hVIVO (HVO)  said full-year 2025 revenue is expected to be about £46.7 million, down from £62.7 million in 2024 but in line with market expectations. The group now expects a low single-digit positive adjusted EBITDA margin, ahead of prior guidance for an adjusted EBITDA loss.

The improved profitability outcome was driven by stronger operational delivery in the fourth quarter, cost control measures and the recognition of cancellation fees with no associated variable costs. Cash at 31 December 2025 is expected to be about £14.3 million, with no debt, and ahead of expectations after funding the year’s acquisitions.

During 2025, hVIVO completed and integrated CRS Mannheim & Kiel and Cryostore, expanding its offering into a broader early-phase Contract Research Organisation (CRO) platform spanning preclinical work through to Phase III. As a result, the group is now operating across four specialist service lines: consulting, clinical trials, human challenge trials (HCTs) and laboratories.

Although management described 2025 as a challenging year for the vaccine and wider CRO markets, hVIVO said it enters 2026 with increasing momentum in its sales pipeline and reiterated guidance for high single-digit revenue growth.

hVIVO’s Chief Executive Officer Yamin 'Mo' Khan said: "I am pleased to update the market that we expect to report positive (adjusted) EBITDA ahead of guidance for FY25. This was driven by stronger than expected operational delivery in Q4 2025, and the contractual protections embedded within our model.

"Following the acquisition of CRS and Cryostore we now offer a full end-to-end service platform from preclinical through to Phase III across multiple therapeutic areas. The integration of CRS and Cryostore is complete, and we are realising synergies across our four specialist service lines. Our purpose-built full-service early phase capabilities clearly differentiate us within the market and together with our strong and diverse pipeline, we reiterate our guidance for high single digit revenue growth in 2026."

View from Vox

The step back to positive adjusted EBITDA is a notable swing after a tough year for HCT demand, and it suggests hVIVO’s contract structure and cost actions provided more protection than expected. If the broader pipeline converts as the new, wider platform beds in, 2026 guidance looks achievable.