Avid Bioservices (NASDAQ:CDMO) stock is falling on Thursday after the contract development and manufacturing company announced the pricing of a private placement.The private placement includes 7.00% Convertible Senior Notes due 2029 with an aggregate principal amount of $160 million. The notes mature March 1, 2029 and accrue interest semiannually on March 1 and September 1 each year.Avid Bioservices notes that the conversion price for the notes is 101.1250 shares of CDMO stock for each $1,000 principal amou ...

TUSTIN, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO), announced today the pricing of $160 million aggregate principal amount of 7.00% Convertible Senior Notes due 2029 (the "2029 Notes"). In connection with the offering, the company entered into private placement purchase agreements with the several purchasers, each of whom is a "qualified institutional buyer" within the meaning of Rule 144A ...

TUSTIN, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO), announced today that it intends to offer, subject to market conditions and other factors, $160 million aggregate principal amount of Convertible Senior Notes due 2029 (the "2029 Notes") in a private placement (the "Offering") to persons reasonably believed to be qualified institutional buyers pursuant to Section 4(a)(2) of the Securities A ...

Monty Rakusen Investment Thesis As its ticker indicates, Avid Bioservices (NASDAQ:CDMO) is a biologic CDMO. The company produces drugs for pharmaceutical and biotech companies and also helps them in the development, quality control, and compliance of the drug. Avid has been performing really well since becoming a pure-play CDMO in 2018, growing revenue at a 22.7% CAGR and adjusted EBITDA at a 21.5% CAGR in 5 years (although normalized EBITDA is much higher than what they did in F23). However, over the l ...

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].