Bioventix Reports Revenue Dip and Neurology Growth in FY 2025 Results

Quick take on Bioventix FY 2025: small revenue dip, resilient profits, dividend trimmed

Bioventix reported a gentle step down in the year to 30 June 2025 as core markets wobbled, notably in China, while its neurology push gathered pace. Revenue slipped 3.6% to £13.1 million and profit before tax eased 4.8% to £10.1 million. Cash finished at £5.1 million and the total dividend for the year is 150p per share, a notch below last year’s 155p.

The headline is not exciting, but the engine is still purring. Gross profit was £11.9 million, PBT margin sits at about 76.9%, and EPS was 145.27p. FX was unhelpful; on a constant currency basis turnover would have been around £13.4 million.

Metric	FY 2025	FY 2024
Revenue	£13.1 million	£13.6 million
Profit before tax	£10.1 million	£10.6 million
Basic EPS	145.27p	155.12p
Cash at year end	£5.1 million	£6.0 million
Total dividend per share	150p	155p
Product & R&D revenue	£4.16 million	£4.46 million
Royalty & licence income	£8.95 million	£9.15 million
Vitamin D antibody revenue	£6.6 million	not disclosed
Tau/neurology SMA revenue	£605k	£155k
Direct China sales	£2.4 million	not disclosed

How Bioventix makes money and why its margins are elite

Bioventix makes high-affinity sheep monoclonal antibodies used in blood-testing machines, especially in vitro diagnostics (IVD). It sells small amounts of physical antibody and collects royalties when customers sell test kits that use those antibodies. That royalty model is powerful because once an assay is approved by regulators, swapping out the antibody means rework and re-approval. It is a natural barrier to entry.

In FY 2025, about 25–30% of revenue came from physical antibody supplies and 70–75% from downstream royalties. That mix, plus light capex and a small team, explains the chunky margins and healthy cash generation.

Product movers: vitamin D strength vs declines elsewhere

The vitamin D stalwart, vitD3.5H10, rose 12% to £6.6 million, a bright spot given the choppy downstream market. Elsewhere the picture was mixed, with some notable declines:

• T3 (tri-iodothyronine): £1.46 million, up 6%.
• Biotins and biotin blockers: £0.69 million, down 40%.
• Progesterone: £0.53 million, down 16%.
• Estradiol: £0.42 million, down 19%.
• Testosterone: £0.33 million, up 1%.
• Drug-testing antibodies: £0.18 million, down 43%.

Management also flags that about £200k of annual progesterone sales will fall away next year due to contract lifetimes. This is the flip side of long-dated agreements: predictable cash flows eventually roll off.

China is the main headwind and puts revenue at risk

Direct sales to Chinese IVD companies were £2.4 million, or 18% of group revenue, a lower share than last year. Two forces are at work: the China First policy encouraging local manufacturers, and centralised procurement that drives prices down. The knock-ons are fewer royalties from Western customers in China and local players looking for cheaper, royalty-free substitutes.

Bioventix estimates around 2% of annual revenue is at risk in the short term, with a further 3–4% potentially at risk over the medium term if switching accelerates. The Company cannot precisely quantify the geography and price-volume mix inside customer royalty reports, so there is some fog here.

Neurology pipeline: Tau antibodies gaining real-world traction

This is the exciting bit. Bioventix now has three Tau antibodies in large-scale manufacture, with three more moving up. Its antibodies feature in multiple research use only (RuO) assays from high-sensitivity platform companies, including Quanterix and Alamar, and from IVD players running global evaluations.

Revenue from Tau and neuro SMAs jumped fourfold to £605k, split £530k physical and £75k royalties. RuO volume is higher than expected thanks to pharmaceutical trials and studies by key opinion leaders using live populations and biobank samples. The milestone to watch is clinical approval for IVD use. When that arrives, value can step up considerably.

Troponin royalties: flat today, guidance points to 2026+

Troponin royalties were flat. The company had expected growth from broader testing in higher-risk patient groups, aligned with emerging clinical guidance, but adoption lags. Bioventix remains positive on growth from 2026 and beyond. One to note for the long-term model: Siemens troponin revenues will terminate in June 2032 for contractual reasons.

Cash, FX and dividends: still conservative and cash generative

Operating cash flow came in at £7.03 million. After paying dividends and small capex, cash reduced by £0.92 million to £5.08 million. Research and development costs increased to £1.49 million, reflecting the ramp in neurology and other projects, and approximately £340k was spent externally on industrial biomonitoring and water pollution work.

FX moved against the company. Management estimates turnover would have been about £250k higher on a constant currency basis, and there was a £170k loss from adverse currency movements. The policy remains not to hedge, so Sterling movements will continue to flow through.

Dividend details for your diary

• Second interim dividend: 80p per share.
• Total dividend for the year: 150p per share.
• Ex-dividend date: 6 November 2025.
• Record date: 7 November 2025.
• Payment date: 21 November 2025.

Strategy and pipeline beyond neurology

Bioventix is sticking to its playbook: deploy its sheep monoclonal antibody technology where it can make a superior test, partner with top academic labs, and earn long-dated royalties. The collaboration with the University of Gothenburg on Tau is the flagship example. Additional neurology work includes peripheral neuropathy and cerebral amyloid angiopathy.

Outside healthcare, the company continues to invest in pollution monitoring. It has lab-based assays for paracetamol and caffeine to infer sewage contamination, with field trials and biodegradable lateral flow tests targeted in 2026. Industrial biomonitoring includes a pyrene lateral flow system moving to further firefighter trials in 2026, while a benzene follow-on has proved challenging.

Outlook: management guides to a modest revenue decline in FY 2026

Guidance is cautious for the year to 30 June 2026. The board expects a modest decline in revenue as legacy categories face headwinds, particularly in China and from contract roll-offs. The growth drivers are clear: neurology assays moving from RuO to clinical settings and broader troponin usage outside acute chest pain. Currency remains a swing factor.

Key risks and sensitivities to watch

• China pressure on royalties and potential antibody switching – 2% revenue at risk near term, an additional 3–4% medium term.
• Contract roll-off, including around £200k progesterone sales next year.
• Timing risk for neurology assays moving from RuO to approved IVD use.
• FX exposure, with 50–60% of sales linked to US Dollars.
• Long-term troponin contract with Siemens ends June 2032.

My view: steady core, compelling optionality in neurology

These are solid results in a tough market. The core franchise still throws off cash and funds generous dividends, even with a small trim this year. The China headwind is real, but it is not new and management has quantified the revenue at risk, which helps.

The investment case increasingly rests on neurology. A fourfold rise in Tau-related revenue, multiple RuO placements and scaled manufacturing are all green shoots that can translate into meaningful royalties if and when assays gain clinical approval. If you can tolerate some adoption timing risk and FX noise, the risk-reward looks attractive for long-term holders.