Q4 2024 Avid Bioservices Inc Earnings Call Transcript
Key Points
- Avid Bioservices Inc (CDMO) achieved the highest quarterly revenues in its history during Q4 FY2024, meeting revenue expectations.
- The company signed multiple new project agreements, contributing to a strong backlog of $193 million.
- Gross margin for Q4 FY2024 approximately doubled compared to Q3, indicating improved capacity utilization.
- Avid Bioservices Inc (CDMO) added a significant number of new projects and customers, including another big pharma customer.
- The company completed and launched new facilities, expanding its annual revenue-generating capacity from $120 million in FY2021 to over $400 million today.
- Full fiscal year 2024 revenues decreased by approximately 6% compared to the prior year, primarily due to fewer manufacturing runs and reduced process development services.
- Gross profit for FY2024 was significantly lower at $7.3 million (5% gross margin) compared to $31.5 million (21% gross margin) in FY2023.
- The company recorded a net loss of $140.8 million for FY2024, a stark contrast to the net income of $0.3 million in the prior year.
- Income tax expense for FY2024 was $113.8 million, a substantial increase from $1.3 million in FY2023, primarily due to a valuation allowance against deferred tax assets.
- SG&A expenses, while decreased, still amounted to $26 million for FY2024, reflecting ongoing operational costs.
Thank you for standing by, welcome to the Avid Bioservices fourth quarter fiscal year 2024 financial results conference call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Tim Brons, Avid's Investor Relations. Please go ahead, sir.
Thank you. Good afternoon and thank you for joining us. On today's call, we have Nick 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 and fiscal year ended April 30, 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, July 2, 2024, will contain certain forward-looking statements within the meaning of the Private
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