12 November 2020
By Maynard Paton
Results summary for Bioventix (BVXP):
- Very satisfactory FY 2020 figures, although H2 growth subsided to mid-single-digits after the pandemic reduced demand for routine blood tests.
- A 21% final-dividend lift plus a special payout for the fifth consecutive year underpinned a generally positive outlook.
- Revenue from vitamin D gained 10% and may finally have “plateaued”, while troponin sales quadrupling within the next two years is apparently “plausible“.
- The books remain in excellent shape with record 79% margins, robust cash flow, a £5m cash buffer and no debt.
- The ace financials and predictable customer income leaves an understandably lofty P/E of 32. I continue to hold.