Thursday, December 03, 2020 10:27:20 AM
12-2-20 Qtly CC-Transcript, PR(qe10-31-20), Avid Revs History Table
*Revs Guidance (FY’21 fye 4-30-21): $84-88M. 10-31-20 Backlog=$67M
*Cash: 10-31-20: $35.7M
*As of 11-23-20: 56,726,334 shares o/s
*10Q/10-31-20 iss. 12-2-20: https://tinyurl.com/y3ournzr
*10K/4-30-20 iss. 6-30-20: https://tinyurl.com/yak25nco
*Avid Total Revs May03-Jul20: $455.3M
*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. 12-2-20 Qtly. Earnings Conf. Call TRANSCRIPT (FY21/Q2 qe 10-31-20)
II. 12-2-20 CDMO Press Release: Q2/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 12-2-20 FY21/Q2 Earnings Conf. Call (qe 10-31-20):
Nick Green(CEO), Daniel Hart(CFO), Tim Compton(CCO)
Q&A Analysts:
Matt Hewitt - Craig-Hallum Capital
Paul Knight – KeyBanc
Jacob Johnson – Stephens Inc.
Link to webcast replay: http://ir.avidbio.com/events-and-presentations => https://edge.media-server.com/mmc/p/6XXXeurd
CC TRANSCRIPT EXTRACTS – PREPARED REMARKS BY CEO NICK GREEN:
CEO NICK GREEN OPENING:
Thank you, Tim and thank you to everyone who has dialed in and to those who are participating today via webcast. I am pleased to report that Q2 was highly productive for Avid. From a financial perspective, we again beat revenue expectations and had a strong showing in other key financial metrics. In business development, we added a new process development customer as well as another new manufacturing project from an existing customer. The Company had a strong operational performance during the quarter during which we successfully completed our annual maintenance program. More importantly, we finalized our review of expansion options and we look forward to proceeding with this important effort. Tim and I will provide additional details on business development and operations following an overview of our second quarter financial results. And for that, I will turn the call over to Dan.”
CEO NICK GREEN - AFTER HART/COMPTON OPENING:
During Q2, Avid's operations continue to manufacture to plan. As we reported last quarter, we initiated our scheduled annual preventative maintenance shutdown at the end of July. And this was brought to a successful conclusion during the period. As I indicated last quarter, one of my first target was to review the Company's expansion plans as well as other ancillary requirements ahead of making our final decision with respect to the best path forward. We have now completed this review, and I am happy to report that the Company is already moving forward with our expansion using a phased approach. We recently developed plans for the 2-phase expansion of our Myford facility. The first phase expands the production capacity of our existing Myford North facility by the addition of a second downstream processing suite. The second phase further expands the capacity through the build out of a second manufacturing train including both upstream and downstream processing suites within Myford South.
Due to an anticipated increase in customer demand, we have commenced the first phase of expansion, which we estimate will take approximately 12 to 15 months to complete at an estimated cost of approximately $15 million. We expect that the first phase of expansion could increase our annual revenue generating capacity by up to $50 million, bringing the combined annual revenue generating capacity of our Franklin and Myford North facilities up to $170 million. The decision to commence the second phase of expansion will be dictated by revenue growth and projected customer demand. Based on preliminary conceptual plans, we estimate that the Myford South expansion will take 18 to 24 months to complete at a cost of approximately $45 million to $55 million. We estimate that the addition of the future Myford South facility will increase our annual revenue generating capacity by up to $100 million. To complete these anticipated expansions, we expect to raise external capital at the appropriate time. Accessing the form of capital that we determined is the most appropriate, considering the markets available to us and their respective cost of capital. In closing, we are happy to report a very positive quarter during which we achieved strong revenues and margins beating estimates for both revenue and earnings per share as well as generating operating cash flow and income from our operations. Further increasing our backlog from $60 million to $67 million, while delivering the above is testament to the excellent work of our business development team and the many people behind the scenes to support them. As a result, we have been able to increase guidance and also initiate our expansion plans with the phased approach, which we believe provides capacity, well aligned with demand, while being cognizant of both time and cost. This concludes my prepared remarks for today, and we can now open up the call for questions.”
