Avid Bioservices, Inc. (NASDAQ:CDMO) Q2 2023 Results Conference Call December 6, 2022 4:30 PM ET
Company Participants
Tim Brons - IR
Nick Green - President and CEO
Dan Hart - CFO
Matt Kwietniak - Chief Commercial Officer
Conference Call Participants
Sean Dodge - RBC Capital Markets
Matt Hewitt - Craig-Hallum Capital Group
Jacob Johnson - Stephens
Paul Knight - KeyBanc
Operator
Good day, ladies and gentlemen. And welcome to the Avid Bioservices Second Quarter Fiscal 2023 Financial Results Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. 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 October 31, 2022. After our prepared remarks, we will open to questions.
Before we begin, I’d like to caution that comments made during this conference call today, December 6, 2022, 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.
Based on the Company’s performance during the first six months, we anticipate that fiscal 2023 will be another strong year for Avid. During the second quarter, the Company recorded record revenues for any Q2 period, reflecting increases in both, process development and manufacturing work. On the new business front, we signed multiple new customer agreements with both existing and new customers, contributing to our strong backlog.