Avid Bioservices, Inc. (NASDAQ:CDMO) Q3 2023 Earnings Conference Call March 13, 2023 4:30 PM ET
Company Participants
Tim Brons - Investor Relations
Nick Green - President and Chief Executive Officer
Dan Hart - Chief Financial Officer
Matt Kwietniak - Chief Commercial Officer
Conference Call Participants
Sean Dodge - RBC Capital Markets
Matt Hewitt - Craig-Hallum
Jacob Johnson - Stephens
Paul Knight - KeyBanc
Operator
Good day, ladies and gentlemen and welcome to the Avid Bioservices Third Quarter Fiscal 2023 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call maybe recorded. I would now like to hand the conference over to Tim Brons of Avid’s Investor Relations Group. Please go ahead.
Tim Brons
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 ended January 31, 2023. 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, March 13, 2023 will contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the current belief of the company, which involves a number of assumptions, risks and uncertainties. Actual results could differ from these statements, and the company undertakes no obligation to revise or update any statement made today. I encourage you to review all of the company’s filings with the Securities and Exchange Commission concerning these and other matters. Our earnings press release and this call will include discussion of certain non-GAAP information. You can find our earnings press release, including relevant non-GAAP reconciliations on our corporate website at avidbio.com.
With that, I will turn the call over to Nick Green, Avid’s President and CEO.
Nick Green
Thank you, Tim and thank you to everyone participating today via webcast. The third quarter was another positive period for Avid. On the financial front, revenues remained strong for both process development and manufacturing, and margins are beginning to trend upwards due to an increase in utilized capacity. Our business development team was highly productive, signing a significant number of new business agreements during the quarter, pushing our backlog to a new record high. Our facility expansions continue to progress well. The Myford South expansion has been handed over to operations and is now complete. Further, our new process development capabilities will be operational in a few weeks. We also expect our new cell and gene therapy facility to come online later this year.