CEO NICK GREEN - CLOSING (After Q&A):
“Thank you to everyone participating on today's call. In closing, I'd like to thank all our employees at Avid. Not only have they been effective and efficient in improving the business performance, but they continue to do this in the challenging environment as a result of COVID-19. Avid’s success is dependent upon our incredible employees. And I wish to thank them for their continued efforts in adapting to the challenges which are impacting both their professional, but also their personal lives. Thank you again for participating on today's call and for your continued support of Avid Bioservices.”
READ the entire CC Transcript here:
https://www.fool.com/earnings/call-transcripts/2020/12/02/avid-bioservices-inc-cdmo-q2-2021-earnings-call-tr/
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12-2-20/PR: Avid Bioservices Reports Financial Results for Q2/FY21 Ended Oct. 31, 2020, and Recent Developments
https://ir.avidbio.com/news-releases/news-release-details/avid-bioservices-reports-financial-results-second-quarter-1
-- Recorded Second Quarter Revenue of $21.1 Million
-- Signed $28 Million in Business Orders and Ended the Quarter with a Backlog of $67 Million
-- Initiated First Phase of Myford Expansion
-- Increasing Revenue Guidance for Fiscal 2021 to $84 to $88 Million
TUSTIN, Dec. 2, 2020: 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 second quarter and first six months of fiscal 2021, ended October 31, 2020.
HIGHLIGHTS SINCE JULY 31, 2020
“During the second quarter, we recorded strong revenues, expanded our customer base and project pipeline, and advanced the company’s expansion plans,” stated Nicholas Green, president and chief executive officer of Avid Bioservices. “Driven by growth in customer demand, the company achieved higher-than-expected revenues and margins, and generated operating cash flow and income from operations during the period. In consideration of these results combined with our substantial backlog and our visibility into customer demand, we are raising revenue guidance for fiscal 2021 from between $76 and $81 million to between $84 and $88 million.
“On the business development front, our team continues to execute, signing new business orders and project expansion orders with existing customers for $28 million during the quarter and increasing backlog to $67 million, our highest level since becoming a pure-play CDMO.
“With respect to operations, we have completed a comprehensive review of our options and have initiated a phased approach plan for expansion. Phase 1, which is currently underway, is focused on the streamlining of existing facilities. We are confident that this work will allow us to optimize capacity, increase revenue, minimize near-term expense, and best align our expansion with growth in customer demand.
“And finally, it is important to note that we continue to execute our business and achieve growth without interruption to our operations as a result of the COVID-19 pandemic. This resilience is due largely to the diligence and dedication of our employees. Despite these challenging times, Avid’s incredible workforce remains committed to excellence to ensure the highest quality product for our clients.”
FINANCIAL HIGHLIGHTS AND GUIDANCE
* The company is increasing revenue guidance for the full fiscal year 2021 from between $76 million and $81 million to between $84 million and $88 million.
* Revenues for the second quarter of fiscal 2021 were $21.1 million, a 15% increase compared to revenues of $18.3 million recorded during the second quarter of fiscal 2020. The year-over-year increase in revenue was primarily attributable to the growth in the number and scope of in-process and/or completed manufacturing runs during the quarter. In addition, the increase in manufacturing revenues included the recognition of $1.7 million from changes in estimated variable revenue consideration as a result of completing performance obligations for certain projects during the quarter, therefore increasing revenue recognized for those projects during the period. For the first six months of fiscal 2021, revenues were $46.5 million, a 38% increase as compared to revenues of $33.6 million in the prior year period. The increase in revenues can be attributed to a $13.6 million increase in manufacturing revenues primarily due to an increase in the number and scope of in-process and/or completed manufacturing runs during the first six months of fiscal 2021, partially offset by a $0.7 million decrease in process development revenues.
* As of October 31, 2020, revenue backlog was $67 million, an increase of 12% compared to $60 million at the end of the first quarter of fiscal 2021, and an increase of 3% compare to $65 million at the end of last fiscal year. The company expects to recognize the majority of this backlog over the next twelve months.
* Gross margin for the second quarter of fiscal 2021 was 30%, a significant increase compared to a gross margin of 18% for the second quarter of fiscal 2020. The increase in gross margin for the 2021 quarter was primarily attributable to the growth in manufacturing revenues, including the $1.7 million in additional manufacturing revenue recognized, as previously discussed. Excluding the $1.7 million in additional variable revenue consideration, gross margin for the second quarter was approximately 24%. Gross margin for the first six months of fiscal 2021 was 32%, a significant increase compared to 13% in the prior year period. This increase was also primarily due to the growth in manufacturing revenues.
