‑current liabilities. Trade payables are initially
recognised at their transaction price and subsequently are measured at
amortised cost using the effective interest method. Discounting is omitted
where the effect of discounting is immaterial.
2.16 Dividends
Equity dividends are recognised when they become legally payable. Interim
equity dividends are recognised when paid. Final equity dividends are
recognised when approved by the shareholders at an annual general meeting.
2.17 Employee benefits‑share‑based compensation
The company operates an equity settled, share based compensation plan. The
fair value of the employee services received in exchange for the grant of the
options is recognised as an expense over the vesting period. The total amount
to be expensed over the vesting period is determined by reference to the fair
value of the options granted. At each balance sheet date, the company will
revise its estimates of the number of options are expected to be exercisable.
It will recognise the impact of the revision of original estimates, if any, in
the profit and loss account, with a corresponding adjustment to equity. The
proceeds received net of any directly attributable transaction costs are
credited to share capital (nominal value) and share premium when the options
are exercised.
3. Judgments in applying accounting policies and key sources of estimation
uncertainty
In the application of the company's accounting policies (as described in note
2), management is required to make judgements, estimates and assumptions.
These estimates and assumptions are reviewed on an ongoing basis.
Carrying value of unlisted investments
The Company holds two unlisted investments in companies carrying out research
in identifying biomarkers for diagnosing health conditions. The directors have
continued to review the progress of this research over the last year.
In common with much scientific research, there is uncertainty, both in
relation to the science and to the commercial outcomes, and no information to
reliably calculate a fair value for these investments.
An impairment provision against the value of investment in shares of CardiNor
AS was made in the year to 30 June 2024.
The carrying value of the other investment in Pre‑Diagnostics AS continues
to be historic cost.
There were no areas requiring significant management judgment during the 6
months to 31 December 2025.
Royalty revenue accrual
The Company is notified and receives royalty revenue from one customer on a
calendar year basis annually in arrears; it is therefore necessary to estimate
this revenue for 12 months to 31 December 2025 and to process an accrual in
respect of this.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR PPUBPWUPQGQM
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Bioventix
See all newsREG - BioVentix PLC - Interim Results
AnnouncementREG - BioVentix PLC - Appointment of Non-Executive Director
AnnouncementREG - BioVentix PLC - Result of AGM
AnnouncementREG - BioVentix PLC - Director Dealing
AnnouncementREG - BioVentix PLC - Holding(s) in Company
Announcement