Avid Bioservices, Inc. (NASDAQ:CDMO) Q1 2024 Earnings Conference Call September 7, 2023 4:30 PM ET
Company Participants
Tim Brons - Investor Relations
Nick Green - President & Chief Executive Officer
Dan Hart - Chief Financial Officer
Matt Kwietniak - Chief Commercial Officer
Conference Call Participants
Jacob Johnson - Stephens
Matt Hewitt - Craig-Hallum
Sean Dodge - RBC Capital Markets
Operator
Good day, ladies and gentlemen and welcome to the Avid Bioservices First Quarter 2024 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call may be 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 July 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, September 7, 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 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 first quarter of fiscal 2024 was busy and productive. During the period, we continued to execute, winning multiple new projects. These signings have enabled the business to effectively maintain the record backlog which was built during fiscal 2023 which in the current climate, we see as a significant achievement.
As highlighted at the end of last year, our new capabilities and capacity continue to attract attention from new and existing customers, particularly those in later stages of clinical development or seeking commercial manufacture. And it has been pleasing to see increased utilization of the new mammalian line fleet, previously referred to as Myford South, as well as more clients in the pipeline.