HVO

Hvivo PLC

Health Care First-pass screen £52m

260/1000 Overall fit

AI beneficiary 35% 15

Operating leverage 25% 30

Valuation 25% 30

Downside protection 15% 35

First-pass take

hVIVO is a traditional clinical development services provider with zero explicit AI exposure. 2025 saw revenue collapse 25% to £46.8m and EBITDA margins compress from 26.2% to 3.0% due to HCT market disruption. Acquisitions (CRS, Cryostore) expect synergies, but CRS lost £3.6m in 11 months. Top 3 customers represent 36% of revenue.

Flags

loss-makingcyclicalcustomer-concentrationno-ai-exposureexecution-riskmacro-dependentmargin-collapse