Bioventix Lifts Interim Dividend 25% After Strong Revenue Growth

26th Mar 2018 10:44

LONDON (Alliance News) - Medical technology company Bioventix PLC on Monday said it saw an increase in revenue and profit in the first half of its financial year, due to a positive sales performance by its vitamin D antibody and other antibody sales, while also identifying a back-dated royalty windfall.

Bioventix reported pretax profit of GBP3.4 million, up 36% for the six months ended in December 31 from GBP2.5 million the year prior. Revenue, including backed-dated royalty income, increased 41% to GBP4.1 million from GBP2.9 million the year prior.

The company said an internal audit had identified a back-dated royalty stream of GBP770,000, which was due from July 2014 to July 2017. Excluding this one-time, underlying revenue was GBP3.5 million, up 13% from GBP3.1 million a year before.

Cash balances on December 31 was GBP5.6 million, up from GBP5.1 million a year prior.

Bioventix declared a first interim dividend of 25 pence, 20% up from the previous half year.

The growth in revenue is due to the sales of vitamin D antibody, which continued at healthy levels and were approximately GBP0.4 million above the levels in the comparable period, the company said.

The company said that the growth in other antibody sales - progesterone, drug antibodies, contract NT-proBNP - also totalled around GBP0.4 million. The company said that the additive effect of these sales was more than sufficient to make up for the approximately GBP0.4 million of revenue previously reported lost through a terminated revenue stream.

In addition, the benfit of troponin project with Siemens Healthineers, which addresses chest pain and heart attack diagnostics, was delayed in calendar year 2018. Bioventix said it remains confident that sales from the troponin project will build during 2018.

"The majority of our scientific resource remains focused on our research projects, and we are encouraged by the steady progress made in existing projects and the identification of exciting new projects for the future," Chief Executive Officer Peter Harrison and Non-Executive Chairman Ian Nicholson said in a statement.

Shares in Bioventix were up 15% at 2,365.00 pence per share on Monday.

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