And first out of the blocks in trading updates for 2025 from my portfolio is,...surprise, surprise,... $BIO.
ASX Announcement
- Unaudited revenue of c. $4.6m vs. the forecast given in November of $4.5m
- 1H FY25 is c. $8.9m, up 48.3% on pcp
- Quarterly sales on an annual run rate of $18.4m
My Analysis
This kind of growth keeps them in line with the VIsion 2027 targets. While percentage growth is declining as it cycles a more material base (39.4% to pcp), quarterly sales adds have averaged $0.33m over the last 4 reports. Were this to continue through Q3 and Q4, that would put $BIO on a FY revenue of $19.1m, which is close to where I think they need to be to hit the mid-point of the Vision 2027 Targets.
So, an "on track" result.
The beat to recently issued guidance continues the pattern of what appears to be BVN putting out a guidance number that he is reasonably confident can be beaten. Doesn't mean that they won't get it wrong in future, and of course such misses are a good thing for anyone looking to accumulate.
If history is to be repeated, we should soon get an update with FY revenue guidance, which has been known to follow a few days after the Trading update rather than be incorporated into the 4C report which will come in a couple of weeks. Afterall, BVN does love his frequent updates!
(OK, back to the beach, as I'm not officially back on the case yet, but thought I'd post this straw over my morning coffee!)
Disc: Held in RL and SM