Tuesday, September 01, 2020 9:25:35 PM
9-1-20 Qtly CC-Transcript, PR(qe7-31-20), Avid Revs History Table
*Revs Guidance (FY’21 fye 4-30-21): $76-81M. 7-31-20 Backlog=$60M
*Cash: 7-31-20: $28.2M
*As of 8-24-20: 56,602,792 shares o/s
*10Q/7-31-20 iss. 9-1-20: https://tinyurl.com/y5puv3b7
*10K/4-30-20 iss. 6-30-20: https://tinyurl.com/yak25nco
*Avid Total Revs May03-Jul20: $434.2M
*Avid’s website: https://avidbio.com (A/o 4-30-20, 222 full-time & 5 part-time emps)
This large post has 4 sections:
I. 9-1-20 Qtly. Earnings Conf. Call TRANSCRIPT (FY21/Q1 qe 7-31-20)
II. 9-1-20 CDMO Press Release: Q1/FY21 Earnings & Developments
IV. Updated Table of Avid Revenues By Quarter (May’06-Current)
III. Updated O/S Shares History Table – 2006-curr.
…Recall: Avid’s FY runs May-Apr, so FY’21 = May’20-Apr’21.
TRANSCRIPT 9-1-20 FY21/Q1 Earnings Conf. Call (qe 7-31-20):
Nick Green(CEO), Daniel Hart(CFO), Tim Compton(CCO)
Q&A Analysts:
Matt Hewitt - Craig-Hallum Capital
Jacob Johnson – Stephens Inc.
Link to webcast replay: http://ir.avidbio.com/events-and-presentations => https://edge.media-server.com/mmc/p/64ateurd
CC TRANSCRIPT EXTRACTS – PREPARED REMARKS BY CEO NICK GREEN:
CEO NICK GREEN OPENING:
Thank you to everybody who has dialed in and also to those who are participating today via webcast. I officially joined Avid in late July and have truly enjoyed my first month on the job. Despite the challenges presented by the pandemic, my family and I have successfully relocated to Orange County and are settling into our new community well. My first few weeks have done nothing but confirm my view that I believe Avid to be a strong and state-of-the-art company with significant opportunity for growth. This is especially true given our focus on biologics, which is growing faster than many other sectors in the industry. As I return to the USA from my time abroad, I can't help but feel that Avid is well positioned to benefit from some of the industry trends we have seen developing recently. Given the broad and deep talent of our employees, our quality facilities, systems, expertise and commitment to excellence that fuels our work here at Avid, I am confident that the company will continue to thrive.
As I begin what I believe will be an exciting and successful time at Avid, I would like to thank my predecessor Rick Hancock for his contributions over the last year. Under Rick's leadership, Avid has evolved into the growth organization it is today and I thank him and the Board for entrusting me with the future of the company.
I'll now address our financial business dev. and operational achievements for the period. From a financial perspective, Q1 was particularly strong as we significantly exceeded revenue expectations as well as other key metrics. In business development, we expanded our customer base with the addition of 3 new customers, each of which brings an exciting new project to the manufacturing portfolio. Lastly, Avid's operational activities include the completion of multiple production runs that validated the remediation activities we undertook in late FY2020, as well as the continued development of our plans to provide additional capacity. Tim and I will provide additional details on the business dev. and operations following an overview of our Q1 financial results. And for that, I turn the call over to Dan.”
CEO NICK GREEN - AFTER HART/COMPTON OPENING:
“I'd like to expand on Tim's final comments to address Avid's broader operations within the context of COVID-19. Despite the disruption caused globally by the pandemic, we are fortunate that we have not experienced any interruption to our operations. To date, we have observed no material impact to our production programs or our supply chain, and our employees remain healthy and productive. Management continues to take every precaution and follow state and local guidelines to ensure the continued safety and well-being of our team members, and we are hopeful that our operations will remain un-impacted.
During and subsequent to the quarter, we made progress with a number of important operational projects. I'd first like to address the equipment issue that interrupted several production runs during Q3 & Q4 FY2020. As we reported last quarter, the specific piece of equipment in question is now operational. Following efforts to investigate and remediate the problem during Q4, we have now validated these efforts by completing multiple successful revenue generating production campaigns using this equipment. Importantly, as Dan reported earlier on, all of the delayed FY2020 have now been completed. At the very end of July, Avid also initiated its annual preventative maintenance shutdown. As in prior years, this process temporarily reduces available capacity, which as usual we expect to have some impact on our Q2 FY2021 financial results.
Lastly, we continue to make progress with our expansion plans, as we continue to see growth in customer demand, the ability to access additional capacity grows increasingly important. As I am new to the team and considering the importance of this in the future of the business, I'm in the process of reviewing the design plans and other ancillary requirements ahead of making our final decision with respect to the best path forward for the business. An expansion of this nature typically takes up to 24 months to complete, and as such we are keen to not only move swiftly, but also thoughtfully.
In closing, I can say that I believe the accomplishments of Q1 have established a good momentum for the rest of the year to come. During the quarter, our business dev. team signed $20 million in project orders with new customers as well as with existing customers. Looking ahead, we see growth in manufacturing demand and expect to continue to expand our production pipeline. Financially, we believe this demand will continue to drive our top line growth with margins improving in line. While we are not currently in a position to project sustainable quarter-to-quarter profitability, we are focused on extending this performance across our fiscal year.”
CEO NICK GREEN - CLOSING (After Q&A):
“Thank you to everyone participating on today's call. I am pleased to be at Avid at this exciting time in the company's evolution, and have a great deal of optimism for the future of the business, and I'm very happy to be working alongside our exceptional employees. In closing, I'd like to thank our dedicated employees, many of whom are at Avid daily, working through the challenges presented by COVID-19, both at home and at work. They work to ensure that we are able to deliver commercial and clinical products we need to supply to patients in need. None of this success would be possible without the hard work, commitment to our employees and I am grateful for their dedication. I thank you again for participating in today's call and thank you for your continued support of Avid Bioservices.”
READ the entire CC Transcript here:
https://www.fool.com/earnings/call-transcripts/2020/09/01/avid-bioservices-inc-cdmo-q1-2021-earnings-call-tr
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9-1-20/PR: Avid Bioservices Reports Financial Results for Q1/FY21 Ended July 31, 2020, and Recent Developments
http://ir.avidbio.com/news-releases/news-release-details/avid-bioservices-reports-financial-results-first-quarter-ended
-- Recorded Q1 Revenue of $25.4 Million
-- Signed Three New Customers and Project Expansion Orders with Current Customers for $20 Million
-- Backlog of $60 Million at Quarter-End
TUSTIN: Avid Bioservices, Inc. (NASDAQ:CDMO/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, today announced financial results for the Q1 of FY2021, ended July 31, 2020.
