CDMO - Earnings call transcript Q4 2024

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Operator

Thank you for standing by, and welcome to the Avid Bioservices Fourth Quarter Fiscal Year 2024 Financial Results Conference Call. [Operator Instructions].

As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Tim Brons, Avid's Investor Relations. Please go ahead, sir.

Tim Brons

Thank you. you us. thank and afternoon, for joining Good On CEO; and Dan we have Matt President and Nick Green, Hart, Avid's Commercial today's Chief call, Kwietniak, Officer. Chief Financial Officer; be updates on activities Bioservices will Today, and of the results corporate an April fiscal manufacturing including and year and Avid ended we business, contract providing for development quarter financial overview XXXX. XX, remarks, questions. your we welcome will prepared our After

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

information. press non-GAAP discussion release a of includes certain earnings Our

You at can will that, press find and President the non-GAAP including Green, CEO. turn Nick over Avid's avidbio.com. With call to I corporate our our reconciliations on relevant earnings website release,

Nicholas Green

our generated and We Thank revenue the fiscal The expectations fourth highest XXXX participating revenues you quarter current thank you, company. today quarterly Tim, Avid's of for for point was everyone to via meeting history, the webcast. the a year. in high

put ahead. In development good and which year operations, well signs the environment, in project the also bodes is additional We capacity use. positive signed business the broader new we being our continue see agreements, to to multiple for business in

for And result, facilities X. for projects quarter are gross our reported approximately is being of margin New double as that all a onboarded. quarter X our in

additional will call margins increases. the our XXXX we strong and fourth the quarter to for the direction Dan. following for results. And of I capacity over year see rebuilding and turn development I'll in utilization and While on will Matt movement business fiscal bookings details right are operations that, new take provide time, period to this overview pleased as remain financial an our

Daniel Hart

you, Thank Nick.

associated provide I the today in and results Before issued our call on press call overview, details additional are I'll to addition prior financial the to our included brief on financial begin, in in release our this for year of now fiscal provide filed our SEC. I'll for with results operations XX-K, Form XXXX. XX, from which was the an million, April in compared the $XX an overview $XX.X financial the to the Revenues prior fourth revenue quarter today and period million to ended for quarter mix as The compared prior year increase the of quarter the were fiscal new primarily X% increase in due and primarily programs. scale process as with runs of development fourth in the services revenues manufacturing to of representing recorded and onboarding XXXX of the was same same year increases period.

XX% year gross for fourth revenues and to X% gross profit resolved. Gross ended a fiscal a was manufacturing reduction for scale margin offset gross runs, attributed million $X.X XXXX of contract XXXX, gross reduction million fiscal manufacturing compared services the in compared year, For same year early-stage million the under reduction or to to margin revenues company's same primarily same quarter primarily year to increases uncertainties the prior in expansions of fourth in April year of and in fiscal XX, The period. or XXXX. to April year $XXX.X full driven mix by year for a or a for the in XX, XX% and compared period changes fourth was million full manufacturing compared gross by consideration Gross a the quarter where margin fewer in of costs fiscal XXXX, $X.X to gross XXXX capabilities. year. prior approximately fiscal decrease decrease of in the fewer process XX% compared runs, an or to variable X% from of The primarily both programs of the profit fiscal $X.X XXXX quarter in the process for development a and $XXX.X decrease profit prior periods by million, was been development revenue services the full XXXX related $XX.X estimated capacity and million the fiscal of ended margin for have runs, increase partially was our were technical the profit

delay impacted expenses tax million, million, for Gross $X.X to was of the XXXX insolvency Income to XXXX. year prior profit in period. compared X% pending million expenses, in of expenses period. the million for the compared XXXX to customer year fiscal XXXX, quarter $X.X $XX.X also by process for during prior same revenue same fees. Income project recorded under a ended the expenses primarily estimated year SG&A the April of a decrease variable where year XXXX. decrease in the periods recognize fiscal year were been of in prior and and the an fiscal a for compared million product terminated approximately was $X.X of was million fiscal fiscal the tax the uncertainties compared for changes to of the XXXX, April expense in fourth reduction of consulting compared for resolved. and to ability fourth quarter $XXX.X fiscal implementation full was fourth a million, recorded decreases as a and the fiscal of expense quarter XX, million, both due have as XX% related customers quarter a of to the an ended in fourth year company's a revenues of in change. SG&A increase to contract of $XX the decrease XXXX were $X.X increase XXXX full fourth XX, A to year for smaller the benefit-related quarter the facility The SG&A our consideration fiscal one $XXX.X compensation

