Fri. Nov 15th, 2019

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CDMO: Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP)

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Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP), 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, recently stated fiscal results for the 1st-quarter of fiscal 2k20 finished July 31, 2k19.

Financial Highlights and Guidance

  • The company is reaffirming revenue guidance for the full fiscal year 2k20 of $64.00M – $67.00M.
  • Revenue was $15.30M for the 1st-quarter of fiscal 2k20, a 21.00 percent incline contrast to $12.60M for the 1st-quarter of last financial year.  This incline is mainly because of growing demand from a more diversified client base.
  • As of July 31, 2k19, revenue backlog was about $61.00M, a boost of 34.00 percent as contrast to the fourth quarter of fiscal 2k19.  The company anticipates to recognize the majority of this backlog in fiscal year 2k20.
  • Gross margin for the 1st-quarter of fiscal 2k20 of 7.0 percent was down slightly contrast to a gross margin of 9.0 percent in the previous year duration.  Despite raised revenue during the 1st-quarter of 2k20, gross margin was influenced by hiring personnel to accommodate growth in production demand, a realignment of the company’s compensation structure to secure our existing work force, and equipment repairs that influenced efficiencies during the duration.  Administration does not expect these factors to impact our stated revenue guidance for the year.
  • Selling, general and administrative costs (“SG&A”) for the 1st-quarter of fiscal 2k20 were $4.50M contrast to $3.20M for the 1st-quarter of previous year.  The incline in SG&A was mainly because of employee separation-related costs, and raised stock-based compensation.  Apart From the separation agreement costs and the incline in stock-based compensation, SG&A during the 1st-quarter of 2k20 is consistent with SG&A for the previous year quarter.
  • For the 1st-quarter of fiscal 2k20, the company recorded merged net loss attributable to common stockholders of $4.60M or $0.080 for each share, contrast to a merged net loss attributable to common stockholders of $3.40M or $0.060 for each share, for the 1st-quarter of fiscal 2k19.
  • Avid stated $28.90M in cash and cash equivalents as of July 31, 2k19, contrast to $32.40M on April 30, 2k19.

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