01 May 2020
By Maynard Paton
Results summary for Bioventix (BVXP):
- Very satisfactory 26% first-half profit growth led by continued demand for the group’s vitamin D antibody.
- A 20% dividend lift alongside presentation references to broker forecasts were very reassuring given the current Covid-19 uncertainty.
- The fledgling troponin product seems to have gained momentum while an emerging pollution-biomonitoring project offers intriguing long-term potential.
- Despite a part-time FD and an accounting error, the books remain in excellent shape with terrific 80% margins, a notable cash buffer and no debt.
- The seemingly ‘pandemic-proof’ outlook leaves the valuation remaining understandably rich with an underlying P/E of 34. I continue to hold.