The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 670.2M (2021) → 685.7M (2025)
hVIVO plc (HVO) operates as a premier full-service Contract Research Organisation (CRO) focused on early-phase clinical development, globally recognized as the leader in human challenge trials. The company provides a complete spectrum of clinical development services to a wide-ranging and growing client base, which includes seven of the world's ten largest biopharmaceutical companies. A key specialisation for hVIVO is orchestrating human challenge trials across numerous infectious and respiratory diseases, utilising its advanced, London-based quarantine facility, the largest of its kind globally. Additionally, the company offers extensive virology and immunology laboratory services through its hLAB division. Through its German subsidiary, CRS, hVIVO manages a 120-bed capacity across sites in Mannheim and Kiel, delivering early-phase clinical trial expertise, including first-in-human and proof-of-concept studies. Its other subsidiary, Venn Life Sciences, contributes to the biopharma sector by providing specialist early drug development consulting and biometry services. The Group collectively offers integrated drug development solutions, covering stages from preclinical research up to Phase II trials, supported by patient recruitment via FluCamp. Moreover, its five clinical sites facilitate outpatient Phase II and III trials, ensuring a streamlined and effective transition from drug discovery to late-stage development.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
-11.6% YoY
YoY Growth Rate
Revenue declining
-206.2% YoY
YoY Growth Rate
Earnings declining
$-6M/ year
-12.3% of revenue
Below sector average (18%)
Research and development spending
~6 months
$14M cash & investments
Quarterly Free Cash Flow
↓ Burn rate worsening
Short runway — potential dilution ahead through share issuance
hVIVO has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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Negative ROIC means the business is losing money on every dollar invested in it.
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Earnings per share down more than 10%. Either a bad year, or a real decline.
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Free cash flow is negative. They are burning cash, not generating it.
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Full breakdown available with your free trial
See every metric, trend, and what it means for this stock.
Full breakdown available with your free trial
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