fourth income fiscal the X-year XXXX, management of ended XXXX. net resulting objective expand XXXX, piece a loss million assesses loss tax over a available contributor of net was evidence likely the deferred tax net an fiscal significant evidence. associated quarter to the significant extent $XXX.X existing to periodic A evaluated of future determination, not over technical to accumulating During we positive assets. recognize be the to A add all costs evidence believe we to into and XX, deferred XXXX. positive which costs labor, realized. On negative loss X-year in generated this period, than incurred negative In use valuation estimate making a our to our sufficient in basis, available strategy the in allowance and increase loss the consider the associated and has assets incremental negative and the We available whether that against April permit in costs assets fiscal a will depreciation, tax capabilities capacity our such period more the we of a fiscal with assets. included with deferred increased been are these be recorded cumulative facility

million the the form as The allowance not of tax asset evaluation, basis such in more April realized. is quarters subjective of the the been likely than be is projections the a XX, objective evidence, for of in the tax assets portion has future of valuation could to this our realizable $XXX.X to XXXX, if positive as however deferred On and income recorded growth. recognize that considered of to evidence deferred additional amount weight of be adjusted cumulative given

the fourth basic fourth $X.XX and per loss million $X.XX compared $XXX.X of XXXX, fiscal and diluted $X.X basic to for net a quarter company's fiscal loss was share million or quarter per of During diluted of XXXX. net share the the or

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

$XXX.X adjusted the Excluding company's year $X.XX the fiscal or $XX.X fourth share diluted XXXX, approximately million million and $X.X of recorded and to million allowance loss during adjusted an or tax was fiscal provision per quarter basic our of and share for full diluted valuation loss the per recorded quarter net of $X.XX XXXX. income basic the the due net for

XX, overview. were million the Matt XXXX. This and concludes commercial update over Our for million cash year. financial turn the on I'll and April on April call XX, quarter cash activities during my to equivalents compared XXXX, $XX.X on to now an $XX.X

Matthew Kwietniak

Thanks, Dan.

commercial our strong $XX of wide million. the capping year signed team. the multiple agreements During ended and project off capabilities, a new year we quarter, backlog range fiscal of million new in the successful a for with fourth company spanning With quarter during period, $XXX the of projects

For the the we significant we includes to customers addition of the fiscal of pipeline, not multiple XXXX, only added big well. year. but another customer year new added as number This production our projects new pharma a during

business we opportunities. with companies these discussions cycle and pharma with respect sales the While optimistic other to actively takes for big potential time, pharma are in engaged

score including of placing percentile as improvement, company values business. Equally exercise delighted from we XXnd identify and a our stakeholders, forward recognizes business investors to Avid's has employees implemented also across due providers financial conservation manufacturing have drug environment, more X In positive and sustainable rated visibility deferred addition, respect to only was assist industry, areas culture also look and allow not as The the core have this in in we earned to EcoVadis, other reputation human and last supply rights, the are of important, XX business in and the the one. In and which make customers. the most of chain but ethics but well the with programs and and most globally, of see sustainability beginning a procurement EcoVadis to EcoVadis. The facing The XXX,XXX core markets enabled were hopeful one history. to market are those of only which that Avid some year, XX challenging journey customer we on more overall, developers has our the by globally than the themes chose important Avid impact Avid's Today, biotech headwinds to in company of companies we any of than building continuing base and for to perform to trusted are evaluates deliver. its evaluating assessment our the the team themes: the positive improvements year. With diverse criteria EcoVadis, not the despite whom continuing sustainability at and to in been continued cash during labor advancement more we ratings point will conclusion, our largest in ourselves. strategies by recently company interact to

pipeline production the into strong Our valuable going backlog remains and most the and our is ahead. largest year ever,

