hVIVO (also known as Venn Life) announced H1 2026 results that showed revenue of GBP 16.3 million, down 32% from GBP 24 million a year earlier. EBITDA swung to a loss of GBP 4.5 million, and adjusted earnings per share were about –$0.01. Cash balances fell to GBP 13 million at the end of June, from GBP 14.3 million at the start of the year, and are projected to dip to GBP 8‑9 million by year‑end.
The company highlighted a record order book of GBP 72 million, comprising GBP 65 million of underlying contracts and GBP 7 million linked to the recent CRS Berlin acquisition. This compares with GBP 30 million at the end of 2025 and GBP 27 million in H1 2025.
Segment revenue in H1 showed mixed performance. Human Challenge Trial (HCT) revenue fell to roughly GBP 4 million from GBP 12 million a year ago. Clinical services generated GBP 9.5 million, flat on a like‑for‑like basis and including about GBP 1 million from prior acquisitions. Laboratory services more than doubled, up 110% YoY.
Guidance for the full year 2026 was trimmed to GBP 47 million in revenue, down from the prior GBP 50‑51 million range. EBITDA is now expected to register a low‑single‑digit loss of GBP 2‑3 million, with positive EBITDA anticipated in the second half. H2 revenue is projected at GBP 31 million, nearly double H1, of which GBP 3 million is attributed to CRS Berlin. The second‑half EBITDA contribution is forecast at GBP 2‑3 million.
The CRS Berlin deal, closed in August 2026, cost EUR 25,000 upfront and includes an earn‑out of 18% of revenue streams through 2028, estimated at EUR 6 million gross (net EUR 4 million after a pension liability). Management expects the acquisition to add GBP 3 million of net revenue and GBP 0.5 million of EBITDA in 2026, while expanding capacity to over 200 beds and adding dermatology and women’s‑health capabilities for a catch‑area of more than six million people.
Shares traded around $5.90, down 0.34% on the day, with a 52‑week range of $4.31 to $11.00. The stock’s beta stands at 1.69, current ratio at 1.63, and gross profit margin over the trailing twelve months at 2.86%.
CEO Yamin “Mo” Khan said the firm is moving beyond a niche human‑challenge model toward a diversified clinical‑services platform, while CFO Stephen Pinkerton called the Berlin acquisition “earnings‑accretive” and “self‑funding.” The company also noted delayed contracts pushing some revenue into 2027‑2028.
