-- Recorded First Quarter Revenue of $40.2 Million -- -- Signed $66 Million in Net New Business, Resulting in Backlog of $219 Million -- -- Maintained FY2025 Revenue Guidance of Between $160 Million and $168 Million -- TUSTIN, Calif., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ: CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pha ...

TUSTIN, Calif., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality services to biotechnology and pharmaceutical companies, today announced that it will report financial results for the first quarter of fiscal year 2025 on September 9, 2024, after market close and will host a webcast at 1:30 PM Pacific Time (4:30 PM Eastern Time). Members of Avid's ...

CHASKA, Minn., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQ: LFCR) ("Lifecore" or the "Company"), a fully integrated contract development and manufacturing organization ("CDMO"), today announced that John Morberg will be stepping down from his position as chief financial officer to pursue other professional opportunities and spend time with his family, effective September 2, 2024. In addition, the Company is pleased to announce that Ryan Lake, an accomplished CDMO financial executive, ...

Financial Data and Key Metrics Changes - Revenues for Q4 FY 2024 were $43 million, an 8% increase from $39.8 million in Q4 FY 2023, primarily due to increased manufacturing runs and process development services [7] - For the full fiscal year 2024, revenues were $139.9 million, a decrease of approximately 6% compared to $149.3 million in the prior year, attributed to fewer manufacturing runs and reduced process development services [13] - Gross profit for Q4 FY 2024 was $5.5 million (13% gross margin), down from $8.4 million (21% gross margin) in Q4 FY 2023; full fiscal year gross profit was $7.3 million (5% gross margin), compared to $31.5 million (21% gross margin) in FY 2023 [14][15] - The company recorded a net loss of $123.1 million ($1.94 per share) in Q4 FY 2024, compared to a net loss of $0.3 million ($0.01 per share) in Q4 FY 2023; for the full fiscal year, the net loss was $140.8 million ($2.23 per share) compared to a net income of approximately $0.3 million in the prior year [22][23] Business Line Data and Key Metrics Changes - The company signed multiple new project agreements worth $30 million in Q4 FY 2024, ending the quarter with a strong backlog of $193 million [25] - The gross margin for Q4 FY 2024 approximately doubled compared to Q3 FY 2024, indicating improved operational efficiency [11][36] Market Data and Key Metrics Changes - The company noted improvements in the biotech financial markets, which are expected to facilitate the advancement of previously deferred manufacturing programs [26] - The company has seen a growing interest in its newly completed facilities and expanded capabilities, which is expected to support revenue growth [33] Company Strategy and Development Direction - The company aims to achieve revenue guidance of $160 million to $168 million for FY 2025, representing a 17% growth year-over-year at the midpoint [33] - Avid has expanded its annual revenue-generating capacity from approximately $120 million in FY 2021 to over $400 million today, enhancing its ability to service both biotech and large pharma customers [34] - The company is focusing on increasing capacity utilization and improving margins through operational efficiency rather than cost-cutting measures [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for FY 2025, citing positive revenue momentum and a strong backlog as indicators of future growth [39] - The company is encouraged by the improving financial market for biotech companies and the trend of onshoring drug manufacturing back to the U.S. [39] Other Important Information - The company recorded a valuation allowance of $118.5 million against its deferred tax assets due to a net loss in FY 2024, impacting its income tax expense significantly [17][21] - The company has engaged EcoVadis to evaluate its sustainability practices, achieving a score of 56, placing it in the 62nd percentile globally [28] Q&A Session Summary Question: Fiscal '25 revenue guidance and backlog contribution - Management indicated that the revenue guidance for FY 2025 is not markedly different from previous years, with confidence in forecasting based on historical performance [41][43] Question: Bookings and new capacity interest - Management confirmed that interest in new capacity is converting into business, with ongoing PPQ campaigns indicating strong future demand [44][45] Question: Margin recovery strategies - Management stated that increased capacity utilization will primarily drive margin recovery, with a focus on operational efficiency rather than cost-cutting [46] Question: Capacity of CGT business and activity - The CGT portion of the business has a capacity of about $80 million, with increasing activity expected in the coming quarters [59] Question: Dynamics of the CDMO market - Management noted that high-quality late-phase commercial grade CDMO capacity is in relatively short supply, with increasing conversations around onshoring [64] Question: Inbound call cadence and market conditions - Management reported an increase in positive conversations and customer interest, driven by improving market conditions and onshoring trends [68][72] Question: Gross margins and revenue composition - Management indicated that larger runs from late-stage programs typically command higher margins, contributing to a gradual rebound in gross margins [73]

