Bioventix

Apologies! This BVXP H1 2025 review has taken somewhat longer than expected to produce. BVXP’s FY 2025 results are due tomorrow (27 October) and to avoid any reader confusion in the morning, an email alert has not been sent.

26 October 2025
By Maynard Paton

H1 2025 results summary for Bioventix (BVXP):

• A very unspectacular six months, showing revenue up only 1% to reflect what the company maintains are “mature” markets for diagnostic antibodies. Profit meanwhile fell 4% following greater external spend on R&D.

• With neither the secondary application for troponin nor the biomonitoring projects attracting much commercial interest, future growth now seems dependent entirely on the Alzheimer’s R&D — revenue from which “increased” during this H1. 

• “Large-scale” antibody manufacturing, further promising scientific papers, a royalty arrangement with a prominent researcher alongside a possible supply agreement with Beckman Coulter suggests the Alzheimer’s work has increasing potential to one day become a substantial commercial success.

• Although the H1 dividend was (surprisingly) lifted 2p per share, FY 2025 earnings are forecast to decline slightly and leave dividend cover below 1x. The £5m cash position therefore looks primed to fund the greater R&D. 

• The lack of near-term profit growth has left the £24 shares trading at a level first achieved during 2017 and offering their highest-ever yield at 6%-plus. They may also value the Alzheimer’s R&D at a very pessimistic zero. I continue to hold.

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04 March 2025
By Maynard Paton

FY 2024 results summary for Bioventix (BVXP):

• A record FY, showing revenue up 6% and profit up 5%, although the 3p per share reduction to the H2 dividend illustrated a below-expectations performance following an unfortunate troponin-royalty error.

• Sales progress was very mixed, with best-seller vitamin D up just 1%, the now “mature” troponin up only 3%, the once-popular testosterone down 29%, 30-year-old T3 up 21% and general Chinese royalties becoming “more significant“.

• R&D revenue of £155k, the commencement of “large-scale production“, promising snippets from scientific papers alongside ongoing Quanterix promotion suggest BVXP’s Alzheimer’s work has increasing potential to become a substantial commercial success.

• The wonderful economics of the antibody portfolio continue, as this FY displayed a majestic 78% operating margin, a super £800k revenue per employee, net cash equivalent to a hefty 44% of revenue and capex of just £16k.

• The £30 shares currently trade at their lowest P/E since 2016, offer a 5%-plus yield for the very first time and might value the Alzheimer’s R&D at a very pessimistic zero. I continue to hold.

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22 October 2024
By Maynard Paton

H1 2024 results summary for Bioventix (BVXP):

• A record H1, showing revenue up 13%, profit up 15% and the dividend up 10% as greater sales to China helped offset a “temporary” slowing of troponin growth.

• Positive long-term progress continues to rest upon Alzheimer’s R&D, in which a study involving pTau212 suggests BVXP may enjoy a research edge beyond an increasingly crowded pTau217 field.

• BVXP’s Alzheimer’s work on ‘brain-derived tau’ has attracted “significant attention” for helping identify significant, near-term “cognitive decline”, and is now available through Quanterix for wider research purposes.

• The economics of successful antibodies remain superb, with this H1 displaying a terrific 77% operating margin, net cash equivalent to a hefty 40% of revenue and capex of just £5k.

• The £37 shares yield a trailing 4.3%, trade at a possible 22x P/E and might — using some very basic assumptions — value the R&D pipeline at £23m. I continue to hold.

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27 February 2024
By Maynard Paton

FY 2023 results summary for Bioventix (BVXP):

• A record FY, with revenue up 9% and profit up 8% albeit split between a post-pandemic H1 rebound followed by a standstill H2.

• Sales efforts were supported by best-seller vitamin D (+7%) and second-best-seller troponin (+30%), although the latter may not be too far away from reaching ‘peak’ revenue. 

• Significant long-term progress continues to rest upon R&D success with the University of Gothenburg, which has published encouraging lab results using BVXP’s antibodies to identify early-stage Alzheimer’s through p-tau217.

• While revenue per employee at a super £801k and minuscule £11k capex continue to underpin amazing cash generation, the total dividend was unchanged at 152p per share, dividend cover has reduced to almost 1x and the seven-year run of special payouts has now ended.

