Business
Final Results
Final Results.
About this update from Bioventix Plc
[{"type":"text","content":"\n \nBioventix plc\n\n(“Bioventix†or the “Companyâ€)\n\nPreliminary results for the year ended 30 June 2017\n\nBioventix plc (BVXP), a UK company specialising in the development and commercial supply of high-affinity monoclonal antibodies for applications in clinical diagnostics, announces its audited results for the year ended 30 June 2017.\n\nHighlights:\n\n· Revenue up 31% to £7.2 million\n\n· Profit before tax up 37% to £5.7 million\n\n· Cash up £0.8 million to £6.1 million\n\n· Second interim dividend of 31p per share (2016: 26p)\n\n· Special dividend of 40p per share\n\nBusiness review\n\nWe are pleased to report another set of excellent results for the financial year ended 30 June 2017. Most significantly, revenues for the year of £7.2 million (2015/16: £5.5 million) were ahead of expectations and up 31% on the previous year. This revenue increase, when coupled to a modest increase in costs has resulted in increased profits after tax of £4.9 million, 40% up on the 2015/16 figure of £3.5 million. Despite increased dividend distribution, cash balances during the year increased by £0.8 million to £6.2 million.\n\nCurrently, our most significant revenue stream comes 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 24% to £2.75 million during the year. This surpassed our expectations based on customer feedback during the year. Our expectation was that, whilst test volumes are increasing globally, price pressure (i.e. $/test prices achieved) would balance the increase in volume leading to a relatively flat total market in US Dollars. This feedback set our expectations for royalties received after 30 June 2017 (but relating to the reporting period). Actual royalties received were in excess of these expectations.\n\nOur prudent belief is that the vitamin D market will plateau in the near future. Nevertheless, we anticipate a modest further increase in vitamin D antibody sales over the next year as a limited number of smaller customers bring new vitamin D products to the market.\n\nWe reported in May that our troponin (he...