Avid Bioservices, Inc. (NASDAQ:CDMO) Q4 2020 Earnings Conference Call - Final Transcript

Jun 30, 2020 • 04:30 pm ET


Avid Bioservices, Inc. (NASDAQ:CDMO) Q4 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen and welcome to the Avid Bioservices' Fourth Quarter and Year-end 2020 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 Investor Relations Group. Please go ahead.

Tim Brons

Thank you. Good afternoon and thank you for joining us. On today's call, we will have Rick Hancock, Interim President and CEO; Dan Hart, Chief Financial Officer; and Timothy Compton, 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 April 30th, 2020. 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 June 30th, 2020 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 of the company's filings with the Securities and Exchange Commission concerning these and other matters. With that, I will turn the call over to Rick Hancock, Interim President and CEO. Rick?

Rick Hancock

Thank you, Tim and thank you to everyone who has dialed in and to those who are participating today via webcast. Before addressing the company's financial and operational performance, I'd first like to welcome Nicholas Green to the Avid team. Nick has recently been appointed Avid's new CEO and we are thrilled to have him onboard. Nick has more than 30 years of experience in the global pharmaceutical and healthcare services industry with significant expertise in the contract manufacturing of novel pharmaceutical products. His global pharmaceutical experience spans four continents having run 31 facilities in nine countries in North America, South America, Europe, and Asia. Throughout his career, Nick has held a number of senior management roles for several contract manufacturing organizations and life science companies where he is credited with successfully building and expanding those businesses and delivering significant value for customers, patients, employees, and other stakeholders.

We are very pleased to have Nick join Avid and we believe his experience will be highly valuable as the company grows both commercially and operationally. Nick's start date is July 30th, 2020. With his arrival, I will no longer be part of the company's day-to-day operations, but I will continue to support Avid as the Director on the company's Board and I look forward to working with Nick and this team going forward.

I'll now address the quarter. Avid's performance during the fourth quarter partially offset the lower than expected revenues recorded during the third quarter. As discussed