Earnings call transcript Q4 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, ladies, and gentlemen, and welcome to the Avid Bioservices Fourth Quarter and Year-End 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 may be recorded.

I would now like to turn the conference over to Tim Brons of Abbott Investor Relations Group. ahead. go Please

Tim Brons

Chief afternoon today's Good CEO; you joining Kwietniak, for Hart, Thank we and have On Avid's Matt and call, Financial and Officer. Nick us. Chief you. Officer; thank Commercial Green, Dan President,

prepared of your year Today, development Bioservices XXXX. ended on activities April and an for questions. results our updates contract and including XX, Avid financial we remarks, business, the providing welcome will corporate be we overview will manufacturing quarter After and

to Actual caution these concerning call Exchange made of statement like the review Private comments and differ no made Company's XXXX could Before contain the undertakes company filings of risks, to conference statements and other I'd we Reform statements the XXXX, the that I during to this current assumptions, revise number belief Commission meaning update the from today, obligation will Act with begin, the all these Securities encourage and Litigation you of of XXst, company, uncertainties. June concerning a matters. or within which and certain today. forward-looking the involves any results Securities

press reconciliations information, avidbio.com. Our and of including non-GAAP will our this you on non-GAAP release, earnings can include earnings certain relevant our corporate find at discussion call release press website

that, will and call turn over the CEO. to With I President, Nick Green, Avid's

Nick Green

record fiscal were everybody via Both webcast. year quarter for today XXXX you participating you, Tim and full to thank Thank the fourth the and setting company.

over revenues of million, year a backlog with we year. during $XXX periods fiscal the increase XX% record achieved both As record and high ended a high last

operations, fiscal requirements. to for strong now Myford whole winning expansion our are customer bringing bookings new have process and fulfilling expansions customers customers. business full new including our to respect the and a quarter In actively capabilities continue existing development, was with full and project development in in our and success operation teams as With year the

Matt cell our following details and business of make to our provide overview fiscal progress quarter full-year building on And schedule this continue results. and I period with bring development for remain year. facility financial additional gene we XXXX and the an to and this will therapy operations later and fourth on online

the And that, Dan. to turn I'll call over for

Dan Hart

Thank you, Nick.

Before to brief on the with XX-K, today, which overview today this I are I'll in our the financial our SEC. begin, our details in in prior call press financial issued addition the filed on release provide included call additional and results to was Form

overview period. the ended year increase, high provide quarter now compared in fiscal company from April year I'll an a representing quarter for to and prior a recorded fourth the the for for of $XX.X XXth, financial our XXXX. the ’XX single and fiscal Revenues million new of operations results million, $XX.X were XX% quarter

full-year revenues year to fiscal new compared a full in XXXX, $XXX.X the for For million, million period. $XXX.X year the a were high company and prior representing increase, XX% the

For increased quarter both primarily development to the in and to can the and be attributed services increase new customers. provided process fiscal year, manufacturing full revenues runs the

XX% XXXX margin margin fiscal year fiscal ‘XX during fourth fiscal line, XX%, and of the was gross Gross ‘XX. as to was quarter margins for XX% a compared compared the period XX% full for ‘XX. the fiscal to of for margin fourth gross same for in Gross quarter the of

our ahead increased hiring XXth, equipment and the to and prior our XXXX, periods, related depreciation primarily During overhead the cell facility the personnel additional and three April of over expenses labor gene year XX costs and facility months therapy mammalian ended of and due expansions.

consideration prior uncertainties from the under to resolved, Additionally, fees same unutilized in change a contract in year benefited where the benefits recognized revenue capacity as from the with fiscal margin been current have variable associated year compared period.

and year quarter to fiscal gross of fourth in fiscal these would all prior quarter margins, and as both the increase gross year compared fourth been our margins adjusted been periods, year adjusted respectively. Excluding XX% which an have factors, have XX%, XX% would

costs near-term in depreciation expansion to-date margins, will related We related expect increase the affect to continue especially incurred cost. the

only Additionally, in any incremental line increases expansion future to growth related and cost anticipated in be will added support capacity. with

$XX.X for increase quarter for fourth expenses XX%, SG&A quarter million Total SG&A of expenses fiscal $X.X year of the primarily in to legal, fiscal the in the accounting, increase compared were were increases full million to period. benefits SG&A ‘XX professional and in fiscal an recorded the fiscal of $X.X compared to ’XX. of the million, prior fourth $XX.X as were The an full and and million, ‘XX increases other expenses. compensation the year XX%, both quarter due year in costs, for recorded related

