Hvivo Plc · LSE:HVO
Hvivo — Investor Presentation (January 2024)
36 slides from Hvivo's investor presentation, January 2024
Slide 1: Company Presentation
Company Presentation January 2024 Ticker: HVO
Slide 2: Disclaimer
Disclaimer • The contents of this presentation and the information which you are given at the time of the presentation have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (the “Act”). Reliance on this presentation for the purpose of engagi
Slide 3: Presenters
Presenters Dr. Yamin ‘Mo’ Khan Stephen Pinkerton CEO CFO 3
Slide 4: Company Overview: Who we are
Company Overview Who we are Dublin Office • World Leader in Human Manchester Mission Challenge Trials Delivering today’s healthcare by • Onsite Virology Laboratories Biobank empowering tomorrow’s innovation. • FluCamp: tech-enabled volunteer and patient recruitment platform Plumbers Row Venn Leiden
Slide 5: A Record Year of Growth
A Record Year of Growth Delivering Record £56.0m c.22% £37.0m Revenue1 EBITDA Margin Cash Balance Financial Performance 2022: £48.5m 2022: 18.7% at 31 Dec 2023 Exceptional 9 100% 140k+ Active Human Challenge Increase in Completed FluCamp Leads Operational Execution Generated in 2023 Trials in 2023 L
Slide 6: Stephen Pinkerton: Financial performance review
Stephen Pinkerton Chief Financial Officer Financial performance review
Slide 7: Another Year of Record Revenue
Another Year of Record Revenue Revenue CAGR of 23% Revenue £56.0m £48.5m • Record revenue of £56.0m for 2023 • Revenue increases 15.5% year-on-year £36.9m • 3 X bespoke / full-service contract wins • Multiple studies run concurrently • Venn consulting up >30% • Larger studies and facility accelerati
Slide 8: A Sustainably Profitable Business
A Sustainably Profitable Business c. 22% EBITDA Margin 18.7% • 2023 EBITDA margin c.22% • Strong operational delivery team • Multiple studies run concurrently delivering recruitment efficiencies • Greater volume leading to increased utilisation of staff and facilities 7.8% • Facility acceleration fe
Slide 9: A Sustainably Cash Generative Business
A Sustainably Cash Generative Business Cash £37.0m • Strong cash position with £37.0m as at 31 Dec 2023 £28.4m • Includes £3.0m dividend paid in 2023 • No debt • Advanced fees from orderbook growth & contract delivery milestones £15.7m • Facility fee receipts in advance of spend • Increasing underly
Slide 10: Challenge Trial Revenue Recognition Profile
Challenge Trial Revenue Recognition Profile £6m Stage 1: Stage 2: Stage 3: Stage 4: Pre-study preparation FluCamp Quarantine Phase Study completion activities Reservation fee recruitment £5m • hVIVO receives an upfront, non- refundable booking of c.10-20% of £4m total study value to reserve quaranti
Slide 11: Dr. Yamin "Mo" Khan: A year of record growth
Dr. Yamin “Mo” Khan Chief Executive Officer A year of record growth
Slide 12: Strong Operational Delivery in 2023
Strong Operational Delivery in 2023 Number of hVIVO Clients Generating £1m+ per Quarter Key Highlights 9 • Achieved sales target 8 7 • New and repeat customers contracted 6 • Multiple MSAs signed 5 • Record screening & inoculations 4 3 • Record laboratory assays 2 • 4 new models under development 1
Slide 13: Case Study: End-to-End Human Challenge Service
Case Study: End-to-End Human Challenge Service Repeat Big Pharma client goal: generate rapid data New Models in 2024 Q1 2023 Q4 2023 Influenza H1N1 Inbound Enquiry Contract Signed Influenza B H1 2024 Virus Manufacture Human Metapneumovirus (hMPV) H2 2024 Respiratory Syncytial Virus (RSV) H1 2024 Con
Slide 14: FluCamp – Driving Efficiency in Volunteer Recruitment
FluCamp – Driving Efficiency in Volunteer Recruitment Volunteers who complete a trial would 97% recommend FluCamp to others1 Average Trust Pilot rating More 5-star reviews than competitor clinical trials companies 88% Volunteers rate enrolment process as GOOD to EXCELLENT1 UNIQUE website visits to F
Slide 15: Venn – Continued Strong Delivery
Venn – Continued Strong Delivery Seamless drug development support service (“Bench-to-Bed”) New office at Leiden Bio Science Park Driving collaboration & interaction with 18% potential customers from the largest life science community in Benelux >30% revenue growth driven by Increase in Venn employe
Slide 16: Building momentum into 2024
Avivo formerly Open Orphan plc Building momentum into 2024
Slide 17: Record Contracted Orderbook
Record Contracted Orderbook Net Contracted Orderbook Gross Orderbook Providing Record Visibility £80m £76m £46m Dec-21 Dec-22 Dec 23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 • Strong sales performance in 2023 • £16.8m full-service RSV contract • Growing orderbook after record revenue performa
Slide 18: Diverse Contracted Orderbook
Diverse Contracted Orderbook Customer Client Type Challenge Agent Others H1N1 SARS Client K Client A HRV Client J Big Pharma RSV Client I hMPV Client H Client G Client B Other Client F Client E FluB Client C Biotech Client D H3N2 18
