hVIVO (LSE:HVO) reported revenue of £16.3 million for the first half of 2026, down from £24.2 million a year earlier, while recording an adjusted EBITDA loss of £4.5 million.
The clinical development services group attributed the first-half performance to the planned weighting of activity towards the second half and the timing of contract revenue.
Cash stood at £13.0 million at the end of the period. hVIVO said proposal volumes increased by approximately 45%, while around three-quarters of revenue was generated from repeat customers.
The company has also consolidated its operations under a single brand covering four service areas.
Contracted Order Book More Than Doubles
hVIVO’s weighted contracted order book more than doubled to £65 million as of 30 June 2026.
Including the subsequently acquired CRS Berlin business, the order book reached £72 million, which the company described as a record level. The contracts provide revenue coverage extending into 2027 and 2028.
Management expects second-half revenue to be approximately twice the level recorded in the first half and is forecasting full-year revenue of around £47 million.
The company also expects to return to positive adjusted EBITDA during the second half, while forecasting a small adjusted EBITDA loss for the full year.
hVIVO Acquires CRS Berlin
hVIVO acquired CRS Berlin under a transaction structure that is largely based on a revenue-linked earn-out.
The acquisition adds Phase I and Phase II clinical trial capabilities in areas including dermatology and women’s health. hVIVO expects the transaction to be immediately earnings accretive.
The company said the acquisition is intended to expand its clinical development services beyond its existing human challenge trial operations and increase the range of services available to customers.
hVIVO Targets Growth in 2027
Management expects the increased contracted order book, CRS Berlin acquisition and demand for human challenge trials to support growth in 2027.
The company is also seeking to increase cross-selling across its Consulting, Clinical Trials, Human Challenge Trials and Laboratories service lines.
hVIVO operates clinical development facilities in the UK and Germany. Its services cover preclinical consulting, early-stage clinical studies, human challenge trials and specialist virology and immunology laboratory work.
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