We fiscal new the and are the on of to overview pleased with to quarter in opportunities performance an call concludes now XXXX. This anticipate XXXX achievements the and operations for fiscal our year. we the team my commercial turn and Nick over activities. in during will I update other back commercial forward of look

Nicholas Green

XXXX no challenging Thanks, doubt was recovered half, market million, trend quarter with revenues of the achieving and the status that revenues year the the X Matt. notably the well impacted the upward $XX of highest extremely There's a Avid. that validating during for balance half. also financial no second during most Fiscal There in but an is we history. the doubt our the with first results year, company's ending higher of

are in growth combined company fiscal the the midpoint. ahead between is fiscal new interest mammalian XXXX momentum, cell Supporting our million, our completed million year-over-year of this full and year to launched a gene during and facilities we facilities promising providing capabilities. In our XX% we've strong $XXX unveiled growing expanded completed facility. optimism expansion. $XXX our and its and XXXX the guidance looking XXXX, we revenue at cell representing seen and a And newly completed late manufacturing therapy backlog, Given with fiscal XXXX,

programs today. The and has biotech dramatically in With X-year new construction expansion this associated revenue-generating enhancements expense, we environment and approximately its the capacity in facilities. only have and the large fiscal importantly, capital million million The technical addressable company's capacity well the improvements and the expanded both an annual our completion our of to new needs XXXX capabilities customers not service company expanded execute as existing but, and better increase more later-stage than allow market and increased to enable pharma the $XXX program as address Avid from capacity, of to in utilization as $XXX annually production programs as the business in in the pipeline. With larger expected our increase the and onboard and respect well. is CGT broader to company to resulted in mammalian

As approximate we should margin quarters, utilization this our to year. quarter prior we've our pleased doubling in of increase discussed and are to of gross compared this X as in improve margins, expected in quarter see an X

resilience our in market new margin million highest momentum wins commercial the ended the approval with in and only We of We to execution of X- campaigns late-phase positive stability sight of revenue will in with expansion. execution $XX capacity series expect is are of journey fiscal the wish position gross utilization particularly increase company's the as compared half anticipate I we and we will ever the the to the our subsequent these of beginning partnering face QX difficult second business. In of the and which the We contribute strength $XXX of while for several in closing, manufacture, continued the to in X our highest many the quarter PPQ XXXX, late-phase end building, campaign record a to PPQ of recorded line backlog And to be programs, QX logged with of and a in pleased the future so margin year our highlight million quarterly growth customers. year and quarter in connection ongoing X, double a toward further in environment. to X-year revenue of business of year. of of

now encouraged call the for onshoring today, for to improving prepared along U.S. This can financial Operator? of continued are market biotech for trend of questions. the my drug with companies manufacturing open We by back the concludes and the remarks we

Operator

[Operator line first Capital. Instructions] for from And comes of from Sean our question Dodge the RBC today

Sean Dodge

give of with Or stage comments kind more some had proportion of that existing it high a intend what lot $XXX that starting of with early the signing the is new maybe million kind to on revenue versus that of million the late in you year. that and your With before? years? come signing, you to from shifts us Maybe, all mix you've sense just been of 'XX stage Nick, guidance, compares fiscal how in can sounds of stuff $XXX guidance to your level that like expected XXX that growing that in do similar around capacity, on dependent coverage previous your that you a you have of interest XXX is true? Is ratios backlog to

Nicholas Green

of I don't in not I top head, that Sean, say off have different. the but would the number it's my markedly

that booked we year confidence a that's over where we've measure I think go much or quarters pretty in out for come get reasonable expected, it's as get the probably on years, of amount and forecasting a obviously, from X the down I apart well. periods we to that. versus those saw first think I But the last the the had that last were that think X bit

Sean Dodge

Okay. around bookings. the just And then

completed on think the I any maybe seeing guess, and there So give signed mentioned interest new that in begin then you into been growing to that capacity. can when you business? convert newly more you've is color interest time any on lines will you

Nicholas Green

that mean it's I we've which is I when we've over -- the a second in so in open just you PPQ new think year, already. just been stages or of incredible converting completing a final the year. campaign for facility, the completed or mean only

the you've there. numerous the ultimately commercial campaign we've got volume, between a campaign. But time the So and to as you done batches know, obviously, doing PPQ complete in getting

got the FDA to FDA, with hopefully, up converted revenues And into ends be to a there. is the product got that start with then by taken approval. a you You've filing then client, data and commercial that -- on commercial

to be So it those we're already if a forward, really of for do continuing filling well X, man. that way that wealthy fact had range a But that that capacity. got speeding I'd we've of going -- I up, the very we've completed process bodes a