HIGHLIGHTS SINCE APRIL 30, 2020
“FY2021 is off to a strong start as a result of the accomplishments of the Q1,” stated Nicholas Green, President and CEO of Avid Bioservices. “During the quarter, the company achieved revenues of $25.4 million and net income of $4.7 million. And though revenue for the quarter was supplemented as a result of our completion of runs deferred from the third and fourth quarters of fiscal 2020, we are optimistic that future demand will support our growth trajectory. During the period, our business development team signed three new customers as well as project expansion orders with several existing customers. The visibility we currently have into the industry, as well as our customer projections point to continued growth in production demand throughout the year, and it is our priority to be well-positioned to support that demand.
“In recent weeks, the company also made progress with several important operational projects. As reported previously, the company experienced an equipment issue that interrupted several production runs during the third and fourth quarters of fiscal 2020. I am pleased to report that the remediation activities conducted were validated during the Q1 of FY2021 by completing multiple successful revenue-generating production campaigns using this equipment. Avid also recently initiated its planned annual preventative facility maintenance program. This effort is proceeding well, with work largely completed in the Franklin facility and work on our Myford facility well underway. Lastly, during the Q1, we made further progress with our expansion plans. As we continue to see growth in customer demand, this anticipated expansion will be important to sustaining strong future growth. We continue to dedicate significant time and resources to design, review and pre-engineering activities and look forward to updating you on our plans in the near future.
“I was very pleased to officially join the company in late July, and my first month has only strengthened my belief that Avid is a state-of-the art business with significant opportunity for growth. This is especially true given our focus on biologics, which is one of the fastest growing sectors of the industry. As I return to the United States from my time abroad, I can’t help but feel that Avid is well positioned to benefit from some of the industry trends we have seen developing recently. Given the broad and deep talent of our employees, our quality facilities and systems, and the expertise and commitment to excellence that fuels our work here at Avid, I am confident that the company will continue to thrive. As I begin what I believe will be an exciting and successful time at Avid, I wish to thank my predecessor, Rick Hancock, for his contributions over the last year. Under Rick’s leadership, Avid has evolved into the growth organization it is today, and I thank him and the board for entrusting me with the future of the company.”
FINANCIAL HIGHLIGHTS AND GUIDANCE
The company is confirming revenue guidance for the full FY 2021 of $76-$81 million.
Revenues for the Q1 of FY2021 were $25.4 million, a 66% increase compared to revenues of $15.3 million recorded during the Q1 of FY2020. The increase in revenue was primarily attributable to growth in the number and scale of in-process and/or completed manufacturing runs during the quarter, including $4.3 million from the completion of all batches that had been deferred from the third and fourth quarters of FY2020 due to a previously reported equipment issue, and $3.1 million in fees received from a customer that reached its inventory requirements with fewer than expected runs, therefore not utilizing all their reserved capacity that had been scheduled for third quarter of FY2021. Avid expects demand for high quality biologics capacity to continue, and it remains on track to achieve the stated revenue guidance for FY2021. However, the company cautions against using its Q1 revenues as a new benchmark, as the deferred batches from the third and fourth quarters of FY2020 and the fees associated with a customer’s unused capacity contributed to the top line during the period.
As of July 31, 2020, revenue backlog was $60 million, compared to $65 million at the end of Q4 of FY2020. The company expects to recognize the majority of this backlog during FY2021.
Gross margin for the Q1 of FY2021 was 34%, a significant increase compared to a gross margin of 7% for the Q1 of FY2020. The increase in gross margin for the FY2021 quarter was primarily attributable to increased manufacturing revenue from the growth in the number and scale of manufacturing runs and the aforementioned fees associated with a customer’s unused capacity.
Selling, general and administrative expenses (“SG&A”) for the Q1 of FY2021 were $3.8 million versus $4.5 million recorded for the Q1 of FY2020. The decrease in SG&A was primarily attributed to a decrease in separation related expenses and other general SG&A expenses, partially offset by a net increase in payroll and benefits costs.
For the Q1 of FY2021, the company recorded a consolidated net income attributable to common stockholders of $3.3 million or $.06 per basic and diluted share, as compared to a consolidated net loss attributable to common stockholders of $4.6 million or $.08 per basic and diluted share, for the Q1 of FY2020.
Avid reported $28.2 million in cash and cash equivalents as of July 31, 2020, compared to $36.3 million as of the prior FY ended April 30, 2020.
More detailed financial information and analysis may be found in Avid Bioservices’ Quarterly Report on Form 10-Q, which will be filed with the SEC today. [https://tinyurl.com/y5puv3b7 ]
RECENT CORPORATE DEVELOPMENTS
Expanded the company’s customer base with the addition of three new customers and executed multiple project expansion orders with existing customers representing additional net revenue backlog of $20 million during the Q1. The company’s new customers include Iovance Biotherapeutics, Inc., Oragenics, Inc., and Mapp Biopharmaceutical, Inc. These new customers will take advantage of the range of capabilities at Avid including technical transfer, process development and scale-up, all with a view to future GMP manufacture.
Entered into a co-marketing agreement with Argonaut Manufacturing Services to support drug product manufacturing. This partnership is designed to offer customers Avid’s upstream and downstream process development and drug substance manufacturing services in tandem with Argonaut’s parenteral drug product fill-finish services, to support the efficient delivery of CGMP parenteral drug products for use in clinical studies. Through the collaborations signed with Aragen Bioscience during Q4 FY2020, and with Argonaut in Q1 FY2021, Avid has strategically established an end-to-end option for customers seeking support from early cell line development through drug product manufacturing.
Continued the pre-engineering, design and permitting work required to allow the company to break ground on a facility expansion at the appropriate time. While a specific kick-off date has not yet been established for this expansion, the company believes that continued strong customer demand will require additional capacity and Avid is proactively working to prepare for this growth.
CONFERENCE CALL
Avid will host a conference call and webcast this afternoon, September 1, 2020, 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/investor-events .
ABOUT AVID BIOSERVICES, INC.
Avid Bioservices is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biopharmaceutical drug substances derived from mammalian cell culture. The company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With 27 years of experience producing monoclonal antibodies and recombinant proteins, Avid's services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the company provides a variety of process development activities, including upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. http://www.avidbio.com
AVID BIOSERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited) (In thousands, except per share information)
Three Months Ended July 31,
2020 2019
Revenues $ 25,392 $ 15,254
Cost of revenues 16,848 14,168
Gross profit 8,544 1,086
Operating expenses:
Selling, general and administrative 3,825 4,459
Operating income (loss) 4,719 (3,373 )
Interest and other income, net 11 209
Net income (loss) $ 4,730 $ (3,164 )
Comprehensive income (loss) $ 4,730 $ (3,164 )
Series E preferred stock accumulated dividends (1,442 ) (1,442 )
Net income (loss) attributable to common stockholders $ 3,288 $ (4,606 )
Net income (loss) per share attributable to common stockholders:
Basic $ 0.06 $ (0.08 )
Diluted $ 0.06 $ (0.08 )
Weighted average common shares outstanding:
Basic 56,523 56,167
Diluted 56,892 56,167
AVID BIOSERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except par value)
July 31, 2020 April 30, 2020
ASSETS
Current assets:
Cash and cash equivalents $ 28,211 $ 36,262
Accounts receivable 14,311 8,606
Contract assets 4,317 3,300
Inventory 9,610 10,883
Prepaid expenses 569 712
Total current assets 57,018 59,763
Property and equipment, net 28,134 27,105
Operating lease right-of-use assets 19,757 20,100
Restricted cash 350 350
Other assets 302 302
Total assets $ 105,561 $ 107,620
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 5,724 $ 5,926
Accrued payroll and related costs 3,405 3,019
Contract liabilities 27,123 29,120
Operating lease liabilities 1,268 1,228
Note payable — 4,379
Other current liabilities 591 808
Total current liabilities 38,111 44,480
Operating lease liabilities, less current portion 20,911 21,244
Total liabilities 59,022 65,724
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized;
1,648 shares issued and outstanding at July 31, 2020 and April 30,
2020, respectively 2 2
Common stock, $0.001 par value; 150,000 shares authorized;
56,601 and 56,483 shares issued and outstanding at July 31, 2020 and
April 30, 2020, respectively 56 56
Additional paid-in capital 612,822 612,909
Accumulated deficit (566,341 ) (571,071 )
Total stockholders’ equity 46,539 41,896
Total liabilities and stockholders’ equity $ 105,561 $ 107,620
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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From 10-Q header: “As of Aug 24, 2020, there were 56,602,792 shares outstanding.”