* Selling, general and administrative expenses (“SG&A”) for the second quarter of fiscal 2021 were $4.2 million, an increase compared to $3.5 million recorded for the second quarter of fiscal 2020. The increase during the 2021 quarter was due primarily to increases in payroll related costs, including stock-based compensation. For the first six months of fiscal 2021, SG&A expenses were $8 million, consistent with $8 million for the prior year period.
* For the second quarter of fiscal 2021, the company recorded a consolidated net income attributable to common stockholders of $0.8 million or $0.01 per basic and diluted share, as compared to a consolidated net loss attributable to common stockholders of $1.9 million or $0.03 per basic and diluted share, for the second quarter of fiscal 2020. For the first six months of fiscal 2021, the company recorded a consolidated net income attributable to common stockholders of $4.5 million or $0.08 per basic and diluted share, compared to a consolidated net loss attributable to common stockholders of $6.1 million or $0.11 per basic and diluted share, for fiscal 2020.
* Avid reported $35.7 million in cash and cash equivalents as of October 31, 2020, an increase of $7.5 million compared to cash of $28.2 million at the end of the first quarter of fiscal 2021, and consistent with $36.3 million in cash as of the prior fiscal year ended April 30, 2020. The company also generated cash flows from operating activities of $8.1 million during the six months ended October 31. 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/y3ournzr ]
RECENT CORPORATE DEVELOPMENTS
* Signed orders for $28 million during the quarter with new and existing customers, driving Avid’s backlog to its highest level since transitioning to a dedicated CDMO.
* Developed plans for a two-phased expansion of our Myford facility. The first phase, which has commenced, expands the production capacity of our existing Myford North facility by adding a second downstream processing suite. The second phase, the timing of which will be dictated by revenue growth and projected customer demand, will further expand capacity through the build out of a second manufacturing train, including both upstream and downstream processing suites within Myford South.
* The company estimates the first phase will take approximately 12 to 15 months to complete at an estimated cost of approximately $15 million and may increase the company’s annual revenue generating capacity by up to $50 million, bringing the combined annual revenue generating capacity of our Franklin and Myford North facilities to up to $170 million.
CONFERENCE CALL
Avid will host a conference call and webcast this afternoon, December 2, 2020, at 4:30 PM EST (1:30 PM PST).
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: https://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. www.avidbio.com.
Forward-Looking *SNIP*
AVID BIOSERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited) (In thousands, except per share information)
Three Months Ended
October 31, Six Months Ended
October 31,
2020 2019 2020 2019
Revenues $ 21,064 $ 18,313 $ 46,456 $ 33,567
Cost of revenues 14,646 14,953 31,494 29,121
Gross profit
6,418 3,360 14,962 4,446
Operating expenses:
Selling, general and administrative 4,166 3,534 7,991 7,993
Loss on lease termination — 355 — 355
Total operating expenses 4,166 3,889 7,991 8,348
Operating income (loss) 2,252 (529 ) 6,971 (3,902 )
Interest and other income, net 32 99 43 308
Net income (loss) $ 2,284 $ (430 ) $ 7,014 $ (3,594 )
Comprehensive income (loss) $ 2,284 $ (430 ) $ 7,014 $ (3,594 )
Series E preferred stock accumulated dividends (1,442 ) (1,442 ) (2,523 ) (2,523 )
Net income (loss) attributable to common stockholders $ 842 $ (1,872 ) $ 4,491 $ (6,117 )
Net income (loss) per share attributable to common stockholders:
Basic $ 0.01 $ (0.03 ) $ 0.08 $ (0.11 )
Diluted $ 0.01 $ (0.03 ) $ 0.08 $ (0.11 )
Weighted average common shares outstanding:
Basic 56,660 56,253 56,592 56,210
Diluted 57,248 56,253 57,073 56,210
AVID BIOSERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except par value)
October 31,
2020 April 30,
2020
ASSETS
Current assets:
Cash and cash equivalents $ 35,664 $ 36,262
Accounts receivable 11,568 8,606
Contract assets 5,343 3,300
Inventory 9,723 10,883
Prepaid expenses 828 712
Total current assets 63,126 59,763
Property and equipment, net 30,232 27,105
Operating lease right-of-use assets 19,408 20,100
Restricted cash 350 350
Other assets 479 302
Total assets $ 113,595 $ 107,620
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 5,654 $ 5,926
Accrued payroll and related costs 4,850 3,019
Contract liabilities 31,450 29,120
Current portion of operating lease liabilities 1,326 1,228
Note payable — 4,379
Other current liabilities 379 808
Total current liabilities 43,659 44,480
Operating lease liabilities, less current portion 20,550 21,244
Total liabilities 64,209 65,724
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; 1,648 shares issued and outstanding at October 31, 2020 and April 30, 2020, respectively 2 2
Common stock, $0.001 par value; 150,000 shares authorized; 56,722 and 56,483 shares issued and outstanding at October 31, 2020 and April 30, 2020, respectively 57 56
Additional paid-in capital 613,384 612,909
Accumulated deficit (564,057 ) (571,071 )
Total stockholders’ equity 49,386 41,896
Total liabilities and stockholders’ equity $ 113,595 $ 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 Nov 23, 2020, there were 56,726,334 shares outstanding.”
