hVIVO PLC (AIM:HVO), the AIM-listed human challenge trial specialist, expects high single-digit revenue growth in 2026, weighted to the second half, as it moves past a year of deliberate restructuring.
The London-based clinical development company posted revenue of £46.8 million for the year ended 31 December, down from £62.7 million the prior year.
Adjusted EBITDA, earnings before interest, tax, depreciation and amortisation, fell to £1.4 million from £16.4 million, with the margin compressing sharply to 3.0% from 26.2%.
Cash on the balance sheet stood at £14.3 million at year-end, compared with £44.2 million twelve months earlier, reflecting acquisition spend during the period.
The weighted contracted orderbook closed at £30 million, against £43.5 million restated for 2024, though management said the figure has been significantly bolstered since period end, following a new contract with Traws Pharma to test a prophylactic influenza antiviral candidate.
hVIVO completed two acquisitions during the year: two Clinical Research Units from CRS for €10.0 million, adding cardiometabolic, immunology and renal impairment capabilities, and temperature-controlled storage provider Cryostore for £3.2 million.
The company has reorganised around four service lines: Consulting, Clinical Trials, Human Challenge Trials, and Laboratories.
Chief executive Yamin 'Mo' Khan said 2025 was a year of significant strategic progress, acknowledging that financial performance reflected the anticipated transitional nature of the period against macroeconomic and sector headwinds.
Khan added that the group has entered 2026 with a stronger, integrated and diversified offering, reducing reliance on infectious disease and human challenge trials.
A highlight from the year was the Cidara partnership, which supported the antifungal compound CD388 through human challenge and phase III trials before its $9.2 billion sale to Merck.
hVIVO said it remains in active discussions with ILiAD Biotechnologies regarding a further human challenge trial contract and is finalising that agreement.
The company also unveiled a unified brand identity, bringing Venn Life Sciences, CRS and Cryostore under the hVIVO name.