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Latest 10Q 7-31-20 iss. 9-1-20 https://tinyurl.com/y5puv3b7 (Cash 7-31-20=$28.2mm)
Latest 10K 4-30-20 iss. 6-30-20 https://tinyurl.com/yak25nco (Cash 4-30-20=$36.3mm)
Latest DEF14A/Proxy iss. 8-27-20 (re: 10-20-20 ASM): https://tinyurl.com/y46ga9el
ALL SEC filings for PPHM: http://tinyurl.com/6d4jw8
10-K: “As of 4-30-20, we employed 222 full-time & 5 part-time emps.” (2018: 185/1, 2019: 211/4)
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Updated PPHM REVS-BY-QTR TABLE, now thru FY21Q1(qe 7-31-20), per the 10Q issued 9-1-20.
• Total Avid Revs since May’03: $434.2M
• 9-1-20: FY'21 (May'20-Apr'21) Avid revs guidance $76-81M (committed B/L=$60 at 7-31-20).
• Inventories at 7-31-20 total $9.6M, DOWN from $10.9M at 4-30-20.
Avid’s website: http://www.avidbio.com
8-21-20 Avid’s Known Customers Mkt-Caps
1. Halozyme Therapeutics https://finance.yahoo.com/quote/HALO 3.9B
2. Gilead Sciences https://finance.yahoo.com/quote/GILD 82.7B +7-8-19 PR: https://tinyurl.com/yyq8zgb9
3. Acumen Pharmaceuticals PRIV https://www.acumenpharm.com
4. IGM Biosciences https://finance.yahoo.com/quote/IGMS 1.5B
5. Coherus BioSciences https://finance.yahoo.com/quote/CHRS 1.4B
6. ADC Therapeutics America https://finance.yahoo.com/quote/ADCT 2.9B
NEW 8-2020:
7. Iovance Biotherapeutics https://finance.yahoo.com/quote/IOVA 4.2B
8. Oragenics https://finance.yahoo.com/quote/OGEN 58M
9. Mapp Biopharmaceutical PRIV https://mappbio.com BARDA #HHSO100201900018C ($16.5M+Opt/$30M)
Aug2020 Adds:
8-6-20: IOVANCE Biotherapeutics signs w/Avid(+Aragen) to Dev+Mfg. IOV-3001 (IL-2 Analog) https://tinyurl.com/y2lgzh6x
BioProcIntl: “Iovance said it would focus on GMP manufacturing of IOV-3001 during 2020 and may initiate IND-enabling activities as early as 2021” https://tinyurl.com/y4ko9j7t
8-20-20: ORAGENICS signs Dev/Mfg Agreement with Avid for COVID-19 Vaccine “TerraCoV2” https://tinyurl.com/yxqg3w4v
8-26-20: MAPP BIOPHARMACEUTICAL signs w/Avid for ClinDev of Novel Antiviral Antibody (MBP091?) https://tinyurl.com/yxwvr949 BARDA #HHSO100201900018C (see: https://tinyurl.com/yye8t5nx)
7-8-19/PR: Avid Signs New Top10 Global Pharma [GILEAD] https://tinyurl.com/yyq8zgb9
- - - - - -CDMO’s Fiscal Qtr’s (FY runs May – April):
FY’17-Q1 = q/e 7-31-16 – rep. 9-8-16 Thu (after mkt)
FY’17-Q2 = q/e 10-31-16 – rep. 12-12-16 Mon (after mkt)
FY’17-Q3 = q/e 1-31-17 – rep. 3-13-17 Mon (after mkt)
FY’17-Q4 = q/e 4-30-17 – rep. 7-14-17 Fri (after mkt)
FY’18-Q1 = q/e 7-31-17 – rep. 9-11-17 Mon (after mkt)
FY’18-Q2 = q/e 10-31-17 – rep. 12-11-17 Mon (after mkt)
FY’18-Q3 = q/e 1-31-18 – rep. 3-12-18 Mon (after mkt)
FY’18-Q4 = q/e 4-30-18 – rep. 7-16-18 Mon (after mkt)
FY’19-Q1 = q/e 7-31-18 – rep. 9-10-18 Mon (after mkt)
FY’19-Q2 = q/e 10-31-18 – rep. 12-10-18 Mon (after mkt)
FY’19-Q3 = q/e 1-31-19 – rep. 3-11-19 Mon (after mkt)
FY’19-Q4 = q/e 4-30-19 – rep. 6-27-19 Thu (after mkt)
FY’20-Q1 = q/e 7-31-19 – rep. 9-5-19 Thu (after mkt)
FY’20-Q2 = q/e 10-31-19 – rep. 12-9-19 Thu (after mkt)
FY’20-Q3 = q/e 1-31-20 – rep. 3-10-20 Tue (after mkt)
FY’20-Q4 = q/e 4-30-20 – rep. 6-30-20 Tue (after mkt)
FY’21-Q1 = q/e 7-31-20 – rep. 9-1-20 Tue (after mkt)
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“Going Concern” stmt. ELIMINATED from 10-K iss. 7-11-13 (included 2012);
... RE-INSTATED in 10-K iss. 7-14-17 (included 2017 & 2018);
… ELIMINATED again from 10-K iss. 6-27-19 (currently 2019).
