Tue, Jul 2, 8:50 PM (67 days ago)
Avid Bioservices, Inc. (Avid) reported a fiscal year 2024 revenue of $139.9 million, down 6% from $149.3 million in 2023, primarily due to fewer manufacturing runs and reduced process development services. Gross profit decreased significantly to $7.3 million (5% margin) from $31.5 million (21% margin) due to increased costs related to facility expansions and changes in variable consideration. SG&A expenses fell by 7% to $26.0 million. The company posted an operating loss of $18.7 million compared to an operating income of $3.6 million in the prior year. Avid incurred a net loss of $140.8 million, heavily impacted by a $113.8 million income tax expense due to a valuation allowance on deferred tax assets. The company completed significant facility expansions and entered new market segments, including viral vector development for cell and gene therapy. Avid's backlog increased slightly to $193 million. The company issued $160 million in convertible senior notes due 2029, using part of the proceeds to repurchase and repay its 2026 notes, resulting in a net cash position of $38.1 million as of April 30, 2024.