Before The $XXX our income, a would remind net during of against assets evident reversal fourth of all that previously maintained a per recorded valuation DTAs. income recorded DTAs those I some sufficient or the benefit allowance its of were million or company's our of everyone company portion like fiscal on tax we to there diluted share, quarter addressing due allowances. release deferred to tax non-cash support until ‘XX, the or valuation allowance of to a $X.XX

and likely realized would fourth state XXth, as to related During the prior determined the than has April the be DTAs allowance not XXXX. that year DTAs it company that released more of and valuation quarter, federal was the

loss of diluted quarter fourth fiscal and basic approximately $X.XX the ‘XX, or the company share. per recorded During of $XXX,XXX a net

$X.XX $XXX.X share or net As fourth compared of of the diluted per million for to and basic $X.XX quarter ‘XX. per fiscal income

$X.XX respectively, approximately to a $XXX.X million share, income as of net during $X.XX per ‘XX compared diluted company of $XXX,XXX the basic or diluted and $X.XX per For full share, year net prior fiscal the and period. year, or per basic the recorded income

quarter million $XXX,XXX of ‘XX. non-cash per full or per the the approximately of $XXX $XX.X and recorded Excluding fourth fiscal basic net and for and fiscal $X.XX for year million income ‘XX, share share prior was the during $X.XX the year quarter company's diluted tax the or income basic benefit diluted

the fourth EBITDA fiscal quarter $XX.X the ‘XX and $X.X full company of million, and achieved year, million an the For adjusted respectively.

$XXX ‘XX XXXX. XX, equivalents $XX million cash and to XXth, compared were million, April April cash on on Our

made great facility have progress We our expansions. on

the fourth including mammalian As of of expansions, the completed have development our process manufacturing quarter, end capacity. and we

potential gene projects, that to to expansion completion million up year We cell complete calendar end combined required We by the to future customer we of estimate fiscal for to QX these on our of our depending mix revenue-generating cash $XXX facilities bring therapy capacity Upon projects. have the and total will expenditures ‘XX expansion the approximately to our our annually, million. of look of $XX expansion-related XXXX. capital be approximately estimate

my the for over during turn the concludes now overview. to activities on financial I'll commercial This Matt call an update quarter.

Matt Kwietniak

commercial team. Thanks, a Dan. year for great XXXX Fiscal our was

of year, gene created facilities large or off. our paying made companies pharma our mammalian named pharma for a function company visit including partner to therapy our During our We cell we investment planning organization, customers, the dedicated conducted additions the expansion have were and preferred substantial to already specific We offerings. top of and audits the sales and team changes this a is to past a in both other our near-term. are and in recently the with new needs large pharma

fiscal America. continue industry of compared fiscal productivity of evidenced visibility in XXXX, prior and our both improved leading quarter as the its moves Combined, in significantly team's our as full years. our ‘XX, as our enhanced to bookings value year, events, and conferences the team in regions we at the these North technology year. expand well is presence for outreach This to fourth During strategic in fiscal and the

to projects later complete, and compared a Changing stabilize at over new million Avid revenues. longer of projects end to earlier result, strong a of focusing record backlog the have $XXX as million These probability million, phase phase and with resources dynamics recorded recurring an fourth market regulatory as XX%, of fiscal long-term to representing future bookings of ‘XX tend leading Avid's larger This provides fiscal we increase and commercial and to dynamic sector biotech ‘XX. of in base have are the the growth. ended much $XX help a resulted for assets. business quarter approval, revenue benefit market $XXX should high higher a long-term but take on

a will a beyond extend a year. portion result, backlog growing of the As

later-stage this our the trend the expect [allied] we (ph) to the to successes the programs, shift an company. with continue priority larger and diversify past for to increasing ongoing would continue. allowed of to expand backlog, us With The client base and have contributing commercial manufacturer year to

proposals, and utilize CGMP customers the our finally, in cell for are gene demand which our process manufacturing new with future. to engage therapy which includes we be beginning And business we potential soon to continue also new will respond to to for to we continue and believe offering, We and online drive services. development capacity, successes

of commercial organization standing pleased ‘XX. XXXX. In in Avid's work summary, be not in our leveraging their within could elevated hard look to productivity visibility the with dedication reputation fiscal fiscal The industry, have and we growth team's we and and forward more the and

will turn period. the call This concludes during operations my now for over Nick to the commercial achievements of on an overview activity. other I and back update

