Avid Bioservices (CDMO) Fiscal Q1 2021 results:
Revenues: $25.4M (+66.0%).
Gross margin for FQ1 was 34%, up significantly compared to 7% for Q1 2020. The increase was primarily due to increased manufacturing revenue from the growth in the number and scale of manufacturing runs, and fees associated with the customer’s unused capacity.
Net Income: $3.3M (+171.7%); EPS: $0.06 (+175.0%).
Quick Assets: $28.2M (-22.3%). This decrease in cash is primarily due to the repayment of note payable under the Paycheck Protection Program loan of $4.4M and the timing of changes in operating assets and liabilities during the period.
Backlog at the end of FQ1 was $60M compared to $65M at the end of fiscal ’20.
The Company has signed three new customers and project expansion orders with existing customers for $20M.
Avid 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 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.
Avid also recently initiated its planned annual preventative facility maintenance program.
Fiscal year 2021 Guidance: Revenue: $76M – $81M (unch).
Read Further: Q2 Earnings Call Transcript
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