TUSTIN, Calif., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality services to biotechnology and pharmaceutical companies, today announced that it will report financial results for the first quarter of fiscal year 2025 on September 9, 2024, after market close and will host a webcast at 1:30 PM Pacific Time (4:30 PM Eastern Time). Members of Avid's ...

CHASKA, Minn., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQ: LFCR) ("Lifecore" or the "Company"), a fully integrated contract development and manufacturing organization ("CDMO"), today announced that John Morberg will be stepping down from his position as chief financial officer to pursue other professional opportunities and spend time with his family, effective September 2, 2024. In addition, the Company is pleased to announce that Ryan Lake, an accomplished CDMO financial executive, ...

Avid Bioservices, Inc. (NASDAQ:CDMO) Q4 2024 Earnings Conference Call July 2, 2024 4:30 PM ET Company Participants Tim Brons - IR, Vida Strategic Partners Nick Green - President & CEO Dan Hart - CFO Matt Kwietniak - Chief Commercial Officer Conference Call Participants Sean Dodge - RBC Capital Jacob Johnson - Stephens Paul Knight - KeyBanc Matt Hewitt - Craig-Hallum Capital Group Max Smock - William Blair Operator Thank you for standing by, and welcome to the Avid Bioservices Fourth Quarter Fiscal Year 2024 ...

Revenue Performance - Manufacturing revenues for fiscal 2024 were $119.3 million, a decrease of $6.1 million (5%) compared to $125.4 million in fiscal 2023[295]. - Process development revenues decreased by $3.3 million (13.8%) to $20.6 million in fiscal 2024 from $23.9 million in fiscal 2023[295]. - Total revenues for fiscal 2024 were $139.9 million, down $9.4 million (6.3%) from $149.3 million in fiscal 2023[295]. - For the fiscal year ended April 30, 2024, the company's revenue was $139.9 million, a decrease of 6.5% from $149.3 million in 2023[380]. Profitability and Loss - Gross profit for fiscal 2024 was $7.3 million, a decrease of $24.2 million (77%) compared to $31.5 million in fiscal 2023[343]. - Operating loss for fiscal 2024 was $18.7 million, compared to operating income of $3.6 million in fiscal 2023, reflecting a year-over-year decrease of $22.3 million[298]. - The company reported a net loss of $140.8 million for fiscal 2024, compared to a net income of $0.3 million in 2023[380]. Expenses - Selling, general and administrative (SG&A) expenses for fiscal 2024 were $26.0 million, a decrease of $1.9 million (6.8%) from $27.9 million in fiscal 2023[343]. - The cost of revenues for fiscal 2024 was $132.6 million, resulting in a gross profit of $7.3 million, down from $31.5 million in 2023[380]. - Operating expenses totaled $26.0 million in fiscal 2024, a decrease from $27.9 million in the previous year[380]. Interest and Other Income - Interest expense increased to $4.3 million in fiscal 2024 from $3.0 million in fiscal 2023, an increase of $1.3 million (43.3%)[348]. - Other income (expense), net for fiscal 2024 was an expense of $3.9 million, a decrease of $4.9 million compared to income of $1.0 million in fiscal 2023[349]. - Income tax expense for fiscal 2024 was $113.8 million, significantly higher than $1.3 million in fiscal 2023, due to a valuation allowance of $118.5 million recorded[350]. Cash Flow and Investments - Net cash provided by operating activities was $10.9 million in fiscal 2024, a significant improvement from a cash used of $12.7 million in 2023, reflecting a change of $23.7 million[364]. - Net cash used in investing activities decreased to $31.8 million in fiscal 2024 from $77.8 million in 2023, indicating a reduction of $46.0 million[364]. - Net cash provided by financing activities increased to $20.1 million in fiscal 2024, compared to $2.9 million in 2023, marking an increase of $17.2 million[364]. Future Outlook and Obligations - The company anticipates capital expenditures between $3 million and $5 million for fiscal 2025, including approximately $2 million in accrued and unpaid capital expenditures as of April 30, 2024[395]. - As of April 30, 2024, the company had outstanding lease payment obligations of approximately $83.2 million, with $6.0 million due in fiscal 2025[367]. - The company completed an offering of $160.0 million aggregate principal amount of 2029 Notes, receiving net proceeds of approximately $153.5 million after expenses[366]. Capacity - The total annual revenue generating capacity of the company's combined facilities is now estimated to be over $400 million following the completion of the CGT Facility[287].

Exhibit 99.1 -- FY 2025 Revenue Guidance of Between $160 Million and $168 Million -- "The enhancements and expansion not only allow Avid to better serve its new and existing biotech customers but, importantly, enable the company to address the needs of large pharma as well. The expanded addressable market and improvements in the broader business environment have resulted in an increase in larger and later stage programs in our production pipeline. With respect to capacity, our utilization is expected to inc ...

-- Signed $30 Million in Net New Business Resulting in Backlog of $193 Million -- TUSTIN, Calif., July 02, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ: CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced financial results for the fourth quarter and year ended April 30, 2024. "Supporting our optimism, i ...

-- Signed $30 Million in Net New Business Resulting in Backlog of $193 Million -- -- FY 2025 Revenue Guidance of Between $160 Million and $168 Million -- "The fourth quarter of fiscal 2024 was a high point for the company," stated Nick Green, president and CEO of Avid Bioservices. "We generated the highest quarterly revenues in Avid's history, meeting our current revenue expectations for the year. During the period we signed multiple new project agreements, and we continue to see positive signs for business ...

TUSTIN, Calif., July 01, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality services to biotechnology and pharmaceutical companies, today announced that it will report financial results for the quarter and fiscal year ended April 30, 2024, on July 2, 2024, after market close and will host a webcast at 1:30 PM Pacific Time (4:30 PM Eastern Time). Members of A ...

EUROAPI and Priothera, a biotechnology company specializing in the treatment of hematological malignancies and the improvement of CAR-T cell therapies, have signed a 5-year CDMO agreement EUROAPI will develop and industrialize the manufacturing process of innovative complex molecule for blood cancers "Oncology is a major segment for EUROAPI's CDMO business. Signing this development and manufacturing agreement with Priothera demonstrates our ability to adapt to state-of-the-art innovation and quality require ...

TUSTIN, Calif., May 23, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ: CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced that the company has achieved a Committed Badge from EcoVadis, one of the world's most trusted providers of business sustainability ratings. Avid earned a score of 56 from EcoVadis, ...