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Latest 10Q 10-31-20 iss. 12-2-20 https://tinyurl.com/y3ournzr (Cash 10-31-20=$35.7mm)
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 FY21Q2(qe 10-31-20), per the 10Q issued 12-2-20.
• Total Avid Revs since May’03: $455.3M
• 12-2-20: FY'21 (May'20-Apr'21) Avid revs guidance $84-88M (committed B/L=$67 at 10-31-20).
• Inventories at 10-31-20 total $9.7M, UP from $9.6M at 7-31-20.
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)
FY’21-Q2 = q/e 10-31-20 – rep. 12-2-20 Wed (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
CASH a/o 10-31-20: $35.7M
CDMO - O/S Shares History (’06–curr.)
Click here for 4/30/06–12/8/16 Peregrine Pharm. share history: https://tinyurl.com/y76cbyt5
**PPHM shares were 1:5 R/S eff. 10-19-09 (~237mm/$.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)
11-23-20: 56,726,334 +123,542 (10-31-20 10Q)
*Revs Guidance (FY’21 fye 4-30-21): $84-88M. 10-31-20 Backlog=$67M
*Cash: 10-31-20: $35.7M
*As of 11-23-20: 56,726,334 shares o/s
*10Q/10-31-20 iss. 12-2-20: https://tinyurl.com/y3ournzr
*10K/4-30-20 iss. 6-30-20: https://tinyurl.com/yak25nco
*Avid Total Revs May03-Jul20: $455.3M
*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. 12-2-20 Qtly. Earnings Conf. Call TRANSCRIPT (FY21/Q2 qe 10-31-20)
II. 12-2-20 CDMO Press Release: Q2/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 12-2-20 FY21/Q2 Earnings Conf. Call (qe 10-31-20):
Nick Green(CEO), Daniel Hart(CFO), Tim Compton(CCO)
Q&A Analysts:
Matt Hewitt - Craig-Hallum Capital
Paul Knight – KeyBanc
Jacob Johnson – Stephens Inc.
Link to webcast replay: http://ir.avidbio.com/events-and-presentations => https://edge.media-server.com/mmc/p/6XXXeurd
CC TRANSCRIPT EXTRACTS – PREPARED REMARKS BY CEO NICK GREEN:
CEO NICK GREEN OPENING:
Thank you, Tim and thank you to everyone who has dialed in and to those who are participating today via webcast. I am pleased to report that Q2 was highly productive for Avid. From a financial perspective, we again beat revenue expectations and had a strong showing in other key financial metrics. In business development, we added a new process development customer as well as another new manufacturing project from an existing customer. The Company had a strong operational performance during the quarter during which we successfully completed our annual maintenance program. More importantly, we finalized our review of expansion options and we look forward to proceeding with this important effort. Tim and I will provide additional details on business development and operations following an overview of our second quarter financial results. And for that, I will turn the call over to Dan.”
CEO NICK GREEN - AFTER HART/COMPTON OPENING:
During Q2, Avid's operations continue to manufacture to plan. As we reported last quarter, we initiated our scheduled annual preventative maintenance shutdown at the end of July. And this was brought to a successful conclusion during the period. As I indicated last quarter, one of my first target was to review the Company's expansion plans as well as other ancillary requirements ahead of making our final decision with respect to the best path forward. We have now completed this review, and I am happy to report that the Company is already moving forward with our expansion using a phased approach. We recently developed plans for the 2-phase expansion of our Myford facility. The first phase expands the production capacity of our existing Myford North facility by the addition of a second downstream processing suite. The second phase further expands the capacity through the build out of a second manufacturing train including both upstream and downstream processing suites within Myford South.