Sean Dodge

Okay. -- mentioned increasing helping utilization, Great. certainly margins. And you capacity then with

or at that, there with point you doing that the anything to from this do is recovery? margin can are else Aside help

Nicholas Green

the think -- see margins certainly That utilization of will frankly, we is as of highlighted growth. I midpoint, we at long that as increased utilization we improve as the generally, capacity it the think guidance is obviously I facility the execute efficiently. XX%

which I think it's selling in improve is strategy. to think a in try of light the short I right facility, term, cost-cutting don't the exercise to margin the

but we're facilitate always obviously, cost conscious, to growth. we're trying So

of some the not cutting get and it So the do to say but just that of margins we to necessarily vast for will I sake as out would in to of the impact the try things, were. efficiency majority margin utilization way improved cost come margin

Operator

next from the And question Jacob Stephens. Johnson of our comes from line

Jacob Johnson

back again, in we Nick, this going couple But markets going would think, $XX obviously, you to months is is a bookings, play on little end Maybe quarter the bit old. a lot things in million I just this that than a And maybe of in. maybe of have year expected. the lighter

curious, metrics just or business you're side. there seeing any maybe I'm on development what other other share anecdotes any you on are just So could the

market seeing that you're development. in mentioned business for You bode future and well things some the

there else out there for flush you anything us? can So is

Nicholas Green

quarter-by-quarter a proponent I we've mean on trend. long-term always I this Yes. be is the I've think bookings numerous fairly erratic. of said Jacob, occasions, can which been

see the interest, amount of biotech. in in backlog, the for financial of anticipate say. Certainly, we this area, the year see good going onshoring, Mike future think should we I pipeline last alluded in -- in into into think or I easing to in that terms growth it behind the certainly the we customer saw an backlog seeing our and markets that I terms I year forward dynamics year, current positive

at back year of tough I year, would a off took I us, of frank go fiscal which finishing year here So looking really of start if ahead the being last over 'XX. looking years, very good at couple and last shine the a

we that a of much there. 'XX pharma feeling the at can more optimism we're always time, As could there's But time takes but tough about fiscal sit convert looking dynamics into orders. with mean it, was market what what about obviously, question and conversations it And the for to almost 'XX today, year, 'XX start see in we here industry this and the in no aspect also moment forward fiscal here every good from pretty and forward. to

Jacob Johnson

helpful. That's sticking it. with Got development. And maybe business

mentioned picked I in think large customer pharma you strategy Matt on 'XX. you just up update how is that FY another pharma Can large going? us

Nicholas Green

mentioned looking I've think Yes. suppliers, Obviously, throw first at and trust. to they they're a don't into on it people it, Matt It's there. foremost, they big before. Again, mentioned can pharma, process, obviously, I slow get anybody key just

unless it's it's matter So of need. specific normally a else somebody a displacing

capitalizing positive. And in been future. we're marketplace be of It that only may picking we the all the customer like able on can will at I all you list, capitalize So things interactions that be at that look visits, that quality we being that the jumping of have not but moment, on a doing that and that to past very that's audits, very up. haven't to but the the exposing all and be in and feel part the asked on still in things and interaction, strong them number we keep singles right we're the indicators, proposals the been

So about feeling as well going biotech where good sector. as that's the

one not it's So other, the both. it's or

Operator

from line question Paul from our comes the next Knight And KeyBanc. of

Paul Knight

capacity of the is portion developing? business how CGT activity or of inquiry business? the there And the Nick, what's

Nicholas Green

Yes.

or of million about million got. that capacity So of the the we've so $XX that's $XXX

where picking probably in that of think quarter, area, certainly I the in terms a it maybe be to a but activity interest months, it past. In X.X the we've continues lagging mammalian by It's seen and few quarters, up.

