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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Avid Bioservices Inc | NASDAQ:CDMO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.76 | 8.10 | 13.06 | 0 | 09:42:21 |
Highlights Since January 31, 2019
“Fiscal 2019 was a fundamentally transformative year for Avid, as the team successfully achieved a number of critical goals. Most notably, we converted the losses and negative margins in fiscal 2018 into a sustainable position of financial strength,” stated Rick Hancock, interim president and chief executive officer. “Based on our current backlog as well as forecasts from our customers, we believe the company will achieve sustainable growth going forward. Avid is stronger today than it has been at any point in the past.
“With respect to business development, the five new clients signed in late fiscal 2018 contributed significantly to revenue diversification in fiscal 2019. These projects substantially increased capacity utilization, which drove a meaningful improvement in margins during the year.
“Of particular note is the new business we continue to win from existing customers. While some of this business results from the expansion of current projects, many of these projects are completely new, requiring development and/or manufacture of a new molecule. These ‘repeat business’ wins are particularly valuable to Avid as each offers the opportunity for later stage and commercial production, they generally onboard very efficiently and as a result are more profitable, and they provide strong testimonials as to the quality of our work and product.”
“Avid finished the year with a strong fourth quarter, growing revenue to $17.1 million while increasing gross margins to 21 percent,” said Dan Hart, chief financial officer. “During the fourth quarter we generated $5.6 million in operating cash flow increasing our net cash and cash equivalents by $4.6 million to $32.4 million. Looking ahead, we are encouraged by the forecasted increase in demand which we expect to strengthen the company’s overall financial standing and position us for profitability.”
Financial Highlights and Guidance
More detailed financial information and analysis may be found in Avid Bioservices’ Annual Report on Form 10-K, which will be filed with the Securities and Exchange Commission today.
Recent Developments
Conference Call
Avid will host a conference call and webcast this afternoon, June 27, 2019, at 4:30 PM EDT (1:30 PM PDT).
To listen to the conference call, please dial (877) 312-5443 or (253) 237-1126 and request the Avid Bioservices conference call. To listen to the live webcast, or access the archived webcast, please visit: http://ir.avidbio.com/events.cfm.
About Avid Bioservices, Inc.Avid Bioservices is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biopharmaceutical products derived from mammalian cell culture. The company provides a comprehensive range of process development, high quality CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With 25 years of experience producing monoclonal antibodies and recombinant proteins in batch, fed-batch and perfusion modes, Avid's services include CGMP clinical and commercial product manufacturing, purification, bulk packaging, stability testing and regulatory strategy, submission and support. The company also provides a variety of process development activities, including cell line development and optimization, cell culture and feed optimization, analytical methods development and product characterization. www.avidbio.com
Forward-Looking StatementsStatements in this press release, which are not purely historical, including statements regarding Avid Bioservices' intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk the company may not achieve cash flow or EBITDA positive, the risk the company may experience delays in engaging new clients, the risk that the company may not be successful in executing client projects, the risk that clients for whom the company has completed process validation campaigns may not receive regulatory approval to market their products, the risk that the company may experience technical difficulties in completing client projects which could delay delivery of products to customers, revenue recognition and receipt of payment or the loss of the customer, the risk that one or more existing customers terminates its contract prior to completion or reduces or delays its demand for development or manufacturing services, and the risk that the company may need to use the majority of its cash to fund operations, thereby delaying the in-process upgrades to its process development capabilities and contemplated expansion plans. Our business could be affected by a number of other factors, including the risk factors listed from time to time in our reports filed with the Securities and Exchange Commission including, but not limited to, our annual report on Form 10-K for the fiscal year ended April 30, 2019, as well as any updates to these risk factors filed from time to time in our other filings with the Securities and Exchange Commission. We caution investors not to place undue reliance on the forward-looking statements contained in this press release, and we disclaim any obligation, and do not undertake, to update or revise any forward-looking statements in this press release except as may be required by law.