CASH a/o 1-31-14: $63.2M
CASH a/o 2-15-14: $79.7M
CASH a/o 4-30-14: $77.5M
CASH a/o 6-30-14: $78.3M
CASH a/o 7-31-14: $73.3M
CASH a/o 10-31-14: $64.4M
CASH a/o 1-31-15: $55.2M
CASH a/o 4-30-15: $68.0M
CASH a/o 7-31-15: $59.0M
CASH a/o 10-31-15: $72.0M
CASH a/o 1-31-16: $67.5M
CASH a/o 4-30-16: $61.4M
CASH a/o 7-31-16: $44.2M
CASH a/o 10-31-16: $49.5M
CASH a/o 1-31-17: $41.5M
CASH a/o 4-30-17: $46.8M
CASH a/o 7-31-17: $37.3M
CASH a/o 10-31-17: $27.7M
CASH a/o 1-31-18: $17.9M
CASH a/o 2-28-18: $41.7M
CASH a/o 4-30-18: $42.3M
CASH a/o 7-31-18: $37.5M
CASH a/o 10-31-18: $32.7M
CASH a/o 1-31-19: $27.8M
CASH a/o 4-30-19: $32.4M
CASH a/o 7-31-19: $28.9M
CASH a/o 10-31-19: $34.0M
CASH a/o 1-31-20: $30.7M
CASH a/o 4-30-20: $36.3M
CASH a/o 7-31-20: $28.2M
CDMO - O/S Shares History (’06–curr.)
Click here for 4/30/06–12/8/16 Peregrine Pharm. share history: https://tinyurl.com/y76cbyt5
**PPHM shares were 1:5 R/S eff. 10-19-09 (~237mm/$.64=>~47.4mm/$3.20) http://tinyurl.com/ykuw588
**PPHM shares were 1:7 R/S eff. 7-10-17 (315mm/$.606=>45mm/$4.24) http://tinyurl.com/ycohqn6j
1-31-17: 271,068,464 +13,926,930 (1-31-17 10Q iss. 3-13-17)
3-10-17: 297,709,478 +26,641,014 (“ “ “)
4-30-17: 44,014,040(x7)=308,098,280 +10,388,802 (4-30-17 10K iss. 7-14-17)
7-10-17: 45,069,188 +1,055,148 (“ “ “)
7-31-16: 45,094,154 +24,966 (7-31-17 10Q iss. 9-11-17)
8-25-17: 45,096,081 +1,927 (8-25-17 Amended 10K http://tinyurl.com/yb5jq7vc )
9-6-17: 45,096,081 nochg (7-31-17 10Q iss. 9-11-17)
10-31-16: 45,172,632 +76,551 (10-31-17 10Q iss. 12-11-17)
11-27-17: 45,210,608 +37,976 (14A/Proxy iss. 12-7-17 https://tinyurl.com/y7qprpg9 )
12-6-17: 45,212,760 +2,152 (10-31-17 10Q iss. 12-11-17)
1-8-18: 45,253,038 +40,278 (2-8-18 13D https://tinyurl.com/ya43sc3r )
1-31-18: 45,257,180 +4,142 (1-31-18 10Q iss. 3-12-18)
...2-20-18: Avid Raises ~$21.8M net, selling 10,294,445sh.@$2.25 (underwriter: Wells Fargo)
…... 8-K: https://tinyurl.com/ya3nenth 424B5: https://tinyurl.com/ycpshgxl
3-7-18: 55,552,233 +10,295,053 (1-31-18 10Q)
4-30-18: 55,689,222 +133,989 (4-30-18 10K)
7-10-18: 55,793,107 +103,885 (4-30-18 10K)
9-5-18: 56,001,456 +208,349 (7-31-18 10Q)
10-31-18: 56,063,488 +62,032 (10-31-18 10Q)
12-3-18: 56,067,867 +4,379 (10-31-18 10Q)
1-31-19: 56,072,291 +4,424 (1-31-19 10Q)
3-4-19: 56,074,509 +2,218 (1-31-19 10Q)
6-14-19: 56,137,724 +63,215 (4-30-19 10K)
8-31-19: 56,237,674 +99,950 (7-31-19 10Q)
11-30-19: 56,338,143 +100,469 (10-31-19 10Q)
3-2-20: 56,482,154 +144,011 (1-31-20 10Q)
6-19-20: 56,511,294 +29,140 (4-30-20 10K)
8-24-20: 56,602,792 +91,498 (7-31-20 10Q)
*Revs Guidance (FY’21 fye 4-30-21): $76-81M. 7-31-20 Backlog=$60M
*Cash: 7-31-20: $28.2M
*As of 8-24-20: 56,602,792 shares o/s
*10Q/7-31-20 iss. 9-1-20: https://tinyurl.com/y5puv3b7
*10K/4-30-20 iss. 6-30-20: https://tinyurl.com/yak25nco
*Avid Total Revs May03-Jul20: $434.2M
*Avid’s website: https://avidbio.com (A/o 4-30-20, 222 full-time & 5 part-time emps)
This large post has 4 sections:
I. 9-1-20 Qtly. Earnings Conf. Call TRANSCRIPT (FY21/Q1 qe 7-31-20)
II. 9-1-20 CDMO Press Release: Q1/FY21 Earnings & Developments
IV. Updated Table of Avid Revenues By Quarter (May’06-Current)
III. Updated O/S Shares History Table – 2006-curr.
…Recall: Avid’s FY runs May-Apr, so FY’21 = May’20-Apr’21.
TRANSCRIPT 9-1-20 FY21/Q1 Earnings Conf. Call (qe 7-31-20):
Nick Green(CEO), Daniel Hart(CFO), Tim Compton(CCO)
Q&A Analysts:
Matt Hewitt - Craig-Hallum Capital
Jacob Johnson – Stephens Inc.
Link to webcast replay: http://ir.avidbio.com/events-and-presentations => https://edge.media-server.com/mmc/p/64ateurd
CC TRANSCRIPT EXTRACTS – PREPARED REMARKS BY CEO NICK GREEN:
CEO NICK GREEN OPENING:
Thank you to everybody who has dialed in and also to those who are participating today via webcast. I officially joined Avid in late July and have truly enjoyed my first month on the job. Despite the challenges presented by the pandemic, my family and I have successfully relocated to Orange County and are settling into our new community well. My first few weeks have done nothing but confirm my view that I believe Avid to be a strong and state-of-the-art company with significant opportunity for growth. This is especially true given our focus on biologics, which is growing faster than many other sectors in the industry. As I return to the USA from my time abroad, I can't help but feel that Avid is well positioned to benefit from some of the industry trends we have seen developing recently. Given the broad and deep talent of our employees, our quality facilities, systems, expertise and commitment to excellence that fuels our work here at Avid, I am confident that the company will continue to thrive.
As I begin what I believe will be an exciting and successful time at Avid, I would like to thank my predecessor Rick Hancock for his contributions over the last year. Under Rick's leadership, Avid has evolved into the growth organization it is today and I thank him and the Board for entrusting me with the future of the company.
I'll now address our financial business dev. and operational achievements for the period. From a financial perspective, Q1 was particularly strong as we significantly exceeded revenue expectations as well as other key metrics. In business development, we expanded our customer base with the addition of 3 new customers, each of which brings an exciting new project to the manufacturing portfolio. Lastly, Avid's operational activities include the completion of multiple production runs that validated the remediation activities we undertook in late FY2020, as well as the continued development of our plans to provide additional capacity. Tim and I will provide additional details on the business dev. and operations following an overview of our Q1 financial results. And for that, I turn the call over to Dan.”
