Bioventix
Website:
Bioventix
Index:
AIM
EPIC: BVXP
Supersector:
Health Care
Sector:
Pharmaceuticals and Biotechnology
Subsector:
Biotechnology
Market Cap:
£88.82M
Payout Frequency: Semi-Annual
Bioventix Dividend Analysis and Summary
Declared dividend (Second interim)
- Amount: 80p per share (second interim)
- Ex-dividend date: 06/11/2025
- Record date: 07/11/2025
- Payment date: 21/11/2025
- Currency: GBP
FY2025 total dividend
- Total dividend for the year: 150p per share (First interim 70p + Second interim 80p)
- Prior year total: 155p per share (down c.3%)
Dividend cover and payout
- EPS (basic): 145.27p; implied payout ratio ~103%; dividend cover ~0.97x
- Operating cash flow (FY2025): £7.03m vs implied FY2025 dividend cash cost c.£7.84m (5.225m shares × 150p) — not fully cash covered in-year
- Net cash: £5.1m at 30/06/2025; capex minimal (£19k); no financial debt disclosed
Key points from results relevant to income investors
- Revenue £13.1m (-4%); PBT £10.1m (-5%); profit after tax £7.58m
- Royalties remain the main driver (c.70–75% of revenue); Vitamin D antibody royalties resilient (+12%)
- Guidance: modest revenue decline expected in FY2025/26; growth expected later from neurology and broader troponin use (with long lead times)
Analysis: sustainability and growth outlook
- Sustainability: The total DPS has been trimmed (155p ? 150p), reflecting a cautious stance as earnings and cash flow both softened. FY2025 dividends are slightly above earnings and operating cash flow, relying partially on cash reserves, but the business is high-margin, asset-light and debt-free, providing some buffer.
- Growth trajectory: Near-term dividend growth looks constrained. Management guides to a modest revenue decline in FY2026, suggesting a hold or cautious stance on DPS until new royalty streams (neurology, broader troponin testing) scale from 2026 onwards.
- Support from financials/capital allocation: Strong profitability but rising R&D and external project spend (~£340k) indicate ongoing reinvestment. No buybacks; dividends remain the primary cash return. Given sub-1x cover and guidance, further increases are unlikely absent a royalty inflection.
Structural changes and policy signals
- No M&A, demerger, or share consolidation disclosed.
- Minor option exercises (5,204 shares issued) — immaterial dilution.
- Wording re “established dividend policy” alongside a lower DPS indicates a prudent recalibration rather than a policy shift.
Risks and flags for dividend stability
- China exposure: Price pressure and substitution risk; management estimates ~2% of annual revenue at near-term risk and an additional 3–4% medium-term.
- Coverage: FY2025 DPS not fully covered by EPS or operating cash flow; continued shortfall would erode cash unless profits recover.
- FX: 50–60% USD-linked revenues; unhedged policy; adverse FX already reduced turnover (~£250k constant-currency effect) and incurred a ~£170k loss.
- Contract roll-offs: ~£200k progesterone sales to be lost next year; Siemens troponin royalties terminate in June 2032.
- Execution risk: Neurology pipeline strong but clinical adoption/royalty conversion timelines are long; troponin growth outside acute indications slower than hoped.
