The Open Orphan PLC (LON: HVO) share price dropped 12.8% after announcing the final audited results for the twelve months ended 31 December 2022. The specialist contract research organisation (CRO) revealed that it made £50.7 million in revenues during the year, marking a 30% improvement to the £39.0 million generated in 2021.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
In addition, the company’s pretax profits soared three times to £9.1 million from last year’s £2.9 million. The firm’s EBITDA margin rose to 17.9% compared to the 7.4% margins recorded in 2021. The higher margins were primarily driven by over £1 million in positive impacts.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
Open Oprhan had cash and cash equivalents worth £28.4 million as of 31 December 2022, compared to £15.7 million at the end of 2021. The CRO firm’s adjusted diluted EPS rose to 0.90p per share compared to 0.19p in 2021. hVIVO’s order book also surged 65% to £76 million as of 31 December 2022 from £46 million in December 2021.
The company decided to pay a one-off special dividend of 0.45p per share, totalling approximately £3.0 million, representing the solid cash generated by the firm throughout the year. The dividend is payable on 9 June 2023 to shareholders on the register as of 5 May 2023. The ex-dividend date is 4 May 2023.
hVIVO also highlighted its non-core assets, including PrEP Biopharm Limited, in which it owns a 62.62% stake. The company also said it had conducted an impairment assessment on its 49% shareholding in Imutex Limited.
Lastly, the company decided to stop all activities related to the spin-off of its Disease in Motion business unit.
Yamin ‘Mo' Khan, hVIVO’s CEO, said: “2022 marked a transformative year for hVIVO, as we achieved record financial and operational performance, providing strong validation of our sustainable growth model. With exceptional financial strength and an impressive order book, we are proud to have full visibility of 2023 revenue guidance with strong visibility into H1 2024. Moving forward, we will continue to leverage our world-leading position in the industry, taking advantage of favourable market dynamics.”
*This is not investment advice.
The Open Oprhan (hVIVO) share price.
The Open Orphan (hVIVO) share price dropped 12.78% to trade at 15.70p, from Monday’s closing price of 18.00p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.