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Bioventix Presentation: October 2017
1
Bioventix & antibodies for blood testing
Bioventix portfolio of antibodies and their advantages
2016/17 results and analysis
Business continuity
Shareholders & the Board
Conclusions & outlook
Farnham location
2
12 staff in a Bioventix-
owned property
Automated Blood Testing
antibody
antigen
Bioventix creates and manufactures
sheep monoclonal antibodies (SMAs).
Customers incorporate these
antibodies in reagent packs for use on
automated blood-testing machines
Bioventix sells liquid “physical” SMAs and
derives royalties from their downstream use
3
Creating Antibodies
White blood cell (B cell)
mortal
Secretes a single antibody
Polyethylene
glycol (PEG)
Bioventix’s business is based on the ability
of sheep to make better antibodies than mice
Better antibodies can facilitate better tests
4
Myeloma fusion partner
Immortal
Secretes nothing of use
Why SMAs? (testosterone)
Roche published their prototype assay in
2008 and launched this assay in 2009
It is the Bioventix antibody that made this
possible
5
In 2003, it became clear that testosterone
testing for women was inadequate
Magnetic
particle
Fluorescent
label
Why SMAs? (troponin)
Troponin is a component of heart muscle
that leaks out after a heart attack
A new improved Siemens assay for troponin
was released in ex-US markets in May 2017
6
Fertility
Clinician education and
familiarisation and the
need to change hospital
protocols is likely to mean
sales from the new
Siemens assay gear up
during 2018
7
Thyroid
Heart failure
2016/17: Headlines
Turnover: £7.2M (2015/16: £5.5M) +31%
Profit before tax: £5.8M (2015/16: £4.2M) +37%
Profit after tax £4.9M (2015/16: £3.5M) +41%
Cash at 30 June: £6.2M (2015/16: £5.4M) +£0.8M
Second interim dividend: 31p/share (Oct 2016: 26p) +20%
Special dividend: 40p/share
8
Dividend policy continues to
embrace continuity
Royalties have increased across many antibodies
Physical antibody sales boosted by drug-testing SMAs
9
Key Financials (Oct 2017)
£ (‘000) Year to
30.6.14
Year to
30.6.15
Year to
30.6.16
Year to
30.6.17
Sales 3,535 4,333 5,517 7,245
P/(L) before tax 2,231 3,106 4,219 5,771
P/(L) after tax 1,815 2,557 3,494 4,922
Year-end cash 3,351 4,130 5,380 6,166
Dividend distribution 1,200 1,630 3,200 4,600
Total dividend per share (p)
Split between Spring/Autumn
Special dividend
24
9.6/14.4
32.6
11/21.6
42.5
16.5/26
20
51
20/31
40
Q3 share price (p) 600 11.00 11.00 22.00
Dividend yield (total/Q3; %)
[including special]
4.0 3.0 4.0
5.7
2.3
4.1
10
Pipeline Development
high Secretoneurin (CardiNor)
Amyloid (Pre-Diagnostics)
Troponin (Siemens) [2017/18]
medium virus (contract)
Thyroid (contract)
Low Thyroxine/T4
Vitamin (contract)
Andro [2018/19]
Cancer (contract) [2019/20]
Low Medium high
Increasing probability of success →
← In
cre
asin
g p
ote
ntia
l valu
e
New research projects actively being sought
11
Business Dynamics
Bioventix takes about 1 year to make antibodies
Customers take 2-4 years to: formulate a prototype
test; conduct field trials; submit data to regulatory
authorities; obtain marketing approval
This is an impediment to revenue growth – but
delivers longer term revenue continuity
Old test
Pro
toty
pe test
+1 year
2-4 years
= 3-5 years total
12
Selected Shareholder Base (Sept 2017)
Institution Shares
(1000s)
%
Miton Group 614 11.9
Peter Harrison 508 9.9
Livingbridge 384 7.5
Sanford DeLand 375 7.3
Canaccord (Hargreave Hale) 329 6.4
Wasatch Advisors, Inc 151 3.0
Total shares = 5,138,674
Shares admitted to AIM 29 April 2014
13
Bioventix Directors
Peter Harrison, CEO
>30 years experience of
antibody technology at
Celltech, KS Biomedix &
Bioventix
Ian Nicholson, Chairman
>30 years experience of
commercial development
within biotechnology
including Amersham,
Celltech, Chroma, Clinigen
& Consort Medical
Nick McCooke, Non-
executive Director
>30 years experience of
biotech industry (including
diagnostics R&D) at
Celltech, Solexa & Pronota
Treena Turner, Finance
Director
Partner at Wise & Co
accountants in Farnham.
>10 years experience of
Bioventix and accounts
preparation
14
Conclusions and Outlook
2016/17: excellent results for the year as additional growth
comes from our vitamin D antibody and other antibodies
2017/18: high sensitivity troponin project expected to gear up
during 2018 and help balance revenues lost through termination
of NT-proBNP revenues of ~£1,000k
2018-2020: growth linked to success of Siemens & their high
sensitivity troponin project
2020-2030: growth linked to new products emerging from the
company’s R&D pipeline and collaborative work with new
biomarkers
15