Hvivo, formerly known as Open Orphan, has reported a 30 per cent jump in revenue to £50.6 million (€57.2 million) for last year. The Dublin and London-listed pharmaceutical company said bigger contracts with clients drove the size of its order book to £76 million by the end of last year, up 65 per cent on 2021 and six times what it was in 2020.
In a trading update on Tuesday, it forecast revenue for this year would rise further to £55 million
As of December 31st last, the group’s cash position was £28.4 million, up from £15.7 million in 2021. Hvivo said EBITDA (earnings before interest tax depreciation and amortisation) margins were 17.9 per cent, ahead of previous guidance and up from 7.4 per cent in 2021.
The company said this was driven by strong trading and execution of challenge trials, operational efficiencies achieved through running multiple concurrent trials and the recognition of postponement and cancellation fees (for a one‐time aggregate of over £1 million).
“2022 marked a transformative year for Hvivo, as we achieved record financial and operational performance, providing strong validation of our sustainable growth model,” chief executive Yamin ‘Mo’ Khan said.
“With exceptional financial strength, and an impressive orderbook, we are proud to have full visibility of 2023 revenueguidance with strong visibility into H1 2024,” he said.
“Moving forward, we will continue to leverage our world leading position in the industry, taking advantage of favourablemarket dynamics. We are expanding our services and challenge models to better support our clients’ clinicaldevelopment portfolios, while simultaneously improving our margins with impactful efficiency initiatives,” he said.