CEO NICK GREEN - AFTER HART/COMPTON OPENING:
“I'd like to expand on Tim's final comments to address Avid's broader operations within the context of COVID-19. Despite the disruption caused globally by the pandemic, we are fortunate that we have not experienced any interruption to our operations. To date, we have observed no material impact to our production programs or our supply chain, and our employees remain healthy and productive. Management continues to take every precaution and follow state and local guidelines to ensure the continued safety and well-being of our team members, and we are hopeful that our operations will remain un-impacted.
During and subsequent to the quarter, we made progress with a number of important operational projects. I'd first like to address the equipment issue that interrupted several production runs during Q3 & Q4 FY2020. As we reported last quarter, the specific piece of equipment in question is now operational. Following efforts to investigate and remediate the problem during Q4, we have now validated these efforts by completing multiple successful revenue generating production campaigns using this equipment. Importantly, as Dan reported earlier on, all of the delayed FY2020 have now been completed. At the very end of July, Avid also initiated its annual preventative maintenance shutdown. As in prior years, this process temporarily reduces available capacity, which as usual we expect to have some impact on our Q2 FY2021 financial results.
Lastly, we continue to make progress with our expansion plans, as we continue to see growth in customer demand, the ability to access additional capacity grows increasingly important. As I am new to the team and considering the importance of this in the future of the business, I'm in the process of reviewing the design plans and other ancillary requirements ahead of making our final decision with respect to the best path forward for the business. An expansion of this nature typically takes up to 24 months to complete, and as such we are keen to not only move swiftly, but also thoughtfully.
In closing, I can say that I believe the accomplishments of Q1 have established a good momentum for the rest of the year to come. During the quarter, our business dev. team signed $20 million in project orders with new customers as well as with existing customers. Looking ahead, we see growth in manufacturing demand and expect to continue to expand our production pipeline. Financially, we believe this demand will continue to drive our top line growth with margins improving in line. While we are not currently in a position to project sustainable quarter-to-quarter profitability, we are focused on extending this performance across our fiscal year.”
CEO NICK GREEN - CLOSING (After Q&A):
“Thank you to everyone participating on today's call. I am pleased to be at Avid at this exciting time in the company's evolution, and have a great deal of optimism for the future of the business, and I'm very happy to be working alongside our exceptional employees. In closing, I'd like to thank our dedicated employees, many of whom are at Avid daily, working through the challenges presented by COVID-19, both at home and at work. They work to ensure that we are able to deliver commercial and clinical products we need to supply to patients in need. None of this success would be possible without the hard work, commitment to our employees and I am grateful for their dedication. I thank you again for participating in today's call and thank you for your continued support of Avid Bioservices.”
READ the entire CC Transcript here:
https://www.fool.com/earnings/call-transcripts/2020/09/01/avid-bioservices-inc-cdmo-q1-2021-earnings-call-tr
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9-1-20/PR: Avid Bioservices Reports Financial Results for Q1/FY21 Ended July 31, 2020, and Recent Developments
http://ir.avidbio.com/news-releases/news-release-details/avid-bioservices-reports-financial-results-first-quarter-ended
-- Recorded Q1 Revenue of $25.4 Million
-- Signed Three New Customers and Project Expansion Orders with Current Customers for $20 Million
-- Backlog of $60 Million at Quarter-End
TUSTIN: Avid Bioservices, Inc. (NASDAQ:CDMO/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, today announced financial results for the Q1 of FY2021, ended July 31, 2020.
HIGHLIGHTS SINCE APRIL 30, 2020
“FY2021 is off to a strong start as a result of the accomplishments of the Q1,” stated Nicholas Green, President and CEO of Avid Bioservices. “During the quarter, the company achieved revenues of $25.4 million and net income of $4.7 million. And though revenue for the quarter was supplemented as a result of our completion of runs deferred from the third and fourth quarters of fiscal 2020, we are optimistic that future demand will support our growth trajectory. During the period, our business development team signed three new customers as well as project expansion orders with several existing customers. The visibility we currently have into the industry, as well as our customer projections point to continued growth in production demand throughout the year, and it is our priority to be well-positioned to support that demand.
“In recent weeks, the company also made progress with several important operational projects. As reported previously, the company experienced an equipment issue that interrupted several production runs during the third and fourth quarters of fiscal 2020. I am pleased to report that the remediation activities conducted were validated during the Q1 of FY2021 by completing multiple successful revenue-generating production campaigns using this equipment. Avid also recently initiated its planned annual preventative facility maintenance program. This effort is proceeding well, with work largely completed in the Franklin facility and work on our Myford facility well underway. Lastly, during the Q1, we made further progress with our expansion plans. As we continue to see growth in customer demand, this anticipated expansion will be important to sustaining strong future growth. We continue to dedicate significant time and resources to design, review and pre-engineering activities and look forward to updating you on our plans in the near future.
“I was very pleased to officially join the company in late July, and my first month has only strengthened my belief that Avid is a state-of-the art business with significant opportunity for growth. This is especially true given our focus on biologics, which is one of the fastest growing sectors of the industry. As I return to the United States from my time abroad, I can’t help but feel that Avid is well positioned to benefit from some of the industry trends we have seen developing recently. Given the broad and deep talent of our employees, our quality facilities and systems, and the expertise and commitment to excellence that fuels our work here at Avid, I am confident that the company will continue to thrive. As I begin what I believe will be an exciting and successful time at Avid, I wish to thank my predecessor, Rick Hancock, for his contributions over the last year. Under Rick’s leadership, Avid has evolved into the growth organization it is today, and I thank him and the board for entrusting me with the future of the company.”
FINANCIAL HIGHLIGHTS AND GUIDANCE
The company is confirming revenue guidance for the full FY 2021 of $76-$81 million.
Revenues for the Q1 of FY2021 were $25.4 million, a 66% increase compared to revenues of $15.3 million recorded during the Q1 of FY2020. The increase in revenue was primarily attributable to growth in the number and scale of in-process and/or completed manufacturing runs during the quarter, including $4.3 million from the completion of all batches that had been deferred from the third and fourth quarters of FY2020 due to a previously reported equipment issue, and $3.1 million in fees received from a customer that reached its inventory requirements with fewer than expected runs, therefore not utilizing all their reserved capacity that had been scheduled for third quarter of FY2021. Avid expects demand for high quality biologics capacity to continue, and it remains on track to achieve the stated revenue guidance for FY2021. However, the company cautions against using its Q1 revenues as a new benchmark, as the deferred batches from the third and fourth quarters of FY2020 and the fees associated with a customer’s unused capacity contributed to the top line during the period.
As of July 31, 2020, revenue backlog was $60 million, compared to $65 million at the end of Q4 of FY2020. The company expects to recognize the majority of this backlog during FY2021.
Gross margin for the Q1 of FY2021 was 34%, a significant increase compared to a gross margin of 7% for the Q1 of FY2020. The increase in gross margin for the FY2021 quarter was primarily attributable to increased manufacturing revenue from the growth in the number and scale of manufacturing runs and the aforementioned fees associated with a customer’s unused capacity.
