hVIVO plc

H1 2026 revenue was GBP 16.3 million versus GBP 24 million in H1 2025. EBITDA was a GBP 4.5 million loss, and cash at the end of June was GBP 13 million, down from GBP 14.3 million at the start of the year. Management said full-year 2026 revenue guidance is around GBP 47 million, below prior consensus, mainly because some contracts have been deferred rather than cancelled. They also guided to a low single-digit EBITDA loss for 2026, with H2 revenue of about GBP 31 million and cash expected to end December at roughly GBP 8 million to GBP 9 million.

Mo Khan framed hVIVO as moving from a niche human challenge trial provider to a broader early clinical development platform spanning consulting, clinical trials and labs. He emphasized that the addressable market has expanded, that the order book is now the highest in company history, and that the business has better visibility into 2027 and some work into 2028. His tone was optimistic despite near-term headwinds, repeatedly calling H1 a trough and saying he feels confident the company is “on the up.”

Stephen Pinkerton said the H1 revenue decline was driven mainly by lower HCT revenue, with some work pushed into H2 2026 and into 2027-2028, while clinical services were roughly flat on a like-for-like basis and labs grew 110% off a lower base. He explained that the GBP 4.5 million EBITDA loss reflected the lower revenue mix and noted a positive GBP 4.5 million net working capital movement helped preserve cash. He said cash should fall to about GBP 8 million or GBP 9 million by year-end due to H2 delivery timing and debtor collection cycles, and he described CRS Berlin as self-funding, with about EUR 6 million of expected earn-out, a net cash impact of roughly EUR 4 million after pension liabilities, and about GBP 0.5 million of EBITDA contribution over the four months owned.

Analysts focused on why HCT wins have not translated into faster revenue recovery and whether the order book is reliable after recent deferrals. Management said the delay issue is mostly timing, not cancellations, and argued that the shift to a more conservative order-book methodology and a larger share of near-term contracted work makes 2027 visibility stronger. They also addressed margin questions by saying HCT carries the highest margin, clinical services are lower margin, and Berlin is expected to be around 10%-12% EBITDA margin initially, with potential to improve to 15%-20% over time. Another question covered AI, where management said it will not replace human trials but could help drug discovery and ultimately support more development activity.