Nick Green

of Thanks, nothing been has short ‘XX extraordinary. Matt. Fiscal

capacity. the seen our the or During same our opened business. the each have mammalian equal In year, of backlog part prior expansions in have quarter, we of we the the exceed

capacity, platform than As which of a XX,XXX planned, is with most disposable of fiscal ‘XX has to seen liters state-of-the-art Avid transition fully more new.

this process manufacturing cell build-out end the effort through manufacturing. completion launch only of which mammalian on new the track at sites these and development XXXX. The of early-stage therapy facility has capacity will the already the company by analytical third and remaining expansion facility, support of With calendar quarter launched currently, development and the its of includes expansion commercial gene Avid's capabilities CGMP to projects, cell remains

annually. facility, Upon completion combined and the therapy will bring gene $XXX have to total that generating the approximately to a we cell capacity estimate potential facilities million of our revenue

million, Our well which the achieved the quarter $XX second-half signings business of of team during all million, more bringing future. alone than signings total for $XXX bodes the for to development

seen applied changes ignore market certainly Equally, projects our early to dynamics. in impossible proportions phase resulted investors however, backlog. is in Reduced it customers lower early to in we of the being preclinical some phase from has and resources the of have

and of late-phase longer-term on projects focus pre-commercial the provides customers However, upside.

has phase decades resulted our in of an This under As CDMOs commercial in increase close of backlog. our later manufacturing two the business and belt. one in commercial to few with

Phase campaigns increased During is effect than the associated phase the work projects The increase late-stage the projects project defined there's Quite in signings PPQ early there late-phase projects of project. have also associated simply, late-phase and in and XX%. in approximately involved revenues. internally XXXX, with duration as by X significantly more extending an

late-phase in in in medium on approval. This been in a will number revenues, an means commercial our hope expect the significantly increase the the their life BLAs Avid the needs. also shots we customers' trend, we lead By and we probability to we this cycle partner this, the Avid. commercial filed term, in a And additional However, projects, enhanced. believe assuming mean, feel as goal. increase in with products manufactured resulted the of subsequent meeting for projects capable have projects increase effect I later of I being adding the of would recognized in result stage the more being complete has is of increase of given products future,

be phase other just hand, typically early quarters. phase short-term new register Each projects expect in projects to that less of the early i.e., clear. wins would quarter, the customer we can reduced the with short-term, upcoming On number recognized the make

result and from short-term uncertainty to Although as the I when speed is at of already a in biotech as new this as proportion the a level this impact degree has just attract insulated some which exactly short-term, is the will revenue. broader on It funding our we significant is business to sector, impact customers. of it of return believe commercial, to the can our

have million. to We to our broaden compelled million to for felt $XXX fiscal XXXX $XXX guidance

begin and fiscal we piping. the advantage while In situation XXXX revenue, Avid to-date. single that largest created to mature highly The reliable, And will truly challenging and closing, strong is annual flexible, company place revenue, backlog to continue of fiscal fundamentals by position underpin in we was fiscal quarter acknowledge ‘XX to highest the is a believe, an and today's encouraging with partner financial its a backlog a highest recorded ideal commercial-grade ‘XX, It its in as longer-term medium year. business. record the Avid's to markets, take market the reputation a setting

open This concludes remarks today, and prepared questions. can my Operator? for for we the now call

Operator

Hewitt Matt coming Thank today Our you. question [Operator Instructions] from for of will first Craig-Hallum. be

line open. Your is

Matt Hewitt

first Maybe on what providing detail transpiring questions. the for on bit you're year, and little implies bit basically here thank dramatic taking near-term Thanks the what's from on little ‘XX. growth the from guidance maybe hearing saw afternoon. Good for a Nick, at up you Sean the your customers, midpoint this we but detail what more -- opportunities, of sorry, shore the because what in pretty fiscal mid-single-digit slowdown a a

