Avid Bioservices, Inc. (NASDAQ:CDMO) Q3 2024 Earnings Conference Call April 29, 2024 4:30 PM ET

Company Participants

Tim Brons – Investors Relations Group
Nick Green – President and Chief Executive Officer
Dan Hart – Chief Financial Officer
Matt Kwietniak – Chief Commercial Officer

Conference Call Participants

Jacob Johnson – Stephens
Sean Dodge – RBC Capital Markets
Matt Hewitt – Craig-Hallum Capital Group
Max Smock – William Blair
Paul Knight – KeyBanc

Operator

Good day, ladies and gentlemen, and welcome to the Avid Bioservices Third 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's Investors 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, 2024. 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, April 29, 2024, 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 includes 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. We are excited to report our results for the third quarter of fiscal 2024. Last quarter, we told investors that we expected revenues for quarter three and quarter four of fiscal 2024 to ramp upward. And as anticipated, during the third quarter, we recorded an increase in revenues of more than 30% as compared with the second quarter of 2024 and we continue to anticipate a strong quarter four. Consistent with our pre-release, we remain on track for full fiscal year 2024 revenue to be within our previously disclosed guidance range. Consistent with last quarter, we still feel quarter two of fiscal 2024 was a low watermark for Avid, and we look forward with optimism as our later-stage pipeline begins to flow through the financials. The financial environment for our customers continues to strengthen, and we continue to benefit from our recently completed expansion program.