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].

Company Overview - Avid Bioservices, Inc. is a dedicated biologics contract development and manufacturing organization (CDMO) focused on improving patient lives by providing high-quality services to biotechnology and pharmaceutical companies [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] Financial Reporting - Avid Bioservices will report its financial results for the quarter and fiscal year ended April 30, 2024, on July 2, 2024, after market close [1] - A webcast will be hosted at 1:30 PM Pacific Time (4:30 PM Eastern Time) where senior management will discuss the financial results and recent corporate developments [1]

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 ...

[Executive Summary and Corporate Highlights](index=1&type=section&id=Executive%20Summary%20and%20Corporate%20Highlights) Avid Bioservices reported third-quarter fiscal 2024 revenue of $33.8 million, achieved a record-high backlog of $206 million, completed its Cell and Gene Therapy (CGT) facility, and subsequently refinanced its debt, extending maturity to 2029 Q3 FY2024 Key Metrics | Metric | Value | Source | | :--- | :--- | :--- | | Revenue | $33.8 Million | Q3 FY2024 | | Net New Business | $41 Million | Q3 FY2024 | | Record Backlog | $206 Million | As of Jan 31, 2024 | - Completed a three-year expansion program with the grand opening of the Cell and Gene Therapy (CGT) manufacturing facility in January 2024, increasing the company's total estimated annual revenue-generating capacity to approximately **$400 million**[2](index=2&type=chunk)[21](index=21&type=chunk)[23](index=23&type=chunk) - Subsequent to the quarter's end, the company completed an offering of **$160 million** in 7.00% Convertible Senior Notes due 2029, using the proceeds to repurchase and repay its 2026 notes, thereby extending its debt maturity[4](index=4&type=chunk)[9](index=9&type=chunk) - The company's 10-Q filing was delayed due to a required restatement of financial statements from October 2022 to October 2023, necessary to reclassify the 2026 Notes from long-term to short-term liabilities following a note acceleration event[4](index=4&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) For the third quarter of fiscal 2024, revenues decreased by 11% year-over-year to $33.8 million, leading to a significant drop in gross profit to $2.4 million (7% margin) and a net loss of $6.0 million, while full-year revenue guidance of $137 million to $147 million was maintained Revenue Performance (in millions) | Period | FY2024 | FY2023 | Change | | :--- | :--- | :--- | :--- | | Q3 Revenue | $33.8 | $38.0 | -11% | | Nine Months Revenue | $96.9 | $109.5 | -11% | Profitability Analysis (in millions) | Metric | Q3 FY2024 | Q3 FY2023 | Nine Months FY2024 | Nine Months FY2023 | | :--- | :--- | :--- | :--- | :--- | | Gross Profit | $2.4 (7% margin) | $9.8 (26% margin) | $1.8 (2% margin) | $23.1 (21% margin) | | Operating Income (Loss) | $(4.0) | $2.7 | $(17.4) | $2.8 | | Net Income (Loss) | $(6.0) | $(0.2) | $(17.6) | $0.6 | - The decrease in gross margin was attributed to fewer manufacturing runs, a reduction in process development services for early-stage customers, and increased costs related to capacity and capability expansions[25](index=25&type=chunk) - Selling, General and Administrative (SG&A) expenses decreased by **10% in Q3** and **6% in the first nine months of FY2024**, primarily due to lower compensation and consulting fees[25](index=25&type=chunk) - The company maintained its full fiscal year 2024 revenue guidance of **$137 million to $147 million**[24](index=24&type=chunk) [Operational Developments and Business Outlook](index=1&type=section&id=Operational%20Developments%20and%20Business%20Outlook) Operationally, Avid achieved a record-high backlog of $206 million, with a strategic shift towards later-stage programs, and the completion of the new CGT facility positions the company for growth in new market segments - The revenue backlog reached a record **$206 million**, an increase of **17%** from **$176 million** in the same quarter last year[7](index=7&type=chunk)[22](index=22&type=chunk) - The company's pipeline is increasingly weighted toward later-stage programs, which enhances medium to long-term growth prospects due to a higher probability of regulatory approval and commercial revenue[5](index=5&type=chunk) - The completion of the CGT facility marks the final step in a three-year expansion, dramatically increasing service offerings and revenue-generating capacity[2](index=2&type=chunk)[23](index=23&type=chunk) - The company is poised to benefit from tailwinds in multiple CDMO markets and believes it is well-positioned to realize its strategic objectives and achieve sustainable