Read more
Bioventix Annual Dividend Yield - 8.74%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 10/04/2025 |
25/04/2025 |
1st Interim |
70.00p |
GBX |
| 06/11/2025 |
21/11/2025 |
2nd Interim |
80.0000p |
GBX |
Total (Annual Dividends Per Share):
150.00p
Dividend Yield =
Annual Dividends Per Share (150.00p)
÷ Share Price (1717p)
= 8.74%
Bioventix Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 06/11/2025 |
21/11/2025 |
2nd Interim |
80.0000p |
GBX |
| 10/04/2025 |
25/04/2025 |
1st Interim |
70.00p |
GBX |
| 07/11/2024 |
21/11/2024 |
2nd Interim |
87.00p |
GBX |
| 11/04/2024 |
26/04/2024 |
1st Interim |
68.00p |
GBX |
| 09/11/2023 |
24/11/2023 |
2nd Interim |
90.00p |
GBX |
| 06/04/2023 |
21/04/2023 |
1st Interim |
62.00p |
GBX |
| 03/11/2022 |
18/11/2022 |
2nd Interim |
74.00p |
GBX |
| 03/11/2022 |
18/11/2022 |
Special |
26.00p |
GBX |
| 07/04/2022 |
22/04/2022 |
1st Interim |
52.00p |
GBX |
| 28/10/2021 |
12/11/2021 |
2nd Interim |
62.00p |
GBX |
| 28/10/2021 |
12/11/2021 |
Special |
38.00p |
GBX |
| 08/04/2021 |
23/04/2021 |
1st Interim |
43.00p |
GBX |
| 29/10/2020 |
13/11/2020 |
2nd Interim |
52.00p |
GBX |
| 29/10/2020 |
13/11/2020 |
Special |
53.00p |
GBX |
| 09/04/2020 |
28/04/2020 |
Interim |
36.00p |
GBX |
| 31/10/2019 |
15/11/2019 |
Special |
47.00p |
GBX |
| 31/10/2019 |
15/11/2019 |
Final |
43.00p |
GBX |
| 11/04/2019 |
26/04/2019 |
Interim |
30.0p |
GBX |
| 25/10/2018 |
09/11/2018 |
Special |
55.00p |
GBX |
| 25/10/2018 |
09/11/2018 |
Final |
36.00p |
GBX |
| 05/04/2018 |
20/04/2018 |
Interim |
25.00p |
GBX |
| 26/10/2017 |
10/11/2017 |
Final |
31.00p |
GBX |
| 26/10/2017 |
10/11/2017 |
Special |
40.0p |
GBX |
| 06/04/2017 |
21/04/2017 |
Interim |
20.0p |
GBX |
| 27/10/2016 |
11/11/2016 |
Final |
26.00p |
GBX |
| 27/10/2016 |
11/11/2016 |
Special |
20.0p |
GBX |
| 07/04/2016 |
22/04/2016 |
Interim |
16.50p |
GBX |
| 15/10/2015 |
30/10/2015 |
Final |
21.60p |
GBX |
| 09/04/2015 |
24/04/2015 |
Interim |
11.00p |
GBX |
| 16/10/2014 |
31/10/2014 |
2nd Interim |
14.40p |
GBX |
| 07/05/2014 |
27/05/2014 |
Interim |
9.60p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
|
|
|
GBX |
155.000 |
1.970 |
| 2023 |
|
|
|
GBX |
152.000 |
0.000 |
| 2022 |
|
|
26.000 |
GBX |
152.000 |
6.290 |
| 2021 |
|
|
38.000 |
GBX |
143.000 |
1.410 |
| 2020 |
36.000 |
|
53.000 |
GBX |
141.000 |
17.500 |
| 2019 |
30.000 |
43.000 |
47.000 |
GBX |
120.000 |
3.440 |
| 2018 |
25.000 |
36.000 |
55.000 |
GBX |
116.000 |
27.470 |
| 2017 |
20.000 |
31.000 |
40.000 |
GBX |
91.000 |
45.600 |
| 2016 |
16.500 |
26.000 |
20.000 |
GBX |
62.500 |
91.710 |
| 2015 |
11.000 |
21.600 |
|
GBX |
32.600 |
35.830 |
| 2014 |
9.600 |
|
|
GBX |
24.000 |
|
Bioventix Dividend Calculator
Bioventix Dividend Growth
| Dividend Growth (1Y) |
-3.23%
|
| Dividend CAGR (5Y) |
0.27%
|
| Years of Growth |
1
|
| Payout Ratio |
108.05%
|
| Buyback Yield |
0.08%
|
| Shareholder Yield |
8.9%
|
| P/E Ratio (TTM) | 11.86 |
|---|
| Forward P/E | 12.49 |
|---|
| P/FCF | 12.67 |
|---|
| Earnings Yield | 8.54% |
|---|
| FCF Yield | 7.9% |
|---|
| ROE | 64.4% |
|---|
| ROCE | 87.2% |
|---|
| Profit Margin | 57.83% |
|---|
| Operating Margin | 76.8% |
|---|
| Gross Margin | 90.86% |
|---|