Q1 2025 Avid Bioservices Inc Earnings Call Transcript
Key Points
- Avid Bioservices Inc (CDMO) reported strong revenues of $40.2 million for Q1 fiscal 2025, a 6% increase compared to the same period last year.
- Gross profit improved to $5.7 million or 14% gross margin, up from $4.1 million or 11% gross margin in the prior year period.
- The company signed $66 million in new project agreements, setting a record high backlog of $219 million.
- A significant majority of new signings are projects with new customers, including another large pharma client.
- The company is seeing a good mix of early and late-stage programs, providing a balance between near and longer-term revenues.
- SG&A expenses increased by 30% to $8.2 million, primarily due to higher compensation, benefits, and consulting fees.
- Net loss for the quarter was $5.5 million, or $0.09 per share, compared to a net loss of $2.1 million or $0.03 per share in the prior year period.
- Cash and cash equivalents decreased to $33.4 million from $38.1 million at the end of April 2024.
- The company continues to face challenges in the cell and gene therapy market, with demand lagging behind traditional biologics.
- There is uncertainty regarding the impact of the Bio Secure Act on customer behavior and future business from China.
Good day and thank you for standing by, and welcome to the Avid Bioservices first quarter fiscal year 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to turn the conference over to your speaker for today. Tim, please go ahead.
Thank you. Good afternoon, and thank you for joining us. On today's call, we have Nich Green, President and CEO; Dan Hart, Chief Financial Officer; and Matt Kwietniak, Avid's Chief Commercial Officer.
Today, we will be providing an overview of Avid Bioservices contract development and manufacturing business, including updates on corporate activities and financial results for the quarter ended July 31, 2024. After our prepared remarks, we will welcome your questions.
Before we begin, I'd like to caution that comments made during this conference call today, September 9, 2024, we'll contains certain forward-looking statements within the meaning of the Private Securities
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