Avid Bioservices Inc

NASDAQ:CDMOUnited States

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• Avid Bioservices Fiscal Q4 Loss Widens, Revenue Increases; Fiscal 2025 Revenue Outlook Set, from 17 hours ago by MT Newswires

  17 hours ago by MT Newswires
  Companies Mentioned: CDMO
  04:32 PM EDT, 07/02/2024 (MT Newswires) -- Avid Bioservices (CDMO) reported a fiscal Q4 loss late Tuesday of $1.94 per diluted share, wider than a loss of $0.01 a year earlier. Four analysts polled by Capital IQ expected a loss of $0.04. Revenue for...

• Avid Bioservices Reports Financial Results for Fourth Quarter and Fiscal Year Ended April 30, 2024, from 17 hours ago by GlobeNewswire

  17 hours ago by GlobeNewswire
  Companies Mentioned: CDMO

• Avid Bioservices Reports Financial Results for Fourth Quarter and Fiscal Year Ended April 30, 2024, from 17 hours ago by Dow Jones

  17 hours ago by Dow Jones
  Companies Mentioned: CDMO
  -------- ------ -------- ------- Operating income (loss) (1,294) 832 (18,678) 3,601 Interest expense (1,810) (659) (4,337) (3,013) Other income (expense), net (2,126) 375 (3,912) 1,002 -------- ------ -------- ------- Net income (loss) before income taxes (5,230) 548 (26,927) 1,590 Income tax expense 117,874 883 113,826 1,331 -------- ------ -------- ------- Net income (loss) $(123,104) $ (335) $(140,753) $ 259 ======== ====== ======== ======= Comprehensive income (loss) $(123,104) $ (335) $(140,753) $ 259 ======== ====== ======== ======= Net income (loss) per share: Basic $ (1.94) $ (0.01) $ (2.23) $ 0.00 Diluted $ (1.94) $ (0.01) $ (2.23) $ 0.00 Weighted average common shares outstanding: Basic 63,496 62,587 63,199 62,268 Diluted 63,496 62,587 63,199 63,782 AVID BIOSERVICES, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except par value) ---------------------------------------------------------------------- April 30, April 30, 2024 2023 ---------- ------------ ASSETS Current assets: Cash and cash equivalents $ 38,106 $ 38,542 Accounts receivable, net 16,644 18,298 Contract assets 12,364 9,609 Inventory 30,375 43,908 Prepaid expenses and other current assets 6,513 2,094 Total current assets 104,002 112,451 Property and equipment, net 186,514 177,770 Operating lease right-of-use assets 41,157 42,772 Deferred tax assets -- 113,751 Other assets 4,884 4,473 Restricted cash -- 350 -------- -------- Total assets $ 336,557 $ 451,567 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 20,667 $ 24,593 Accrued compensation and benefits 5,437 8,780 Contract liabilities 39,887 37,352 Convertible senior notes, net -- 140,623 Current portion of operating lease liabilities 1,354 1,358 Other current liabilities 3,221 2,440 -------- -------- Total current liabilities 70,566 215,146 Convertible senior notes, net 153,593 -- Operating lease liabilities, less current portion 44,336 45,690 Finance lease liabilities, less current portion 7,101 1,562 Deferred tax liabilities 72 -- -------- -------- Total liabilities 275,668 262,398 Commitments and contingencies Stockholders' equity: Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates -- -- Common stock, $0.001 par value; 150,000 shares authorized; 63,568 and 62,692 shares issued and outstanding at respective dates 64 63 Additional paid-in capital 632,696 620,224 Accumulated deficit (571,871) (431,118) -------- -------- Total stockholders' equity 60,889 189,169 -------- -------- Total liabilities and stockholders' equity $ 336,557 $ 451,567 ======== ======== AVID BIOSERVICES, INC. ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (Unaudited) (In thousands) ----------------------------------------------------------------------------- Three Months Ended Twelve Months Ended April 30, April 30, --------------------- ---------------------------------- 2024 2023 2024 2023 -------- ------- ---- ------- GAAP net income (loss) $(123,104) $ (335) $(140,753) $ 259 Income tax expense 117,874 883 113,826 1,331 -------- ------- -------- ---- ------- GAAP net income (loss) before income taxes $ (5,230) $ 548 $ (26,927) $ 1,590 Adjustments: Stock-based compensation 2,463 3,551 9,731 10,978 Non-cash interest expense 588 264 1,503 1,046 Loss on extinguishment of debt 1,865 -- 1,865 -- Unrealized loss on equity investment 423 -- 2,817 -- Income tax effect of adjustments 4,655 (403) 2,795 (2,504) Adjusted net income (loss) $ 4,764 $ 3,960 $ (8,216) $ 11,110 ======== ======= ======== ==== ======= GAAP net income (loss) $(123,104) $ (335) $(140,753) $ 259 Interest expense, net 1,505 281 3,387 1,926 Income tax expense 117,874 883 113,826 1,331 Depreciation and amortization 2,859 1,884 11,109 7,210 Stock-based compensation 2,463 3,551 9,731 10,978 Loss on extinguishment of debt 1,865 -- 1,865 -- Unrealized loss on equity investment 423 -- 2,817 -- -------- ------- -------- ---- ------- Adjusted EBITDA $ 3,885 $ 6,264 $ 1,982 $ 21,704 ======== ======= ======== ==== ======= GAAP net cash provided by (used in) operating activities $ 1,257 $ 3,145 $ 10,952 $ (12,722) Purchase of property and equipment (5,693) (25,223) (31,805) (77,803) -------- ---- ------- Free cash flow $ (4,436) $(22,078) $ (20,853) $ (90,525) ======== ======= ======== ==== ======= 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
  

• Press Release: Avid Bioservices Reports Financial Results for Fourth Quarter and Fiscal Year Ended April 30, 2024, from 17 hours ago by Dow Jones

  17 hours ago by Dow Jones
  Companies Mentioned: CDMO