So market? on just more seeing color a bit you're the what little in

Nick Green

Yes, I amount that see what our perspective, of funds preclinical is think, going diverted into which being Matt, on, with have thanks we Those size. towards Phase leased the small later What's least can in been the X, for question. I'm investment early phase from projects, certainly talking from clearly, are phase. relatively going at

quarter, and there is we can would impact a of pick those a those execute number up that the immediately. in we So us big for

process those the manufacturer. very, quickly. out development small-scale and very into straight can go they in you and get And So

said, They're and my Phase PPQ PPQ that they're our and they of I in take increase validation X as longer to commentary, as execute. they and just exercises more involve in involve highlighted -- the they by which just being of replaced. phase in, late-phase that I by batches, an we virtue the XX% campaigns, And the at

to Now obviously, is Phase longer is mean a probability from of if revenues would I X, but is it a larger, that frankly, fundamental quite products X a those project of project and X X, the to approval of that I a choice but in likelihood are think execute, take base of approval I Phase to higher. I obvious. versus me X away the think Phase preclinical the answer are approval Stage or had the significantly the the stage for Phase want prefer is

give products pipeline get of revenues. So fundamentally, a diversification that that more approved, more the shops projects more on building get and products our drives closer to hits whole towards revenues. commercial us purpose more you on much of And commercial approved, of is go,

And of could think in number you that I at look a this ways. different

how those. track benefit does as any goes early But that trust you did. not record, way commercial increase, got some people not getting of sooner which because probably short-term uncertainty. everything manufacturer, you most rather from is projects, -- kind going phase don't see Whereas you're do think that which then that the a which have, late-stage does than if XX% It around to If back you funding I have the projects back that those we'll you we've that, create are seen want. of in I know later. up into I'm that sure lift and hopefully I

trade-off those we've X, preclinical larger and got, Phase like again, is Phase But a which not a in a what result I'd and if there's X X Phase to will see the between revenues. only

the backlog signed at of and in As you second-half million the year. can see in $XXX the $XXX million

as or can't dictate those assuming forward But industry they pipeline the get do that of, to And being approved approved business. can And we look the the sort again, added of don't. convert, whether and so normally in underlying, our I that shows think products sees robustness additional in we averages, commercial of product. some commercial results one the can those then growth to I

Matt Hewitt

backlog, don't type versus that stage? qualify early us? your split of much me right. the in this, for very But a Do in back the stage a of it. late year maybe That's you -- the queue. congratulations have particular. between on you and But a would but there and obviously, Got you there $XXX helpful. some as follow-up if I for growth question I'll of know in regarding commercial the hop All And second-half million, split have how versus

Nick Green

don't mind. don't ever with don't I -- I the I don't have -- we've off I think that so on split. But detail me. reported exact unfortunately,

Matt Hewitt

Alright. Thank you.

Operator

you. [Operator will coming question our Instructions] Capital. of And Knight next KeyBanc Thank Paul be from

open. Your line is

Paul Knight

up were later-stage that the mentioned Nick, you Hi, projects XX%.

So Is and business? idea? X of around leader beyond? a two that. I it questions the one-third Do have have Phase you Is stage put rough

I of guess, robust you X second a can And regarding programs into before. relative was then later-stage kind to Phase team, pretty quickly how the for question what the these move is pipeline

large can over quickly customers? how you So win

Nick Green

probably X, don't But generally general manner mean, or a Phase individual Avid on early tend see we has a clinical, and of be is X, favorable see. later one components the just I would So Phase the more towards -- more slightly have to breakdown than a later terms X X, typically pipeline. the attract i.e., we've projects in of than pipeline certainly landscape the lot less pipeline. know, the less less unfortunately, that, think purposed clinical commercial think Phase in I I Phase pretty we would did might overall talked a before And we one days place advantageous you typical I landscape,

alluded And And a as what dollars. I number a increase a is in moved significant way reasonable a we've today not that a think comments, my further increase. on that it's couple even It's increase has significant dollars. on significant of trend seen of to I've

So we're of that dynamic. very happy with general sort

execute. just the mean, In execution, I of physically terms time it to is

checks. area, to gone the naval virtue that backlog. they because in signed, you into and the bit has how that's backlog that to those obviously, tend get give they amount for don't a of So because bit $XX in sign check longer million most time. $X million a terms a winning people the to do these by are little the gazing fact allow, take argument's of more But before People in projects, sitting sake, those size a sign of check same XX% compared up

our pipeline even more attract we where And of could opportunities we those. what -- call in our we can clearly see other

biggest I've longer administration the as for own executing and come issue. batches before, time, a formal orders and diligence. obviously, example, We to there's is your the tech the which lot mean, there and because work in a is of scale we've those lot across up mentioned a take the engineering of the me making the involves, absolutely a for And the So literally, attracting all is aspect, FDA said campaign, the the then but filing that on sums, PPQ also I with hard bit of them, to part just checks or I documentation, deductities don't large a think initially this as then every [Indiscernible]. project little signing larger in on high obviously, and parcel sure executing.