Selling, general and administrative expenses (“SG&A”) for the Q1 of FY2021 were $3.8 million versus $4.5 million recorded for the Q1 of FY2020. The decrease in SG&A was primarily attributed to a decrease in separation related expenses and other general SG&A expenses, partially offset by a net increase in payroll and benefits costs.
For the Q1 of FY2021, the company recorded a consolidated net income attributable to common stockholders of $3.3 million or $.06 per basic and diluted share, as compared to a consolidated net loss attributable to common stockholders of $4.6 million or $.08 per basic and diluted share, for the Q1 of FY2020.
Avid reported $28.2 million in cash and cash equivalents as of July 31, 2020, compared to $36.3 million as of the prior FY ended April 30, 2020.
More detailed financial information and analysis may be found in Avid Bioservices’ Quarterly Report on Form 10-Q, which will be filed with the SEC today. [https://tinyurl.com/y5puv3b7 ]
RECENT CORPORATE DEVELOPMENTS
Expanded the company’s customer base with the addition of three new customers and executed multiple project expansion orders with existing customers representing additional net revenue backlog of $20 million during the Q1. The company’s new customers include Iovance Biotherapeutics, Inc., Oragenics, Inc., and Mapp Biopharmaceutical, Inc. These new customers will take advantage of the range of capabilities at Avid including technical transfer, process development and scale-up, all with a view to future GMP manufacture.
Entered into a co-marketing agreement with Argonaut Manufacturing Services to support drug product manufacturing. This partnership is designed to offer customers Avid’s upstream and downstream process development and drug substance manufacturing services in tandem with Argonaut’s parenteral drug product fill-finish services, to support the efficient delivery of CGMP parenteral drug products for use in clinical studies. Through the collaborations signed with Aragen Bioscience during Q4 FY2020, and with Argonaut in Q1 FY2021, Avid has strategically established an end-to-end option for customers seeking support from early cell line development through drug product manufacturing.
Continued the pre-engineering, design and permitting work required to allow the company to break ground on a facility expansion at the appropriate time. While a specific kick-off date has not yet been established for this expansion, the company believes that continued strong customer demand will require additional capacity and Avid is proactively working to prepare for this growth.
CONFERENCE CALL
Avid will host a conference call and webcast this afternoon, September 1, 2020, 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/investor-events .
ABOUT AVID BIOSERVICES, INC.
Avid Bioservices is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biopharmaceutical drug substances derived from mammalian cell culture. The company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With 27 years of experience producing monoclonal antibodies and recombinant proteins, Avid's services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the company provides a variety of process development activities, including upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. http://www.avidbio.com
AVID BIOSERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited) (In thousands, except per share information)
Three Months Ended July 31,
2020 2019
Revenues $ 25,392 $ 15,254
Cost of revenues 16,848 14,168
Gross profit 8,544 1,086
Operating expenses:
Selling, general and administrative 3,825 4,459
Operating income (loss) 4,719 (3,373 )
Interest and other income, net 11 209
Net income (loss) $ 4,730 $ (3,164 )
Comprehensive income (loss) $ 4,730 $ (3,164 )
Series E preferred stock accumulated dividends (1,442 ) (1,442 )
Net income (loss) attributable to common stockholders $ 3,288 $ (4,606 )
Net income (loss) per share attributable to common stockholders:
Basic $ 0.06 $ (0.08 )
Diluted $ 0.06 $ (0.08 )
Weighted average common shares outstanding:
Basic 56,523 56,167
Diluted 56,892 56,167
AVID BIOSERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except par value)
July 31, 2020 April 30, 2020
ASSETS
Current assets:
Cash and cash equivalents $ 28,211 $ 36,262
Accounts receivable 14,311 8,606
Contract assets 4,317 3,300
Inventory 9,610 10,883
Prepaid expenses 569 712
Total current assets 57,018 59,763
Property and equipment, net 28,134 27,105
Operating lease right-of-use assets 19,757 20,100
Restricted cash 350 350
Other assets 302 302
Total assets $ 105,561 $ 107,620
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 5,724 $ 5,926
Accrued payroll and related costs 3,405 3,019
Contract liabilities 27,123 29,120
Operating lease liabilities 1,268 1,228
Note payable — 4,379
Other current liabilities 591 808
Total current liabilities 38,111 44,480
Operating lease liabilities, less current portion 20,911 21,244
Total liabilities 59,022 65,724
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized;
1,648 shares issued and outstanding at July 31, 2020 and April 30,
2020, respectively 2 2
Common stock, $0.001 par value; 150,000 shares authorized;
56,601 and 56,483 shares issued and outstanding at July 31, 2020 and
April 30, 2020, respectively 56 56
Additional paid-in capital 612,822 612,909
Accumulated deficit (566,341 ) (571,071 )
Total stockholders’ equity 46,539 41,896
Total liabilities and stockholders’ equity $ 105,561 $ 107,620
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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From 10-Q header: “As of Aug 24, 2020, there were 56,602,792 shares outstanding.”
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Latest 10Q 7-31-20 iss. 9-1-20 https://tinyurl.com/y5puv3b7 (Cash 7-31-20=$28.2mm)
Latest 10K 4-30-20 iss. 6-30-20 https://tinyurl.com/yak25nco (Cash 4-30-20=$36.3mm)
Latest DEF14A/Proxy iss. 8-27-20 (re: 10-20-20 ASM): https://tinyurl.com/y46ga9el
ALL SEC filings for PPHM: http://tinyurl.com/6d4jw8
10-K: “As of 4-30-20, we employed 222 full-time & 5 part-time emps.” (2018: 185/1, 2019: 211/4)
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Updated PPHM REVS-BY-QTR TABLE, now thru FY21Q1(qe 7-31-20), per the 10Q issued 9-1-20.
• Total Avid Revs since May’03: $434.2M
• 9-1-20: FY'21 (May'20-Apr'21) Avid revs guidance $76-81M (committed B/L=$60 at 7-31-20).
• Inventories at 7-31-20 total $9.6M, DOWN from $10.9M at 4-30-20.
