BioVentix confident on future despite profit decline in first half

BioVentix PLC on Monday reported lower revenue and pretax profit in the first half, as some headwinds in its historic portfolio persist despite not impacting the existing outlook.

However, the Surrey, England-based biotechnology company noted that royalties from its neurological antibodies increased five-fold in the six months to December 31, despite such revenue coming from research use only.

Shares in BioVentix were up 5.5% to 1,450.00 pence on Monday afternoon in London.

The company reported revenue of £6.2 million in the first half, down 8.5% from £6.7 million 12 months prior. It added that on a constant currency basis revenue would have been £6.4 million.

Pretax profit was £4.9 million, deceasing by 3.9% from £5.0 million a year prior.

Despite the stalled growth, BioVentix confirmed an interim dividend of 70 pence per share, unchanged from the previous interim dividend and remaining at ‘historic levels’.

The company said that royalty dynamics have shifted, and are clear causes for optimism on significant future revenue growth, despite the timing being unclear.

That is because antibodies developed to diagnose Alzheimer’s disease have seen royalties increased five-fold to GB150,000 from £30,000 in the period, despite relating solely to research as no in vitro diagnostic assay has been approved for clinical use.

Among the assays being developed by leading diagnostics companies, BioVentix noted that three use at least one of its sheep monoclonal antibodies in their design.

Chief Executive Officer Peter Harrison said: ‘The royalty dynamics..., 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 [in vitro diagnostic] assays for routine clinical use are approved’.

The timing of such approval is however difficult to predict despite the immediate demand for such tests to be made more widely available.

Additionally, the company’s research projects are focused on peripheral neuropathies and vascular dementia, the latter linked to the build-up of amyloid in the blood vessels of the brain.

On the rest of the portfolio, troponin sales remained steady, as did sales of the company’s vitamin D antibody and other core products, all in line with the previous year’s sales.

This sales data reflected the maturity of the product, BioVentix said, as well as some limited revenue stream loss coming from challenging market condition in China. The company is confident in its outlook of modest yearly revenue decline for the full-year.

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