Bioventix shares “strong performance”, shares rise

Bioventix shares (LON: BVXP) edged up on Monday after releasing audited results for the year ending 30 June 2020.

The London-listed company that specialises in the development and commercial supply of high-affinity monoclonal antibodies for applications in clinical diagnostics, said on Monday that revenue grew 11% to £10.31m.

Pre-tax profit at Bioventix increased by 18% to £8.23m.

The group said in a statement: “Our most significant revenue stream continues to come from the vitamin D antibody called vitD3.5H10. This antibody is used by a number of small, medium and large diagnostic companies around the world for use in vitamin D deficiency testing. Sales of vitD3.5H10 increased by 10% to £4.8 million during the year.”

“The strong performance of the business during the year has generated cash balances at the year-end of £8.1m. Whilst considering the impact of the pandemic on the core business, the Board has determined that is appropriate to maintain the established dividend policy in the immediate future. For the current year, the Board is pleased to announce a second interim dividend of 52 pence per share which, when added to the first interim dividend of 36 pence per share makes a total of 88 pence per share for the current year.”

“We are delighted to be able to report such excellent financial results for the year despite the negative impact of the global pandemic during April-June 2020. The core business is linked to routine testing at hospitals around the world and this has undoubtedly been affected by the COVID-19 pandemic. The timing of a return to normality is uncertain but when it does, we expect our business will revert to an established trajectory, albeit without the income from NT-proBNP which will cease from July 2021,” Bioventix added in a statement. 

Biventix shares (LON: BVXP) are trading +3.25% at 4.285,00 (1001GMT).