hVIVO’s FY25 trading update reflects a stronger than expected operational performance towards the end of the year, with the company expecting FY25 revenue at c£46.7m (our previous estimate £47.0m; FY24: £62.7m) and positive (low single-digit) adjusted EBITDA margin (FY24: 26.2%) against our prior expectation of a £1.2m EBITDA loss (margin -2.6%). Year-end cash is also expected to be ahead of expectations at c£14.3m (our estimate £12.0m; FY24: £44.2m). The period has been transformative given the ....
