Avid Bioservices, Inc. (NASDAQ:CDMO) Q2 2024 Earnings Conference Call December 7, 2023 4:30 PM ET
Company Participants
Tim Brons - Investors Relations Group
Nick Green - President and CEO
Dan Hart - Chief Financial Officer
Matt Kwietniak - Chief Commercial Officer
Conference Call Participants
Jacob Johnson - Stephens
Matt Hewitt - Craig-Hallum
Paul Knight - KeyBanc
Max Smock - William Blair
Thomas Kelliher - RBC Capital Markets
Operator
Good day, ladies and gentlemen. And welcome to the Avid Bioservices Second Quarter Fiscal 2024 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 may be recorded.
I would now like to hand the conference over to Tim Brons of Avid Investors Relations Group. Please go ahead, sir.
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, 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, December 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 everybody participating today via webcast. Now, the second quarter revenues were impacted by a number of factors. These are now behind us and we are looking ahead to the second half of the year with some optimism.
We closed the quarter with an improved cash balance. We have now completed the expansion program started almost three years ago. Our backlog has achieved a new record high, and as we amend guidance, we expect significant growth over the first half with revenues approximating those achieved in the second half of fiscal year 2023, the highest six months in the company’s history to-date.