Bioventix (AIM:BVXP) record results from this unusual high margin offering
The developer of high-affinity monoclonal antibodies for applications in clinical diagnostics, announced fantastic audited results for the year ended 30 June 2015. Pre-tax margins of over 70% and superb cash generation highlight the unusual (yet highly attractive) nature of this small business
We published a detailed commentary on this back in April 2015 which is worth a read. For the year to 30th June 2015 revenue was up 23% to £4.3m and pre-tax profit up 39% to £3.1m (2013/14: £2.2m). The operating cash inflow was also a majestic £2.915m with free cash flow £2m after a modest £113k of capex. Year-end cash was £4.13m after the payment of equity dividends of £1.3m. Much of the revenue growth has come from the vitamin D antibody (vitD3.5H10) in the form of increased physical antibody sales and royalties. Management commented that while the physical antibody…