Avid Bioservices, Inc. (NASDAQ:CDMO) Q2 2024 Earnings Conference Call December 7, 2023 4:30 PM ET Company Participants Tim Brons - Investors Relations Group Nick Green - President and CEO Dan Hart - Chief Financial Officer Matt Kwietniak - Chief Commercial Officer Conference Call Participants Jacob Johnson - Stephens Matt Hewitt - Craig-Hallum Paul Knight - KeyBanc Max Smock - William Blair Thomas Kelliher - RBC Capital Markets Operator Good day, ladies and gentlemen. And welcome to the Avid Bioservices Sec ...

FORM 10-Q Delaware (State or other jurisdiction of incorporation or organization) 95-3698422 (I.R.S. Employer Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 par value per share CDMO The NASDAQ Stock Market LLC Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ AVID BIOSERVICES, INC. PART I - FINANCIAL INFORMATION 3 Item 1. Condensed Consolidated Financial Stateme ...

Avid Bioservices, Inc. (NASDAQ:CDMO) Q1 2024 Earnings Conference Call September 7, 2023 4:30 PM ET Company Participants Tim Brons - Investor Relations Nick Green - President & Chief Executive Officer Dan Hart - Chief Financial Officer Matt Kwietniak - Chief Commercial Officer Conference Call Participants Jacob Johnson - Stephens Matt Hewitt - Craig-Hallum Sean Dodge - RBC Capital Markets Operator Good day, ladies and gentlemen and welcome to the Avid Bioservices First Quarter 2024 Financial Results Conferen ...

Item 6. Exhibits 26 Form 10-Q TABLE OF CONTENTS Item 1. Condensed Consolidated Financial Statements 3 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (In thousands, except per share information) AVID BIOSERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (In thousands) AVID BIOSERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Note 1 – Description of Company and Basis of Presentation The ac ...

Avid Bioservices, Inc. (NASDAQ:CDMO) Q4 2023 Earnings Conference Call June 21, 2023 4:30 PM ET Company Participants Tim Brons - Investor Relations Nick Green - President and CEO Dan Hart - Chief Financial Officer Matt Kwietniak - Chief Commercial Officer Conference Call Participants Matt Hewitt - Craig-Hallum Paul Knight - KeyBanc Capital Jacob Johnson - Stephens Thomas Kelliher - RBC Capital Market Operator Good day, ladies, and gentlemen, and welcome to the Avid Bioservices Fourth Quarter and Year-End Fis ...

Financial Performance - For fiscal year 2023, total revenues increased by $29.7 million, with manufacturing revenues up by $26.1 million and process development revenues up by $3.6 million compared to fiscal year 2022[303]. - Operating income decreased to $3.6 million in fiscal 2023, down from $15.4 million in fiscal 2022, primarily due to a $5.2 million decrease in gross profit and a $6.7 million increase in SG&A expenses[307]. - Income tax expense for fiscal 2023 was $1.4 million, compared to a benefit of $115.0 million in fiscal 2022, reflecting the first year of income tax expense[310]. - Other income (expense), net was $1.0 million for fiscal 2023, an increase of $1.1 million from an expense of $0.1 million in fiscal 2022, mainly due to increased interest income[309]. Expenses - Selling, general and administrative (SG&A) expenses rose to $27.9 million in fiscal 2023, an increase of 31% from $21.2 million in fiscal 2022[278]. - SG&A expenses as a percentage of revenues were 19% in fiscal 2023, compared to 18% in fiscal 2022[306]. - The company expects gross profit to be impacted in the near term due to increased fixed costs from recent hiring and facility expansions[277]. Cash Flow - Net cash used in operating activities for fiscal year 2023 was $(12.9) million, a decrease of $(22.4) million compared to $9.5 million in fiscal year 2022[322]. - Net cash used in investing activities was $(77.6) million, primarily for the acquisition of property and equipment related to the expansion of the Myford facility and the construction of the CGT Facility[323]. - Net cash provided by financing activities was $2.9 million, a decrease of $(296) thousand compared to $3.2 million in the previous year[322]. Assets and Liabilities - As of April 30, 2023, the company had cash and cash equivalents of $38.5 million, which is expected to be sufficient to fund operations for at least the next 12 months[290]. - The company is in compliance with its Credit Agreement's financial covenant, which requires maintenance of a minimum consolidated EBITDA of $15 million[296]. Facility and Capacity - The company completed facility expansions in April 2023, which are expected to increase total revenue-generating capacity to approximately $400 million annually[269]. Equity and Compensation - The company maintains equity compensation plans that allow for stock options and restricted stock units, with expenses recognized over the requisite service periods[319]. - The Convertible Notes have a fixed interest rate of 1.25% per annum, maturing on March 15, 2026, and are convertible into cash, shares, or a combination thereof[325]. Revenue Recognition - Cancellation or postponement fees from customer contracts are recognized as revenue upon the cancellation or postponement date, subject to variable consideration[317]. - The company allocates transaction prices for contracts with multiple performance obligations based on relative standalone selling prices[316].

Avid Bioservices, Inc. (NASDAQ:CDMO) Q3 2023 Earnings Conference Call March 13, 2023 4:30 PM ET Company Participants Tim Brons - Investor Relations Nick Green - President and Chief Executive Officer Dan Hart - Chief Financial Officer Matt Kwietniak - Chief Commercial Officer Conference Call Participants Sean Dodge - RBC Capital Markets Matt Hewitt - Craig-Hallum Jacob Johnson - Stephens Paul Knight - KeyBanc Operator Good day, ladies and gentlemen and welcome to the Avid Bioservices Third Quarter Fiscal 202 ...

Debt Issuance Costs Comprehensive Income Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware (State or other jurisdiction of incorporation or organization) 95-3698422 (I.R.S. Employer Identification No.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such r ...

Avid Bioservices, Inc. (NASDAQ:CDMO) Q2 2023 Results Conference Call December 6, 2022 4:30 PM ET Company Participants Tim Brons - IR Nick Green - President and CEO Dan Hart - CFO Matt Kwietniak - Chief Commercial Officer Conference Call Participants Sean Dodge - RBC Capital Markets Matt Hewitt - Craig-Hallum Capital Group Jacob Johnson - Stephens Paul Knight - KeyBanc Operator Good day, ladies and gentlemen. And welcome to the Avid Bioservices Second Quarter Fiscal 2023 Financial Results Conference Call. At ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number: 001-32839 AVID BIOSERVICES, INC. (Exact name of Registrant as specified in its charter) Delaware (State or oth ...