of seen visits. we've with think encouraging terms in last quarter the interactions clients, signs very customer some I in

nicely, it I would pick in -- which all could side, again, picking continued -- we say, categorize to X the up in, December through. up so year way about way in last is best it's side. mammalian but behind the months X I -- that And started would the see the to and I November, mammalian that's

think of my of optimism the sort we back mammalian So were that I around in comments And January, sort some side. kind in the where you started in then. and of time hear my to February tone

Paul Knight

And process was then in development what development your quarter? what's that process the read number? And from

Nicholas Green

a the PD, Yes. I project on It reflect quite there. enormously revenues I can depending The mean, type through coming on don't see can do day-to-day the but vary activity in. what's see the activity, that's going always I of basis.

they're they do need so we been Some activity. programs to need were speed already not developed have well late-phase and for they've up polishing In and lot well ready therefore, don't of before, get to really of lot where other very because a little them a developed, PD and cases, to PPQ.

moment. So PD it can I a area just see in what looking the positive that's throughout I it's level that year, see which, expect And fluctuate. very there. the this and we're we'll at again, to dependent I've -- looking at seen think in jump the of project But very seeing, activity

Paul Knight

hear the We tight. is fairly still CDMO that capacity

need in it feel really capital? your dynamic is So you industry? Or customers what do about the that

Nicholas Green

there's I that them think funded, customers but think then spending one mean, there's obviously, there's -- getting -- I I thing funding. also between

again not picking rush if that the in doesn't it's of these been CDMO in We're mean, more But that transactions would onshoring. and high-quality sort none while, second would and is -- I third heard immediately capacity relatively say That's I quarter grade certainly amounts in So -- what up, get is would -- of conversations Biosecure call come but say in to hopefully, that go. and turning up through. commercial should seeing to process of we've But the some, expect the supply, short you around a that all meaningful But spend that I you would it or drivers but say I that. it don't I market this I late-phase out and say. I a turn up I speed would the of short until for you bit a year. don't quite there, take little again, more think to all. see money that because longer capacity with you've probably think don't like backlog, just

Operator

our And next comes of Hewitt from question Matt line the Craig-Hallum. from

Matthew Hewitt

have additional you of first having there on into front. development Act? talk Is environment? and about an Any could tied that to the because of little helpful. inbound is metrics around since up, increase? you're provide the even -- a from more the Maybe continuing Could the better QX conversations business that a you calls onshoring it bit cadence just be would you QX the QX the Or day, QX, funding Biosecure -- seen current fiscal and to sense

Nicholas Green

Yes. Thanks for definitely the sure. Matt. for is up question, It

you off source all I conversations. you But deeper backlog, don't that more are into more say of onshore I think and the bat is would more to to outlook customers, from on we that not get can that conversation, onshore. are seeing the I metrics grow. The obviously, telling deeper behind -- is positive apparent. actual transferring those is clients straight our a and in We obviously say to offshore varied. continuing more but they're the give of positive that and leading becomes our as pipeline that terms

early a talked in biotech. of But mirror programs think Obviously, opportunities from always amounts is phase onshoring, into about we just perfect of terms being isn't I signing of coming there amounts what's increasing big what happening. out increasing another pharma. already we there actually see So

the much down that coming year, and to rates So majority reduction inflation positive. I think, this have calendar of generally would outside I have for the all been indicators interest pretty say vast

I next think, guidance I as And so and think our sit in optimism, for the for you general year we that's today. future that see -- our

Matthew Hewitt

tend or be comment Got revenues. stage, is more in question regarding in those one help rebound think to Or a Is -- it. similar that help a the increased of else later And type little rebound of that bit I larger would some cause gradual would separate runs assessment? or margins on the maybe contracts fair and the then quicker boost something gross With margins. maybe opportunities gross there margins? that a gross the kind size should

Daniel Hart

the for more which command those I basis, run Yes, there's mean, as for margins with an margins quarter, they from how through will margin. quarter revenue the fairly I effort But as slightly our Thanks of blended into see and do in XX% the think the increase typically, as higher approximately on are a we doubled margin. come those larger Matt. question, similar the the going revenues can margins incremental fourth you gross far load, a runs with be because third that runs, as nearly

we would at line, think that's the So that that which look incremental proves -- the top going forward. it proves the model in metric providing margin as increase we I

Operator

question William from next Max comes of from our And line Smock Blair. the

Max Smock

and way up following on to question Sean's it just a at here. different trying Maybe get

those in win to more support growth fiscal this of you you typical work you in hear would just year your have growth just it year out So backlog X terms line in than at for what a earlier and of for 'XX calling data you year? be outlook was between about comment year-over-year, midpoint. in your helpful your for us go the bookings Can net help to hit just but to XXXX? would needing especially flat revenue guide light essentially top points, gap about XX% maybe bridge the this not think to And

Nicholas Green

Yes.