Due to an anticipated increase in customer demand, we have commenced the first phase of expansion, which we estimate will take approximately 12 to 15 months to complete at an estimated cost of approximately $15 million. We expect that the first phase of expansion could increase our annual revenue generating capacity by up to $50 million, bringing the combined annual revenue generating capacity of our Franklin and Myford North facilities up to $170 million. The decision to commence the second phase of expansion will be dictated by revenue growth and projected customer demand. Based on preliminary conceptual plans, we estimate that the Myford South expansion will take 18 to 24 months to complete at a cost of approximately $45 million to $55 million. We estimate that the addition of the future Myford South facility will increase our annual revenue generating capacity by up to $100 million. To complete these anticipated expansions, we expect to raise external capital at the appropriate time. Accessing the form of capital that we determined is the most appropriate, considering the markets available to us and their respective cost of capital. In closing, we are happy to report a very positive quarter during which we achieved strong revenues and margins beating estimates for both revenue and earnings per share as well as generating operating cash flow and income from our operations. Further increasing our backlog from $60 million to $67 million, while delivering the above is testament to the excellent work of our business development team and the many people behind the scenes to support them. As a result, we have been able to increase guidance and also initiate our expansion plans with the phased approach, which we believe provides capacity, well aligned with demand, while being cognizant of both time and cost. This concludes my prepared remarks for today, and we can now open up the call for questions.”
CEO NICK GREEN - CLOSING (After Q&A):
“Thank you to everyone participating on today's call. In closing, I'd like to thank all our employees at Avid. Not only have they been effective and efficient in improving the business performance, but they continue to do this in the challenging environment as a result of COVID-19. Avid’s success is dependent upon our incredible employees. And I wish to thank them for their continued efforts in adapting to the challenges which are impacting both their professional, but also their personal lives. Thank you again for participating on today's call and for your continued support of Avid Bioservices.”
READ the entire CC Transcript here:
https://www.fool.com/earnings/call-transcripts/2020/12/02/avid-bioservices-inc-cdmo-q2-2021-earnings-call-tr/
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12-2-20/PR: Avid Bioservices Reports Financial Results for Q2/FY21 Ended Oct. 31, 2020, and Recent Developments
https://ir.avidbio.com/news-releases/news-release-details/avid-bioservices-reports-financial-results-second-quarter-1
-- Recorded Second Quarter Revenue of $21.1 Million
-- Signed $28 Million in Business Orders and Ended the Quarter with a Backlog of $67 Million
-- Initiated First Phase of Myford Expansion
-- Increasing Revenue Guidance for Fiscal 2021 to $84 to $88 Million
TUSTIN, Dec. 2, 2020: 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 second quarter and first six months of fiscal 2021, ended October 31, 2020.
HIGHLIGHTS SINCE JULY 31, 2020
“During the second quarter, we recorded strong revenues, expanded our customer base and project pipeline, and advanced the company’s expansion plans,” stated Nicholas Green, president and chief executive officer of Avid Bioservices. “Driven by growth in customer demand, the company achieved higher-than-expected revenues and margins, and generated operating cash flow and income from operations during the period. In consideration of these results combined with our substantial backlog and our visibility into customer demand, we are raising revenue guidance for fiscal 2021 from between $76 and $81 million to between $84 and $88 million.
“On the business development front, our team continues to execute, signing new business orders and project expansion orders with existing customers for $28 million during the quarter and increasing backlog to $67 million, our highest level since becoming a pure-play CDMO.
“With respect to operations, we have completed a comprehensive review of our options and have initiated a phased approach plan for expansion. Phase 1, which is currently underway, is focused on the streamlining of existing facilities. We are confident that this work will allow us to optimize capacity, increase revenue, minimize near-term expense, and best align our expansion with growth in customer demand.
“And finally, it is important to note that we continue to execute our business and achieve growth without interruption to our operations as a result of the COVID-19 pandemic. This resilience is due largely to the diligence and dedication of our employees. Despite these challenging times, Avid’s incredible workforce remains committed to excellence to ensure the highest quality product for our clients.”