Slide 19: Diverse Orderbook - Driving Efficiencies
Diverse Orderbook - Driving Efficiencies #Inoculations by Challenge Model 2024 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 • Goal: utilise 3 different virus agents per month • Increases efficiency • Multi-agent screening of volunteers • Improved resource and s
Slide 20: New State-of-the-Art Facility at Canary Wharf
New State-of-the-Art Facility at Canary Wharf On track to open H1 2024 Foundation for growth • 50 quarantine bedrooms • Largely funded by clients • Virology and immunology lab • Reduced cost per bed • CL-3 Lab • Aligned with current leases • Outpatient unit • Potential to improve margins • Corporate
Slide 21: Improving Automation – Driving Efficiency
Improving Automation – Driving Efficiency Shifting from paper-based processes to a fully integrated digital system Lab Information Management System (LIMS) • Streamlined lab processes • Enhanced interrogation readiness • Integrated lab operation • Improved efficiency Volunteer Management System • En
Slide 22: Targeting £100m Revenue by 2028
Targeting £100m Revenue by 2028 Achievable through a combination of strong organic growth complemented with small bolt-on acquisitions that meet our disciplined strategic and financial criteria Revenue CAGR of 12.7% £100m 1. Expansion of Lab Services 2. Full Service CRO Offering 3. Phase II / III Si
Slide 23: Financial Outlook into 2024
Financial Outlook into 2024 £62.0m £56.0m £48.5m • Full year revenue guidance of £62m £36.9m c.22% 18.7% • 90% of 2024 revenue contracted • Record visibility into 2025 • Supported by weighted orderbook of £80m 7.8% 2021 2022 2023 2024F (29.5%) Revenue EBITDA Margin 1 Revenue excludes other i ncome,
Slide 24: Investment Case
Investment Case Continued Delivery Scaling & Driving Efficiencies Well Positioned for Future Growth • Strong revenue, EBITDA, and sales • New CL-3 50-bedroom facility • Guiding £62m revenue 2024 • Robust cash position • Increased lab capacity • £80m weighted contracted orderbook • Record inoculation
Slide 25: Questions
Avivo formerly Open Orphan plc Questions
Slide 26: Appendix
Avivo formerly Open Orphan plc Appendix
Slide 27: What is a Human Challenge Trial?
What is a Human Challenge Trial? A clinical trial where healthy volunteers are exposed to a pathogen to test the effectiveness of vaccine and treatments... Stage 3 Volunteers undergo full disease trajectory of infection and recovery Stage 1 Stage 2 Stage 4 Inoculation with Volunteers discharged from
Slide 28: History of hVIVO
History of hVIVO 1946 1989 2001 2001-2007 UK Government establishes the Common Cold Unit closes. Retroscreen’s first Retroscreen recruits 800+ human challenge Common Cold Retroscreen Virology is human challenge influenza volunteers Unit in Salisbury, UK. founded by Prof John Oxford trial & Pat Meeki
Slide 29: World Leading Human Challenge Model Offering
World Leading Human Challenge Model Offering Influenza RSV HRV Malaria Asthma SARS-CoV-2 hMPV Dengue H3N2 Perth Memphis HRV 16 P. falciparum HRV 16 Pre-Alpha Strain A* Dengue 1* H3N2 HRV 14* Delta Dengue 3* Wisconsin Virus Strain H1N1(F) Omicron* Dengue 4* Flu B* H5N1* * In development Potential for
Slide 30: A Growing Market
A Growing Market Companies Developing Vaccines/Antivirals Over Time 484 383 • Increasing number of vaccines and antivirals in development 310 • Need for new and improved vaccines & treatments 230 146 • Increased awareness of the value of HCTs 111 66 • Tighter funding environment increases HCT need 1
Slide 31: Significant Barriers to Entry
Significant Barriers to Entry USP CUSTOMERS RECRUITMENT FACILITY • Precedent EXPERTISE • Established • Challenge data relations EXPERIENCE • 43-bed • Flucamp • Sample PRODUCTS quarantine • Sole provide to • Generic calculations • Scientific Team big pharma • Virology/ Screening • Laboratory staff Im
Slide 32: Benefits of Human Challenge Trials
Benefits of Human Challenge Trials CLINICAL SCIENTIFIC REGULATORY FINANCIAL DEVELOPMENT Generates invaluable Potential for Fast Significant valuation Requires fewer dosing, safety and Track or Breakthrough uplift for Biotech subjects efficacy data designation - sponsor accelerating time to market Qu
Slide 33: Environmental, Social, Governance
Environmental, Social, Governance hVIVO ESG Group established in 2023 for Canary Wharf ESG initiating, progressing, and monitoring our ESG objectives Canary Wharf have a strong focus on ESG and will help us to reach our goals for improving and enhancing or corporate social responsibility hVIVO’s ESG
Slide 34: Facilities Overview
Facilities Overview QMB Clinic QMB Laboratories 34
Slide 35: Facilities Overview
Facilities Overview Whitechapel Clinic and Screening Centre Plumbers’ Row Corporate Office & Screening Facility Manchester Screening Centre Biobank 35
Slide 36: Stay in touch
Avivo formerly Open Orphan Stay in touch 0O6eo0 Ticker: HVO