Revenue Performance - Manufacturing revenues for fiscal 2024 were $119.3 million, a decrease of $6.1 million (5%) compared to $125.4 million in fiscal 2023[295]. - Process development revenues decreased by $3.3 million (13.8%) to $20.6 million in fiscal 2024 from $23.9 million in fiscal 2023[295]. - Total revenues for fiscal 2024 were $139.9 million, down $9.4 million (6.3%) from $149.3 million in fiscal 2023[295]. - For the fiscal year ended April 30, 2024, the company's revenue was $139.9 million, a decrease of 6.5% from $149.3 million in 2023[380]. Profitability and Loss - Gross profit for fiscal 2024 was $7.3 million, a decrease of $24.2 million (77%) compared to $31.5 million in fiscal 2023[343]. - Operating loss for fiscal 2024 was $18.7 million, compared to operating income of $3.6 million in fiscal 2023, reflecting a year-over-year decrease of $22.3 million[298]. - The company reported a net loss of $140.8 million for fiscal 2024, compared to a net income of $0.3 million in 2023[380]. Expenses - Selling, general and administrative (SG&A) expenses for fiscal 2024 were $26.0 million, a decrease of $1.9 million (6.8%) from $27.9 million in fiscal 2023[343]. - The cost of revenues for fiscal 2024 was $132.6 million, resulting in a gross profit of $7.3 million, down from $31.5 million in 2023[380]. - Operating expenses totaled $26.0 million in fiscal 2024, a decrease from $27.9 million in the previous year[380]. Interest and Other Income - Interest expense increased to $4.3 million in fiscal 2024 from $3.0 million in fiscal 2023, an increase of $1.3 million (43.3%)[348]. - Other income (expense), net for fiscal 2024 was an expense of $3.9 million, a decrease of $4.9 million compared to income of $1.0 million in fiscal 2023[349]. - Income tax expense for fiscal 2024 was $113.8 million, significantly higher than $1.3 million in fiscal 2023, due to a valuation allowance of $118.5 million recorded[350]. Cash Flow and Investments - Net cash provided by operating activities was $10.9 million in fiscal 2024, a significant improvement from a cash used of $12.7 million in 2023, reflecting a change of $23.7 million[364]. - Net cash used in investing activities decreased to $31.8 million in fiscal 2024 from $77.8 million in 2023, indicating a reduction of $46.0 million[364]. - Net cash provided by financing activities increased to $20.1 million in fiscal 2024, compared to $2.9 million in 2023, marking an increase of $17.2 million[364]. Future Outlook and Obligations - The company anticipates capital expenditures between $3 million and $5 million for fiscal 2025, including approximately $2 million in accrued and unpaid capital expenditures as of April 30, 2024[395]. - As of April 30, 2024, the company had outstanding lease payment obligations of approximately $83.2 million, with $6.0 million due in fiscal 2025[367]. - The company completed an offering of $160.0 million aggregate principal amount of 2029 Notes, receiving net proceeds of approximately $153.5 million after expenses[366]. Capacity - The total annual revenue generating capacity of the company's combined facilities is now estimated to be over $400 million following the completion of the CGT Facility[287].

Exhibit 99.1 -- FY 2025 Revenue Guidance of Between $160 Million and $168 Million -- "The enhancements and expansion not only allow Avid to better serve its new and existing biotech customers but, importantly, enable the company to address the needs of large pharma as well. The expanded addressable market and improvements in the broader business environment have resulted in an increase in larger and later stage programs in our production pipeline. With respect to capacity, our utilization is expected to inc ...

-- Signed $30 Million in Net New Business Resulting in Backlog of $193 Million -- TUSTIN, Calif., July 02, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ: CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced financial results for the fourth quarter and year ended April 30, 2024. "Supporting our optimism, i ...

-- Signed $30 Million in Net New Business Resulting in Backlog of $193 Million -- -- FY 2025 Revenue Guidance of Between $160 Million and $168 Million -- "The fourth quarter of fiscal 2024 was a high point for the company," stated Nick Green, president and CEO of Avid Bioservices. "We generated the highest quarterly revenues in Avid's history, meeting our current revenue expectations for the year. During the period we signed multiple new project agreements, and we continue to see positive signs for business ...

TUSTIN, Calif., July 01, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality services to biotechnology and pharmaceutical companies, today announced that it will report financial results for the quarter and fiscal year ended April 30, 2024, on July 2, 2024, after market close and will host a webcast at 1:30 PM Pacific Time (4:30 PM Eastern Time). Members of A ...

EUROAPI and Priothera, a biotechnology company specializing in the treatment of hematological malignancies and the improvement of CAR-T cell therapies, have signed a 5-year CDMO agreement EUROAPI will develop and industrialize the manufacturing process of innovative complex molecule for blood cancers "Oncology is a major segment for EUROAPI's CDMO business. Signing this development and manufacturing agreement with Priothera demonstrates our ability to adapt to state-of-the-art innovation and quality require ...