FINANCIAL HIGHLIGHTS AND GUIDANCE
* The company is increasing revenue guidance for the full fiscal year 2021 from between $76 million and $81 million to between $84 million and $88 million.
* Revenues for the second quarter of fiscal 2021 were $21.1 million, a 15% increase compared to revenues of $18.3 million recorded during the second quarter of fiscal 2020. The year-over-year increase in revenue was primarily attributable to the growth in the number and scope of in-process and/or completed manufacturing runs during the quarter. In addition, the increase in manufacturing revenues included the recognition of $1.7 million from changes in estimated variable revenue consideration as a result of completing performance obligations for certain projects during the quarter, therefore increasing revenue recognized for those projects during the period. For the first six months of fiscal 2021, revenues were $46.5 million, a 38% increase as compared to revenues of $33.6 million in the prior year period. The increase in revenues can be attributed to a $13.6 million increase in manufacturing revenues primarily due to an increase in the number and scope of in-process and/or completed manufacturing runs during the first six months of fiscal 2021, partially offset by a $0.7 million decrease in process development revenues.
* As of October 31, 2020, revenue backlog was $67 million, an increase of 12% compared to $60 million at the end of the first quarter of fiscal 2021, and an increase of 3% compare to $65 million at the end of last fiscal year. The company expects to recognize the majority of this backlog over the next twelve months.
* Gross margin for the second quarter of fiscal 2021 was 30%, a significant increase compared to a gross margin of 18% for the second quarter of fiscal 2020. The increase in gross margin for the 2021 quarter was primarily attributable to the growth in manufacturing revenues, including the $1.7 million in additional manufacturing revenue recognized, as previously discussed. Excluding the $1.7 million in additional variable revenue consideration, gross margin for the second quarter was approximately 24%. Gross margin for the first six months of fiscal 2021 was 32%, a significant increase compared to 13% in the prior year period. This increase was also primarily due to the growth in manufacturing revenues.
* Selling, general and administrative expenses (“SG&A”) for the second quarter of fiscal 2021 were $4.2 million, an increase compared to $3.5 million recorded for the second quarter of fiscal 2020. The increase during the 2021 quarter was due primarily to increases in payroll related costs, including stock-based compensation. For the first six months of fiscal 2021, SG&A expenses were $8 million, consistent with $8 million for the prior year period.
* For the second quarter of fiscal 2021, the company recorded a consolidated net income attributable to common stockholders of $0.8 million or $0.01 per basic and diluted share, as compared to a consolidated net loss attributable to common stockholders of $1.9 million or $0.03 per basic and diluted share, for the second quarter of fiscal 2020. For the first six months of fiscal 2021, the company recorded a consolidated net income attributable to common stockholders of $4.5 million or $0.08 per basic and diluted share, compared to a consolidated net loss attributable to common stockholders of $6.1 million or $0.11 per basic and diluted share, for fiscal 2020.
* Avid reported $35.7 million in cash and cash equivalents as of October 31, 2020, an increase of $7.5 million compared to cash of $28.2 million at the end of the first quarter of fiscal 2021, and consistent with $36.3 million in cash as of the prior fiscal year ended April 30, 2020. The company also generated cash flows from operating activities of $8.1 million during the six months ended October 31. 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/y3ournzr ]
RECENT CORPORATE DEVELOPMENTS
* Signed orders for $28 million during the quarter with new and existing customers, driving Avid’s backlog to its highest level since transitioning to a dedicated CDMO.
* Developed plans for a two-phased expansion of our Myford facility. The first phase, which has commenced, expands the production capacity of our existing Myford North facility by adding a second downstream processing suite. The second phase, the timing of which will be dictated by revenue growth and projected customer demand, will further expand capacity through the build out of a second manufacturing train, including both upstream and downstream processing suites within Myford South.
* The company estimates the first phase will take approximately 12 to 15 months to complete at an estimated cost of approximately $15 million and may increase the company’s annual revenue generating capacity by up to $50 million, bringing the combined annual revenue generating capacity of our Franklin and Myford North facilities to up to $170 million.
CONFERENCE CALL
Avid will host a conference call and webcast this afternoon, December 2, 2020, at 4:30 PM EST (1:30 PM PST).
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: https://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. www.avidbio.com.
