Core Insights - Avid Bioservices achieved a record quarterly revenue of $43 million in Q4 FY 2024, marking an 8% increase from $39.8 million in the same period last year [2][4]. - The company signed $30 million in net new business, resulting in a backlog of $193 million, which is expected to be recognized as revenue over the next five fiscal quarters [3][12]. - For FY 2025, Avid provided revenue guidance of $160 million to $168 million, indicating a projected growth of 17% year-over-year at the midpoint [1][10]. Financial Performance - Total revenues for FY 2024 were $139.9 million, a decrease of approximately 6% compared to $149.3 million in FY 2023, primarily due to fewer manufacturing runs and reduced process development services [2][7]. - Gross profit for Q4 FY 2024 was $5.5 million, representing a gross margin of 13%, down from $8.4 million (21% gross margin) in Q4 FY 2023 [7][34]. - The net loss for Q4 FY 2024 was $123.1 million, or $1.94 per share, compared to a net loss of $0.3 million, or $0.01 per share, in Q4 FY 2023 [22][30]. Operational Developments - The company completed a three-year expansion program, enhancing its mammalian and cell and gene therapy facilities, which significantly increased its annual revenue-generating capacity from approximately $120 million in FY 2021 to over $400 million [9][10]. - Avid's backlog remained stable at $193 million as of April 30, 2024, compared to $191 million at the end of the same quarter last year [3][12]. - The company anticipates an increase in capacity utilization as it onboard new programs, which is expected to improve margins [5][10]. Cost Management - Selling, general, and administrative (SG&A) expenses for Q4 FY 2024 were $6.8 million, a decrease of 10% from $7.6 million in Q4 FY 2023, attributed to lower compensation and facility expenses [34]. - The income tax expense for Q4 FY 2024 was $117.9 million, significantly higher than $0.9 million in Q4 FY 2023, due to a valuation allowance of $118.5 million recorded during the quarter [35]. Sustainability Initiatives - Avid achieved a Committed Badge from EcoVadis, scoring 56 and placing the company in the 62nd percentile globally for sustainability practices [23].

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 ...

Company Overview - Avid Bioservices, Inc. is a dedicated biologics contract development and manufacturing organization (CDMO) focused on improving patient lives by providing high-quality development and manufacturing services to biotechnology and pharmaceutical companies [1][3] - The company has over 30 years of experience in producing biologics and offers a comprehensive range of services including CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submissions support [3] Sustainability Achievement - Avid Bioservices has achieved a Committed Badge from EcoVadis, a leading provider of business sustainability ratings, with a score of 56, placing the company in the 62nd percentile globally [1][2] - The recognition reflects the company's commitment to sustainability and the integration of sustainable practices into daily business activities [2] EcoVadis Assessment - EcoVadis evaluates sustainability based on 21 criteria across four core themes: Environment, Labor & Human Rights, Ethics, and Sustainable Procurement [2][3] - The ratings are based on international sustainability standards, including the UN Global Compact, ILO conventions, GRI standards, and ISO 26000 [3]

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, ...

NEW YORK, May 16, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Avid Bioservices, Inc. ("Avid" or the "Company") (NASDAQ: CDMO). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980. The investigation concerns whether Avid and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action] On March 12, 2024, Avid a ...

Avid Bioservices, Inc. (NASDAQ:CDMO) Q3 2024 Earnings Conference Call April 29, 2024 4:30 PM ET Company Participants Tim Brons – Investors Relations Group Nick Green – President and Chief Executive Officer Dan Hart – Chief Financial Officer Matt Kwietniak – Chief Commercial Officer Conference Call Participants Jacob Johnson – Stephens Sean Dodge – RBC Capital Markets Matt Hewitt – Craig-Hallum Capital Group Max Smock – William Blair Paul Knight – KeyBanc Operator Good day, ladies and gentlemen, and welcome ...

"Today, Avid is a larger, more capable, world-class organization, poised to benefit from the tailwinds in multiple CDMO markets. When we combine our state-of-the-art facilities and expanded technical capabilities with the value of our pipeline and the strength of our commercial team, we believe we are well-positioned to realize the strategic objectives behind our expansion investment. As we continue to fill capacity and attract customers to our new capabilities, we believe we are well on our way to achievin ...

-- Recorded Third Quarter Revenue of $33.8 Million -- -- Signed $41 Million in Net New Business Resulting in Record High Backlog of $206 Million -- -- Celebrated Completion of Recent Expansion Program with Grand Opening of Cell and Gene Therapy Manufacturing Facility in January 2024 -- -- Completed Convertible Debt Offering Subsequent to Quarter End, Extending Debt Maturity to 2029 -- TUSTIN, Calif., April 24, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract dev ...

Capped Call Transactions During March 2024, in connection with our repurchase and payoff of the remaining balance of the 2026 Notes, as further described above, we entered into transactions to unwind all of our Capped Calls (Note 3). As a result, we received $1.3 million in net proceeds from the unwinding of the Capped Calls. Revolving Credit Facility On March 12, 2024, we entered into Amendment No. 2 to the Credit Agreement (Note 3) which, among other things, (i) waives the events of default under the Cred ...