the So that. it because just doing takes it. through that that single I'll assigning every to have we of unusual one late that It's day, have to nothing execute But who's to But the based longer same next projects. business, for process. piece of those It's the take go happens just anybody thing that we and win, filed two, following most products the after gets then seven the one with and time FDA. gets BLA is four, another start they three, we've six, with commercial batch, product, go. moved and commercial they that off And got five, to last checked to approved, as I

you in the first. build forward, So to and business the going the pipeline exactly why is we repeatable fundamental then more get which try

Paul Knight

this. question, last would Nick, And be

with are industry good, environment ton putting situation Lonza Catalent on is Do Phase world? have meet a obviously late-stage great, II What's think this your team You along like what's of later-stage later-stage it tight. in the capacity to lot a experience CDMOs seems this like with large demand. the pipelines, view and of you your

Nick Green

for phase it moving difficult seeing industry. growing said because can necessarily of been see, because it mean, coming averages. early numerous to determine why on we we're those isn't whole But exactly late It's is I have what towards phase. occasions, from from a funds I've to always a proportion the bellwether just

project Whether certainly somewhere Avid highlighted. think to a has that to contributor, X I from -- is other mean, else. be people I as coming the coming I Phase ultimately, is

is, something always clear not has guess, who done I wrong, to is somebody, us. that So

projects So people move -- it. from front just late-phase the normally but of don't

we about talk think have I we of, I case is can almost only I the know, that think, ourselves XX-years. in -- But got do you --

it's I clearly, it's that now long manufacturing years late-phase, -- I not of And first a XX-plus your experience. revenue. clients think your feel commercial think comfortable goes making way that to

Paul Knight

Okay, thanks.

Operator

coming And you. Jacob from Thank today question be Johnson next Instructions] [Operator our Stephens. of will

is Your open. line

Jacob Johnson

there into the afternoon. projects have later-stage these any maybe to later many trade-off of and turn good you commercial. how Hey, Nick, on outline outlined the because way they that obviously, is stage you for customers, these can

how it's are out about. I'm not think to like It trying one therapy years. of commercial couple talking look of kind just sounds a we're So as there opportunities you about many

Nick Green

But not it's down phase there go not it's is one, it's No, don't by and in into break the multiple We projects No, good not detail and Jacob, no, the one. number are afternoon, multiple by and of the one. or It way. pipeline. each clients.

and of the encouraging. or that might expansion X with very but expansion the three XX to at it's you capacity. same expansion Phase might looked the going if I things So fill here fill to products, that fill it four mean, stand put are late-case that is projects. the commercial on, be I we

life underpins business is cycle can So it's full it, dynamic Avid in I absolute CDMO encouraging, of a and take that of, kind through. the is way that you this partner sector the is that fundamentals this basic a think all

later because that few gets know out financial I And equally, when that of biotech it that And affects everybody, happens there albeit the But can in from longer at dynamics picking benefit actually commercial the But all going covered, CDMOs least, think people that -- day. is away the also and into as benefit get longer focused from funding at how funding how biotech, markets of by the picking to and from phase. don't I and the interested fact still one towards up. good that such of Xs. we in end Xs Phase slightly we you're see It's all that that I get you slightly later in up And are those believe, pedigree. that. projects. going less funds phase fact we Phase assuming see We're

of long-term, from done. medium the continued to we away boost But and investment pick quarters. of get those think not being to seen more growth as much funded liked know we some have couple in and smaller a Clearly, therefore would I So therefore, next to we able have a projects how I got being to them up. don't bullish have not

Jacob Johnson

of Got outlook talk it. Thanks, then growth, Nick. with you the follow-up for Dan, the ‘XX, my just vector see pressure viral can online? along the And capacity guessing just sheet side. the Thank year kind maybe investments And of maybe Dan. we about lines, you for in same then bit on the base FY if continued along margin some could with the mid-single-digit-ish larger this but just cost given touch I'm on you. a kind a little of balance state additions of margin