Forward-Looking *SNIP*
AVID BIOSERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited) (In thousands, except per share information)
Three Months Ended
October 31, Six Months Ended
October 31,
2020 2019 2020 2019
Revenues $ 21,064 $ 18,313 $ 46,456 $ 33,567
Cost of revenues 14,646 14,953 31,494 29,121
Gross profit
6,418 3,360 14,962 4,446
Operating expenses:
Selling, general and administrative 4,166 3,534 7,991 7,993
Loss on lease termination — 355 — 355
Total operating expenses 4,166 3,889 7,991 8,348
Operating income (loss) 2,252 (529 ) 6,971 (3,902 )
Interest and other income, net 32 99 43 308
Net income (loss) $ 2,284 $ (430 ) $ 7,014 $ (3,594 )
Comprehensive income (loss) $ 2,284 $ (430 ) $ 7,014 $ (3,594 )
Series E preferred stock accumulated dividends (1,442 ) (1,442 ) (2,523 ) (2,523 )
Net income (loss) attributable to common stockholders $ 842 $ (1,872 ) $ 4,491 $ (6,117 )
Net income (loss) per share attributable to common stockholders:
Basic $ 0.01 $ (0.03 ) $ 0.08 $ (0.11 )
Diluted $ 0.01 $ (0.03 ) $ 0.08 $ (0.11 )
Weighted average common shares outstanding:
Basic 56,660 56,253 56,592 56,210
Diluted 57,248 56,253 57,073 56,210
AVID BIOSERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except par value)
October 31,
2020 April 30,
2020
ASSETS
Current assets:
Cash and cash equivalents $ 35,664 $ 36,262
Accounts receivable 11,568 8,606
Contract assets 5,343 3,300
Inventory 9,723 10,883
Prepaid expenses 828 712
Total current assets 63,126 59,763
Property and equipment, net 30,232 27,105
Operating lease right-of-use assets 19,408 20,100
Restricted cash 350 350
Other assets 479 302
Total assets $ 113,595 $ 107,620
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 5,654 $ 5,926
Accrued payroll and related costs 4,850 3,019
Contract liabilities 31,450 29,120
Current portion of operating lease liabilities 1,326 1,228
Note payable — 4,379
Other current liabilities 379 808
Total current liabilities 43,659 44,480
Operating lease liabilities, less current portion 20,550 21,244
Total liabilities 64,209 65,724
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; 1,648 shares issued and outstanding at October 31, 2020 and April 30, 2020, respectively 2 2
Common stock, $0.001 par value; 150,000 shares authorized; 56,722 and 56,483 shares issued and outstanding at October 31, 2020 and April 30, 2020, respectively 57 56
Additional paid-in capital 613,384 612,909
Accumulated deficit (564,057 ) (571,071 )
Total stockholders’ equity 49,386 41,896
Total liabilities and stockholders’ equity $ 113,595 $ 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 Nov 23, 2020, there were 56,726,334 shares outstanding.”
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Latest 10Q 10-31-20 iss. 12-2-20 https://tinyurl.com/y3ournzr (Cash 10-31-20=$35.7mm)
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 FY21Q2(qe 10-31-20), per the 10Q issued 12-2-20.
• Total Avid Revs since May’03: $455.3M
• 12-2-20: FY'21 (May'20-Apr'21) Avid revs guidance $84-88M (committed B/L=$67 at 10-31-20).
• Inventories at 10-31-20 total $9.7M, UP from $9.6M at 7-31-20.
Avid’s website: http://www.avidbio.com
AVID GROSS PROFITABILITY BY QTR: CONTRACT
QTR (1000’s) Rev$ 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
FY21Q2 10-31-20 21,064 14,646 6,418 30% 9,723 31,450
*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 46,456 (thru Q2)
**TOTAL: 455,309 (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
FY21Q2 10-31-20 +842,000
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)
FY’21-Q2 = q/e 10-31-20 – rep. 12-2-20 Wed (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
CASH a/o 10-31-20: $35.7M
CDMO - O/S Shares History (’06–curr.)
Click here for 4/30/06–12/8/16 Peregrine Pharm. share history: https://tinyurl.com/y76cbyt5
**PPHM shares were 1:5 R/S eff. 10-19-09 (~237mm/$.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)
11-23-20: 56,726,334 +123,542 (10-31-20 10Q)
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