So no to it a to booked campaign, campaigns, PPQ But the alluded time an XX for recognize expanding expands in X I months things of if mean, months, periods, once that hit of think kind that you I've argument has revenue. backlog terms I we been XX all of and sake, the suffered obviously the from Max, in prior longer period of takes further. PPQ past any in you is as

So far. only so go you can

into your So more business mix, even from or revenue. as maintain your backlog -- earlier drop-through you then your introduce the start revenue to you get phase from

I So the an in forecast to you similar there. And confidence. that of lot of on of going that are obviously, it's articulated dynamics of I things I the get then largely in the that the don't go confidence, terms think forward, actually create book a versus there also that comment a terms But in explains mean, see amount field.

I or actually having longer So in before cases for on months or X appears can we booking. mean negotiations X it it a some going before in be even

backlog even get of a to it on doesn't So coming in were. for it in the what's doesn't to having bookings. have have as view to be be It in us be go

Max Smock

XQ Okay. baseline? margins you on Is just -- it incremental about margins sort margins the year. Is revenue. the EBITDA XX% Makes reasonable to in of that this target a some as in thinking margins, think I the talked lot adjusted to sense. then And rebuilding past, drop-through sense just take here maybe think a a we've On talked drop-through about a about for about reasonable about give to XXXX? us for way to incremental think in XX% fiscal and

Daniel Hart

over to costs depreciation. some it's coming is a Max. full items go year Depreciation we'll around have such probably think as start, somewhere going Clearly, XX%, XX% I fiscal up 'XX. still through our

of eat at away component going to cash it's the margin, of not though some a the margin. that's So

margin I plus then imagine kind the I more the like minus as levels, continue ended of of QX we'll XX% will we QX. we to the still surpassed line, If start just top see But that we but grow maintain saw from we've think through, to as fall to through. or would that margin you be quarter. fall So fourth in XX% where those to I

Max Smock

kind revenue to of you like to see if in Sorry, are expect saying be a posted for for adjusted you're expect year when margin a that's X% again, reasonable margins the quarter, on line comes fiscal fourth you that this saying through confirm, year, fourth total you'd target the EBITDA with basis quarter, like XXXX? in just might the

Daniel Hart

And necessarily plus in but kind margins, talking typically we in fourth minus line, to not be margin. quarter. was ended I where the gross EBITDA or of the we don't guide will it

Max Smock

from composition. you Can then revenue year of then each also an reset growth revenue Halozyme from And XXXX one total give helpful. just in also then last how you're for for on And buckets from update us be And forward? X major on growth non-Halozyme you. Got me and about how would coming customers? moving growth thinking on this maybe much those is Halozyme fiscal a

Nicholas Green

vast think they have into as year. growth my going I expectation, frankly, from majority 'XX done, from will last of sources, come the other fiscal

So business, continued the the the to to diversify and in grow continues business. we've drive that growth and

Operator

President today's like for to the further and This session does any CEO, Nick back I'd program to conclude remarks. the program. Green, question-and-answer of hand

Nicholas Green

operator, you, everyone, today's Thank thank participating on you, and call.

positioned Avid to for ahead we well thank generate multiple As your Bioservices. we for drive are trust we we continued year. We support revenue our and thank partnership, customers investors including fiscal their I again 'XX, cash look and of participating believe their to we continue success. today momentum our our are to wish And backlog. operations by the recognize indicators and encouraged our who continued for exceptional during from our to and support, employees for you

Operator

and Thank the does participation for today's you, program. conclude conference. your ladies This in gentlemen,

You day. may disconnect. Good now

Avid Bioservices (CDMO) 2 Jul 242024 Q4 Earnings call transcript