Dan Hart

Jacob. Sure,

gene over I is fiscal which including business. establishing our our the and last year, cell facilities my and in in prepared remarks, As people invested also we've therapy our noted

any further growth would investment forward, Looking support additional fulfilling of or any be capacity. to

some impact impact once Looking a I for the and saw a fourth point, went percentage year the at normalize for -- last costs to if as full-year of positive we -- and the through, of fiscal the as that ‘XX. for gross point both were those quarter starting noted, benefits for those margins you you X roughly --

that a completed also depreciation base continue basis, established the related level of on cost be we increase our expansion. to new comparable increased an during ahead in the fiscal to by gross fixed would will ‘XX impacted the say, and margins looking I

assets, the strongly margins believe as approximately For the still next instance, double in depreciation, year percentage which these future points. we X In strengthened our be that will increases. impact more increase by utilization for will those margins long-term, than capacity

the place. the confident forward we cash continue far sheet. far continue fund In -- from forward, sheet the labor we'll from And we As pull where it as in operations at believe into fund still and side, operations around moving we grows, balance we're to looking And cash were as feel as we will balance event, we still as we're will revolver could we we're the comfortable vector, that to, going mammalian at we'll the viral a that. looking have vector space. our to cash from needed that XXX% on But increase and side into to similar the at that the costs satisfy related business. viral

Jacob Johnson

for Thanks it. that. Got all

Operator

And next Thank we Hewitt follow-up Instructions] you. our have [Operator question, of a from Matthew Craig-Hallum.

is line Your open.

Matt Hewitt

you. Thank

Just the for bookings Just side, quarter? Maybe me. gross in your one between number got that a you've cancellations there if breakdown follow-up versus bookings the handy? on is

Nick Green

that -- as the no far quarter. a As there was think I was virtually cancellations in

Matt Hewitt

fantastic. from me. that’s Thank That's Alright, you. it

Operator

Markets. [Operator you. be Instructions] Dodge Thank Capital RBC And from will question Sean our next coming of

line Your open. is

Thomas Kelliher

‘XX outlook. it say good a Yes, in This is fiscal for there's Is on high contracted guidance guidance, portion? Difficulty] on you notable disconnection already effectively to fair visibility all taking backlog of say way, how afternoon. Thomas Kelliher particularly the that in versus or go-get for Sean. much Thanks of serious the have kind questions. a this of maybe different is the a a [Technical level

Nick Green

clearly that one, out I million, normally, the first on comment of $XXX mean significant But actually of we think sure. year. a in that don't I’m I portion

I the has think Dan the sort months. the to comment always is made of next XX that majority XX in

the is XX%. you I if certainly were next over majority think XX months, the looking in

in that -- next of significant is number XX XX% a XX over the months XX guidance. of that So to

So I that's that. best answer probably can the way

change I from being was hesitate answer. of say Difficulty] a a in which [Technical a reason cancellations. no said regards But scope, in Matt, I very The question to recall strange the number. to In virtually those there kind small prior I do

our in signings. comes negative a as So that

was So cancellations. just for any clarification, I don't think there

scope, I something think in [Technical there which was a was to change Difficulty].

question wanted well. just the clarify Matt to I as on So from previous

Thomas Kelliher

you much rule how a apologize and do more going sort like annual And And I left spend any then is a to of good thanks. forward? have thumb expansions you already, these but if quick for CapEx ‘XX? on answered Alright, just of one it fiscal there then in on spend

Dan Hart

Thomas. Sure,

we quarters. over of outlay, spend, roughly have will majority with cash the the entire as over far be next a ’XX three million significant year to As that fiscal $XX which

So there's that component.

So CapEx, CapEx, Maintenance short-term the would those to as the in long-term, far I a to be we're are smaller up ramp imagine to going levels. brand get since as new, assets going maintenance I the the to in apologize. of X% revenues. that's But X%,

lower I an that number, annual would, I a on ramp $X up to some period million million basis, $X will of would it, So over start time. with and call

Thomas Kelliher

That’s guys. Thank, perfect. all Alright, me. from

Operator

like Thank back I closing Green you. That remarks. over to for call concludes turn the the go Q&A to session would for Nick Please today. ahead.

Nick Green

call. thank and and and continued continue thank to partnership to you, for for of acknowledge XXth their I closing, success. And and the our progress Thank in on trust participating substantial support. would thank our Bioservices. today's as investors on recent business, like year you We its for we for our thank operator, recognize their again today we mark years. in drive exceptional In who for made you everybody support customers our and Yes; to the participating employees Avid continued

Operator

all This concludes joining. Thank today's you for conference call.

You everyone, enjoy and may disconnect your evening.

Avid Bioservices (CDMO) 21 Jun 232023 Q4 Earnings call transcript