Clinical diagnostics antibody supplier Bioventix has reported revenue up 31% to £7.2m and pre-tax profit 37% to £5.7m in its audited results for the year ended 30 June 2017.
Profits after tax were £4.9m, 40% up on the 2015/16 figure of £3.5m. Despite an increased dividend distribution, cash balances during the year increased by £0.8m to £6.2m
Bioventix specialises 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.
- Revenue up 31% to £7.2m
- Profit before tax up 37% to £5.7m
- Cash up £0.8 million to £6.1m
- Second interim dividend of 31p per share (2016: 26p)
- Special dividend of 40p per share
The company said its 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 £2.75m during the year, surpassing expectations.
The company warned that is believed 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.”
It said it hoped revenues from a successful partnership with Siemens Healthineers, for its troponin project will help replace about £1m sales that will be lost from the 2017/18 accounts due to the termination of a technology licence.
Many of its “core” antibodies saw increased sales in the year. Quantitatively, these were:
- testosterone: approximately £600k(+12%);
- T3: approximately £500k(+33%);
- drug antibodies: approximately £500k(+50%);
- estradiol: approximately £300k(+30%);
- progesterone: approximately £200k(+51%).
Bioventix said: “This healthy increase in these core antibodies that are sold to a number of customers in many countries does not have a single explanation over and above the 5%-10% increase in the global diagnostics industry that is reported by third party analysts.