Avid’s website: http://www.avidbio.com
AVID GROSS PROFITABILITY BY QTR: CONTRACT
QTR (1000’s) Rev$ COGS$ Prof$ GP% INVEN$ LIABILITIES*
FY13Q1 7-31-12 4,135 2,024 2,111 51% 5,744 16,280
FY13Q2 10-31-12 6,061 3,703 2,358 39% 5,426 14,721
FY13Q3 1-31-13 6,961 3,651 3,310 47% 4,635 11,790
FY13Q4 4-30-13 4,176 3,217 959 23% 4,339 12,230
FY14Q1 7-31-13 4,581 2,670 1,911 42% 5,679 12,692
FY14Q2 10-31-13 7,354 4,195 3,159 43% 4,033 11,126
FY14Q3 1-31-14 3,885 2,416 1,469 38% 5,224 12,975
FY14Q4 4-30-14 6,474 3,829 2,645 41% 5,530 11,001
FY15Q1 7-31-14 5,496 3,583 1,913 35% 5,998 10,896
FY15Q2 10-31-14 6,263 4,139 2,124 34% 5,379 11,161
FY15Q3 1-31-15 5,677 3,113 2,564 45% 6,148 14,063
FY15Q4 4-30-15 9,308 4,758 4,550 49% 7,354 17,993
FY16Q1 7-31-15 9,379 4,608 4,771 51% 10,457 17,890
FY16Q2 10-31-15 9,523 4,741 4,782 50% 12,554 24,623
FY16Q3 1-31-16 6,672 3,896 2,776 42% 15,189 37,851
FY16Q4 4-30-16 18,783 9,721 9,062 48% 15,189 39,630
FY17Q1 7-31-16 5,609 3,062 2,547 45% 25,274 43,262
FY17Q2 10-31-16 23,370 15,441 7,929 34% 25,924 44,908
FY17Q3 1-31-17 10,747 7,974 2,773 26% 33,829 52,577
FY17Q4 4-30-17 17,904 11,782 6,122 34% 33,099 45,517
FY18Q1 7-31-17 27,077 20,448 6,629 24% 24,235 27,755
FY18Q2 10-31-17 12,782 16,242 -3,460 -27% 16,518 20,611
FY18Q3 1-31-18 6,819 10,951 -4,132 -61% 14,218 24,235
FY18Q4 4-30-18 6,943 8,904 -1,961 -28% 16,129 27,935
FY19Q1 7-31-18 12,589 11,397 1,192 9% 9,168 17,994
FY19Q2 10-31-18 10,178 9,844 334 3% 9,736 17,307
FY19Q3 1-31-19 13,781 11,731 2,050 15% 8,660 14,620
FY19Q4 4-30-19 17,055 13,407 3,648 21% 6,557 14,651
FY20Q1 7-31-19 15,254 14,168 1,086 7% 8,031 18,104
FY20Q2 10-31-19 18,313 14,953 3,360 18% 7,809 22,199
FY20Q3 1-31-20 13,585 12,800 785 6% 9,565 26,355
FY20Q4 4-30-20 12,550 13,849 -1,299 -10% 10,883 29,120
FY21Q1 7-31-20 25,392 16,848 8,544 34% 9,610 27,123
*7-31-18 10Q: “prior-yr amts related to (deferred revenue
+ cust deposits) now reclass’d as contract liabilities.”
Rev$ COGS$ Prof$ GP%
FY13 TOTAL: 21,333 12,595 8,738 41%*
FY14 TOTAL: 22,294 13,110 9,184 41%*
FY15 TOTAL: 26,744 15,393 11,151 42%*
FY16 TOTAL: 44,357 22,966 21,391 48%*
FY17 TOTAL: 57,630 38,259 19,371 34%*
FY18 TOTAL: 53,621 56,545 -2,924 -5%*
FY19 TOTAL: 53,603 46,379 7,224 13%*
FY20 TOTAL: 59,702 55,770 3,932 7%*
*Avid Net-Profit(Selling/G&A) not split out from PPHM-Corp. in the fin’s.
AVID TOTAL REV’s BY YEAR):
FY04 4-30-04 3,039 (Avid-Revs didn’t incl. Avid’s Gov’t work)
FY05 4-30-05 4,684
FY06 4-30-06 3,005
FY07 4-30-07 3,492
FY08 4-30-08 5,897
FY09 4-30-09 12,963
FY10 4-30-10 13,204
FY11 4-30-11 8,502
FY12 4-30-12 14,783
FY13 4-30-13 21,333
FY14 4-30-14 22,294
FY15 4-30-15 26,744
FY16 4-30-16 44,357
FY17 4-30-17 57,630
FY18 4-30-18 53,621
FY19 4-30-19 53,603
FY20 4-30-20 59,702
FY21 4-30-21 25,392 (thru Q1)
**TOTAL: 434,245 (5/1/2003–7/31/20)
.
QTLY. NET PROFIT/LOSS BY QTR:
(“attributable to common stockholders”; ie, incl. PREF Div’s**)
**2-11-14: PPHM Raises $16.2M, 700k Pref. Shares w/10.5% DIV.
FY16Q1 7-31-15 -15,101,000
FY16Q2 10-31-15 -14,578,000
FY16Q3 1-31-16 -18,227,000
FY16Q4 4-30-16 -13,264,000
FY17Q1 7-31-16 -12,437,000
FY17Q2 10-31-16 -4,498,000
FY17Q3 1-31-17 -9,216,000
FY17Q4 4-30-17 -6,714,000
FY18Q1 7-31-17 -2,647,000
FY18Q2 10-31-17 -14,066,000
FY18Q3 1-31-18 -12,446,000
FY18Q4 4-30-18 +1,578,000 <=includes $9,154,000 income from disc. operations.
FY19Q1 7-31-18 -3,403,000
FY19Q2 10-31-18 -2,893,000
FY19Q3 1-31-19 -2,581,000
FY19Q4 4-30-19 -1,106,000
FY20Q1 7-31-19 -4,606,000
FY20Q2 10-31-19 -1,872,000
FY20Q3 1-31-20 -3,546,000
FY20Q4 4-30-20 -6,210,000
FY21Q1 7-31-20 +3,288,000
CUSTOMER SPLITS - 4-30-20 10-K pg.39 (iss. 6-30-20):
Period Halozyme Gilead Acumen IGM Coherus ADC-Ther. Others
FYE 4-30-14 91% 8%
FYE 4-30-15 79% 9%
FYE 4-30-16 69% 26% 5%
FYE 4-30-17 58% 16% 26% 16%
FYE 4-30-18 55% 22% 9% 14%
FYE 4-30-19 30% <10% <10% 13% 21% 36%
FYE 4-30-20 28% 24% 11% 11% 10% <10% --
...(cust. splits not given in 7-31-18+ 10Q’s)
8-21-20 Avid’s Known Customers Mkt-Caps
1. Halozyme Therapeutics https://finance.yahoo.com/quote/HALO 3.9B
2. Gilead Sciences https://finance.yahoo.com/quote/GILD 82.7B +7-8-19 PR: https://tinyurl.com/yyq8zgb9
3. Acumen Pharmaceuticals PRIV https://www.acumenpharm.com
4. IGM Biosciences https://finance.yahoo.com/quote/IGMS 1.5B
5. Coherus BioSciences https://finance.yahoo.com/quote/CHRS 1.4B
6. ADC Therapeutics America https://finance.yahoo.com/quote/ADCT 2.9B
NEW 8-2020:
7. Iovance Biotherapeutics https://finance.yahoo.com/quote/IOVA 4.2B
8. Oragenics https://finance.yahoo.com/quote/OGEN 58M