AVID BIOSERVICES, INC.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, expect share and per share information)
Three Months Ended April 30, | Twelve Months Ended April 30, | ||||||||||||||||
2019 (1) | 2018 | 2019 (1) | 2018 | ||||||||||||||
Revenues | $ | 17,055 | $ | 6,943 | $ | 53,603 | $ | 53,621 | |||||||||
Cost of revenues | 13,407 | 8,904 | 46,379 | 56,545 | |||||||||||||
Gross profit (loss) | 3,648 | (1,961 | ) | 7,224 | (2,924 | ) | |||||||||||
Operating expenses: | |||||||||||||||||
Selling, general and administrative | 3,573 | 4,183 | 12,846 | 16,456 | |||||||||||||
Restructuring charges | — | — | — | 1,258 | |||||||||||||
Total operating expenses | 3,573 | 4,183 | 12,846 | 17,714 | |||||||||||||
Operating income (loss) | 75 | (6,144 | ) | (5,622 | ) | (20,638 | ) | ||||||||||
Interest and other income, net | 92 | 10 | 282 | 75 | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 167 | $ | (6,134 | ) | $ | (5,340 | ) | $ | (20,563 | ) | ||||||
Income tax benefit | 67 | — | 284 | — | |||||||||||||
Income (loss) from continuing operations | 234 | (6,134 | ) | (5,056 | ) | (20,563 | ) | ||||||||||
Income (loss) from discontinued operations, net of tax | 102 | 9,154 | 841 | (1,250 | ) | ||||||||||||
Net income (loss) | $ | 336 | $ | 3,020 | $ | (4,215 | ) | $ | (21,813 | ) | |||||||
Comprehensive income (loss) | $ | 336 | $ | 3,020 | $ | (4,215 | ) | $ | (21,813 | ) | |||||||
Series E preferred stock accumulated dividends | (1,442 | ) | (1,442 | ) | (4,686 | ) | (4,686 | ) | |||||||||
Net (loss) income attributable to common stockholders | $ | (1,106 | ) | $ | 1,578 | $ | (8,901 | ) | $ | (26,499 | ) | ||||||
Basic and diluted net (loss) income per common share attributable to common stockholders: | |||||||||||||||||
Continuing operations | $ | (0.02 | ) | $ | (0.14 | ) | $ | (0.17 | ) | $ | (0.53 | ) | |||||
Discontinued operations | $ | — | $ | 0.17 | $ | 0.01 | $ | (0.03 | ) | ||||||||
Net (loss) income per share attributable to common stockholders | $ | (0.02 | ) | $ | 0.03 | $ | (0.16 | ) | $ | (0.56 | ) | ||||||
Weighted average basic and diluted shares outstanding: | 56,079,970 | 53,360,424 | 55,981,060 | 47,063,020 | |||||||||||||
(1) On May 1, 2018, the Company adopted Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606), using the modified retrospective method applied to all contracts not completed as of May 1, 2018. Under the modified retrospective method, results for the reporting periods beginning on or after May 1, 2018 are presented in accordance with ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards that were in effect prior to May 1, 2018.
AVID BIOSERVICES, INC.CONSOLIDATED BALANCE SHEETS(in thousands, expect share information)
April 30,2019 | April 30,2018 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 32,351 | $ | 42,265 | |||
Accounts receivable | 7,374 | 3,754 | |||||
Contract assets | 4,327 | — | |||||
Inventories | 6,557 | 16,129 | |||||
Prepaid expenses | 709 | 679 | |||||
Assets of discontinued operations | — | 5,000 | |||||
Total current assets | 51,318 | 67,827 | |||||
Property and equipment, net | 25,625 | 26,479 | |||||
Restricted cash | 1,150 | 1,150 | |||||
Other assets | 302 | 304 | |||||
Total assets | $ | 78,395 | $ | 95,760 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 4,352 | $ | 1,909 | |||
Accrued payroll and related costs | 3,540 | 2,564 | |||||
Contract liabilities | 14,651 | 27,935 | |||||
Other current liabilities | 619 | 905 | |||||
Liabilities of discontinued operations | — | 4,550 | |||||
Total current liabilities | 23,162 | 37,863 | |||||
Deferred rent, less current portion | 2,072 | 2,159 | |||||
Capital lease, less current portion | 93 | — | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 1,647,760 shares issued and outstanding at respective dates | 2 | 2 | |||||
Common stock, $0.001 par value; 150,000,000 shares authorized; 56,135,697 and 55,689,222 shares issued and outstanding at respective dates | 56 | 55 | |||||
Additional paid-in-capital | 613,615 | 614,810 | |||||
Accumulated deficit | (560,605 | ) | (559,129 | ) | |||
Total stockholders’ equity | 53,068 | 55,738 | |||||
Total liabilities and stockholders’ equity | $ | 78,395 | $ | 95,760 |
Contacts: Stephanie Diaz (Investors) Vida Strategic Partners 415-675-7401 sdiaz@vidasp.com Tim Brons (Media) Vida Strategic Partners 415-675-7402 tbrons@vidasp.com
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