profitability[1](index=1&type=chunk) [Financing and Cash Position](index=3&type=section&id=Financing%20and%20Cash%20Position) As of January 31, 2024, Avid held $30.7 million in cash and cash equivalents, and subsequently executed a significant financing transaction by issuing $160 million of new convertible notes due in 2029, using $146.1 million to repurchase and repay existing 2026 notes, effectively extending its debt maturity profile - Closed an offering of **$160 million** in 7.00% Convertible Senior Notes due March 1, 2029[9](index=9&type=chunk) - Used **$146.1 million** of the net proceeds to repurchase and repay its 1.250% Exchangeable Senior Notes due 2026[9](index=9&type=chunk) - Cash and cash equivalents were **$30.7 million** as of January 31, 2024, compared to **$38.5 million** on April 30, 2023[51](index=51&type=chunk) [Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) This section provides the unaudited condensed consolidated financial statements for Avid Bioservices, Inc. as of and for the periods ended January 31, 2024, including the Statements of Income (Loss), Balance Sheets, and a reconciliation of GAAP to non-GAAP financial measures, offering a detailed view of the company's financial position and performance [Condensed Consolidated Statements of Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)) This section presents the unaudited condensed consolidated statements of income (loss), detailing revenues, gross profit, operating income, and net income for the specified periods Condensed Consolidated Statements of Income (Loss) (Unaudited, In thousands, except per share) | Description | Three Months Ended Jan 31, 2024 | Three Months Ended Jan 31, 2023 | Nine Months Ended Jan 31, 2024 | Nine Months Ended Jan 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $33,815 | $38,018 | $96,936 | $109,467 | | Gross profit | $2,383 | $9,825 | $1,818 | $23,089 | | Operating income (loss) | $(3,999) | $2,718 | $(17,384) | $2,769 | | Net income (loss) | $(6,006) | $(247) | $(17,649) | $594 | | Net income (loss) per share - Basic & Diluted | $(0.09) | $(0.00) | $(0.28) | $0.01 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides the unaudited condensed consolidated balance sheets, presenting the company's assets, liabilities, and stockholders' equity as of the specified dates Condensed Consolidated Balance Sheets (Unaudited, In thousands) | Description | January 31, 2024 | April 30, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $30,708 | $38,542 | | Total current assets | $103,589 | $112,451 | | Total assets | $455,227 | $451,567 | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $222,887 | $215,146 | | Total liabilities | $275,057 | $262,398 | | Total stockholders' equity | $180,170 | $189,169 | | Total liabilities and stockholders' equity | $455,227 | $451,567 | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=8&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section provides a reconciliation of the company's GAAP financial measures to non-GAAP measures, including adjusted net income, adjusted EBITDA, and free cash flow, for enhanced performance analysis Reconciliation of GAAP to Non-GAAP Measures (Unaudited, In thousands) | Description | Three Months Ended Jan 31, 2024 | Three Months Ended Jan 31, 2023 | Nine Months Ended Jan 31, 2024 | Nine Months Ended Jan 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | GAAP net income (loss) | $(6,006) | $(247) | $(17,649) | $594 | | Adjusted net income (loss) | $(5,070) | $3,970 | $(11,326) | $6,702 | | Adjusted EBITDA | $(1,117) | $7,367 | $(4,297) | $15,440 | | Free cash flow | $(801) | $(18,244) | $(16,417) | $(68,447) | [Ancillary Information](index=3&type=section&id=Ancillary%20Information) This section contains important supplementary information for investors, explaining the company's use of non-GAAP financial measures, including standard forward-looking statements disclaimers, and details about its business as a contract development and manufacturing organization (CDMO) - The company uses non-GAAP financial measures (e.g., adjusted net income, adjusted EBITDA, free cash flow) for operational decision-making and to evaluate period-to-period comparisons[12](index=12&type=chunk)[29](index=29&type=chunk) - The report contains forward-looking statements regarding projected revenue, profitability, and strategic objectives, which are subject to risks and uncertainties, and the company disclaims any obligation to update them[15](index=15&type=chunk)[39](index=39&type=chunk) - Avid Bioservices is a dedicated CDMO with **30 years** of experience, providing a comprehensive range of services from process development to commercial manufacturing of biologics[38](index=38&type=chunk)

-- 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 ...