9. Mapp Biopharmaceutical PRIV https://mappbio.com BARDA #HHSO100201900018C ($16.5M+Opt/$30M)
Aug2020 Adds:
8-6-20: IOVANCE Biotherapeutics signs w/Avid(+Aragen) to Dev+Mfg. IOV-3001 (IL-2 Analog) https://tinyurl.com/y2lgzh6x
BioProcIntl: “Iovance said it would focus on GMP manufacturing of IOV-3001 during 2020 and may initiate IND-enabling activities as early as 2021” https://tinyurl.com/y4ko9j7t
8-20-20: ORAGENICS signs Dev/Mfg Agreement with Avid for COVID-19 Vaccine “TerraCoV2” https://tinyurl.com/yxqg3w4v
8-26-20: MAPP BIOPHARMACEUTICAL signs w/Avid for ClinDev of Novel Antiviral Antibody (MBP091?) https://tinyurl.com/yxwvr949 BARDA #HHSO100201900018C (see: https://tinyurl.com/yye8t5nx)
7-8-19/PR: Avid Signs New Top10 Global Pharma [GILEAD] https://tinyurl.com/yyq8zgb9
- - - - - -CDMO’s Fiscal Qtr’s (FY runs May – April):
FY’17-Q1 = q/e 7-31-16 – rep. 9-8-16 Thu (after mkt)
FY’17-Q2 = q/e 10-31-16 – rep. 12-12-16 Mon (after mkt)
FY’17-Q3 = q/e 1-31-17 – rep. 3-13-17 Mon (after mkt)
FY’17-Q4 = q/e 4-30-17 – rep. 7-14-17 Fri (after mkt)
FY’18-Q1 = q/e 7-31-17 – rep. 9-11-17 Mon (after mkt)
FY’18-Q2 = q/e 10-31-17 – rep. 12-11-17 Mon (after mkt)
FY’18-Q3 = q/e 1-31-18 – rep. 3-12-18 Mon (after mkt)
FY’18-Q4 = q/e 4-30-18 – rep. 7-16-18 Mon (after mkt)
FY’19-Q1 = q/e 7-31-18 – rep. 9-10-18 Mon (after mkt)
FY’19-Q2 = q/e 10-31-18 – rep. 12-10-18 Mon (after mkt)
FY’19-Q3 = q/e 1-31-19 – rep. 3-11-19 Mon (after mkt)
FY’19-Q4 = q/e 4-30-19 – rep. 6-27-19 Thu (after mkt)
FY’20-Q1 = q/e 7-31-19 – rep. 9-5-19 Thu (after mkt)
FY’20-Q2 = q/e 10-31-19 – rep. 12-9-19 Thu (after mkt)
FY’20-Q3 = q/e 1-31-20 – rep. 3-10-20 Tue (after mkt)
FY’20-Q4 = q/e 4-30-20 – rep. 6-30-20 Tue (after mkt)
FY’21-Q1 = q/e 7-31-20 – rep. 9-1-20 Tue (after mkt)
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“Going Concern” stmt. ELIMINATED from 10-K iss. 7-11-13 (included 2012);
... RE-INSTATED in 10-K iss. 7-14-17 (included 2017 & 2018);
… ELIMINATED again from 10-K iss. 6-27-19 (currently 2019).
CASH a/o 1-31-14: $63.2M
CASH a/o 2-15-14: $79.7M
CASH a/o 4-30-14: $77.5M
CASH a/o 6-30-14: $78.3M
CASH a/o 7-31-14: $73.3M
CASH a/o 10-31-14: $64.4M
CASH a/o 1-31-15: $55.2M
CASH a/o 4-30-15: $68.0M
CASH a/o 7-31-15: $59.0M
CASH a/o 10-31-15: $72.0M
CASH a/o 1-31-16: $67.5M
CASH a/o 4-30-16: $61.4M
CASH a/o 7-31-16: $44.2M
CASH a/o 10-31-16: $49.5M
CASH a/o 1-31-17: $41.5M
CASH a/o 4-30-17: $46.8M
CASH a/o 7-31-17: $37.3M
CASH a/o 10-31-17: $27.7M
CASH a/o 1-31-18: $17.9M
CASH a/o 2-28-18: $41.7M
CASH a/o 4-30-18: $42.3M
CASH a/o 7-31-18: $37.5M
CASH a/o 10-31-18: $32.7M
CASH a/o 1-31-19: $27.8M
CASH a/o 4-30-19: $32.4M
CASH a/o 7-31-19: $28.9M
CASH a/o 10-31-19: $34.0M
CASH a/o 1-31-20: $30.7M
CASH a/o 4-30-20: $36.3M
CASH a/o 7-31-20: $28.2M
CDMO - O/S Shares History (’06–curr.)
Click here for 4/30/06–12/8/16 Peregrine Pharm. share history: https://tinyurl.com/y76cbyt5
**PPHM shares were 1:5 R/S eff. 10-19-09 (~237mm/$.64=>~47.4mm/$3.20) http://tinyurl.com/ykuw588
**PPHM shares were 1:7 R/S eff. 7-10-17 (315mm/$.606=>45mm/$4.24) http://tinyurl.com/ycohqn6j
1-31-17: 271,068,464 +13,926,930 (1-31-17 10Q iss. 3-13-17)
3-10-17: 297,709,478 +26,641,014 (“ “ “)
4-30-17: 44,014,040(x7)=308,098,280 +10,388,802 (4-30-17 10K iss. 7-14-17)
7-10-17: 45,069,188 +1,055,148 (“ “ “)
7-31-16: 45,094,154 +24,966 (7-31-17 10Q iss. 9-11-17)
8-25-17: 45,096,081 +1,927 (8-25-17 Amended 10K http://tinyurl.com/yb5jq7vc )
9-6-17: 45,096,081 nochg (7-31-17 10Q iss. 9-11-17)
10-31-16: 45,172,632 +76,551 (10-31-17 10Q iss. 12-11-17)
11-27-17: 45,210,608 +37,976 (14A/Proxy iss. 12-7-17 https://tinyurl.com/y7qprpg9 )
12-6-17: 45,212,760 +2,152 (10-31-17 10Q iss. 12-11-17)
1-8-18: 45,253,038 +40,278 (2-8-18 13D https://tinyurl.com/ya43sc3r )
1-31-18: 45,257,180 +4,142 (1-31-18 10Q iss. 3-12-18)
...2-20-18: Avid Raises ~$21.8M net, selling 10,294,445sh.@$2.25 (underwriter: Wells Fargo)
…... 8-K: https://tinyurl.com/ya3nenth 424B5: https://tinyurl.com/ycpshgxl
3-7-18: 55,552,233 +10,295,053 (1-31-18 10Q)
4-30-18: 55,689,222 +133,989 (4-30-18 10K)
7-10-18: 55,793,107 +103,885 (4-30-18 10K)
9-5-18: 56,001,456 +208,349 (7-31-18 10Q)
10-31-18: 56,063,488 +62,032 (10-31-18 10Q)
12-3-18: 56,067,867 +4,379 (10-31-18 10Q)
1-31-19: 56,072,291 +4,424 (1-31-19 10Q)
3-4-19: 56,074,509 +2,218 (1-31-19 10Q)
6-14-19: 56,137,724 +63,215 (4-30-19 10K)
8-31-19: 56,237,674 +99,950 (7-31-19 10Q)
11-30-19: 56,338,143 +100,469 (10-31-19 10Q)
3-2-20: 56,482,154 +144,011 (1-31-20 10Q)
6-19-20: 56,511,294 +29,140 (4-30-20 10K)
8-24-20: 56,602,792 +91,498 (7-31-20 10Q)
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