• The £50 shares trade at a premium 31x P/E and reflect understandable Alzheimer’s optimism alongside the general revenue longevity and terrific economics of successful antibodies. I continue to hold.

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20 October 2023
By Maynard Paton

H1 2023 results summary for Bioventix (BVXP):

• A record H1, with revenue up 25% and profit up 26% helped by a post-pandemic recovery and favourable currency movements.

• Product sales were frustratingly conveyed through a broker note, which ‘estimated’ vitamin D income gained 11% and troponin income increased 52%.

• Pipeline efforts and potential continue to rest upon “exciting” Alzheimer’s research, although the work looks set to run to 2026 and associated revenue may occur beyond 2030.

• Repeating the 19% H1 dividend lift for the subsequent H2 would leave room only for a small eighth special payout, a prospect supported by remarks about taxation changes.

• Forecasts for a flat H2, troponin’s finite income and a lack of near-term R&D winners may explain why the £35 shares have not made headway during the last four years. I continue to hold.

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22 November 2022
By Maynard Paton

Results summary for Bioventix (BVXP):

• A somewhat better-than-expected FY performance, with record revenue and earnings supported by an exceptional H2 profit (+30%) that was bolstered by a post-pandemic recovery and stronger USD.

• Encouraging sales progress from best-seller vitamin D (+13%), future big-seller troponin (+81%) and sudden surprise-seller biotins (+67%) more than offset lost income from an expired product. 

• Tweaks to management’s commentary plus a revised pipeline grid suggest the development work on dementia research now offers a greater chance of becoming a real money spinner.

• The accounts remain in great shape, with an astonishing 82% H2 margin, terrific employee productivity and robust cash conversion leading to the company’s seventh consecutive annual special dividend.

• Troponin’s finite income and a basic sum-of-the-parts valuation may explain why the £36 shares have not made headway during the last three years. I continue to hold.

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26 August 2022
By Maynard Paton

Results summary for Bioventix (BVXP):

• An unspectacular H1 performance, albeit accompanied by a 21% dividend lift, after further pandemic disruption left revenue down 8% and adjusted profit down 9%.

• Muted progress from vitamin D and other established antibodies continues to leave near-term growth dependent on the fast-selling troponin product. 

• The “exciting” potential of a Tau biomarker alongside the BVXP website selling pyrene test kits suggest positive developments within the research pipeline.

• Net cash at £5m is the lowest for six years, and combined with standstill earnings seems likely to reduce the size of any FY 2022 special payout.

• Troponin’s finite income and a resultant sum-of-the-parts valuation do not indicate an obviously compelling £33 share price. I continue to hold.

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05 November 2021
By Maynard Paton

Results summary for Bioventix (BVXP):

• Acceptable annual figures that included a record H2 profit (+14%) despite the pandemic continuing to disrupt demand for routine blood tests.

• Mixed progress from vitamin D and other established antibodies leaves near-term growth dependent mostly on the fast-selling troponin product. 

• Additional research efforts suggest pyrene biomonitoring and detecting Alzheimer’s disease may be the more likely long-term pipeline winners.

• A 19% dividend lift, another special payout, 70%-plus margins and low retained-profit requirements underlined the wonderful economics of collecting antibody royalties. 

• Troponin’s finite income and a resultant sum-of-the-parts valuation do not indicate an obviously tantalising £36 share price. I continue to hold.

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09 April 2021
By Maynard Paton

Results summary for Bioventix (BVXP):

• Acceptable interim figures that showed revenue up 1% and profit down an underlying 2% after the pandemic reduced demand for routine blood tests.

• The performance appeared to have outpaced the wider in vitro diagnostics (IVD) market, with a 20% dividend lift underpinning management’s confidence. 

• Progress from the important vitamin D and troponin antibodies was positive, while R&D efforts seem now to focus on just three projects.  

• The accounts remain healthy with a super 76% margin, light demands on cash flow, a £5m-plus cash buffer and a potentially understated investment.

• Predictable income and a competitive ‘moat’ presently offset the effective dependence on just two products to keep the P/E at an elevated 32x. I continue to hold.

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