hVIVO (LSE:HVO) reported first-half revenue of £16.3 million for 2026, compared with £24.2 million in the same period last year, while reaffirming expectations that both revenue and profitability will be weighted towards the second half of the year. The company said adjusted EBITDA is expected to recover from a negative mid-single-digit margin in the first half to a positive outcome in the second half, supported by stronger project delivery. hVIVO also ended June with £13 million in cash and maintained guidance for high single-digit revenue growth for the full year, attributing the weaker first-half performance to project timing delays rather than contract cancellations.
Growing orderbook strengthens long-term visibility
Despite lower first-half revenue, the company’s orderbook has expanded significantly, more than doubling since the beginning of 2026 to £65 million. Management said proposal volumes have increased by around 45%, reflecting strong demand across infectious disease, respiratory and cardiometabolic research programmes.
The business also highlighted the benefits of operating under a single hVIVO brand, bringing together its consulting, clinical trials, human challenge trials and laboratory services. Management believes the integrated structure is improving cross-selling opportunities, attracting new clients and strengthening the company’s long-term growth prospects.
Demand momentum offsets weaker recent financial performance
hVIVO’s outlook continues to reflect a mixed financial picture. Recent results have been affected by lower revenue, operating losses, negative gross profit and weaker cash flow, creating near-term challenges for investors.
However, these concerns are partly balanced by improving technical momentum in the shares and management’s positive commentary regarding the strength of the sales pipeline and future demand. The expanding orderbook provides greater visibility over future revenue, although liquidity and the timing of contract bookings remain important factors to monitor over the coming quarters.
About hVIVO
hVIVO plc is a UK-based clinical development specialist and the global leader in human challenge trials. The company provides integrated services spanning consulting, clinical trials, human challenge studies and laboratory testing, supporting pharmaceutical and biotechnology companies from preclinical development through to Phase II clinical trials. hVIVO works with seven of the world’s ten largest biopharmaceutical companies and operates specialist research facilities in the UK and Germany.
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