Avid Bioservices, Inc. (NASDAQ:CDMO) Q1 2021 Earnings Conference Call - Final Transcript

Sep 01, 2020 • 04:30 pm ET


Avid Bioservices, Inc. (NASDAQ:CDMO) Q1 2021 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Avid Bioservices First Quarter Fiscal 2021 Financial Results Conference Call. [Operator Instructions]

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 have Nick Green, 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 July 31, 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, September 1, 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 Nick Green, Avid's President and CEO.

Nicholas Green

Thank you, Tim. And thank you to everybody who has dialed in and also to those who are participating today via webcast. I officially joined Avid in late July and have truly enjoyed my first month on the job. Despite the challenges presented by the pandemic, my family and I have successfully relocated to Orange County and are settling into our new community well. My first few weeks, I've done nothing but confirm my view that I believe Avid to be a strong and state-of-the-art company with significant opportunity for growth. This is especially true given our focus on biologics, which is growing faster than many other sectors in the industry. As I return to the USA from my time abroad, I can't help but feel that Avid is well positioned to benefit from some of the industry trends we have seen developing recently. Given the broad and deep talent of our employees, our quality facilities, systems, expertise and commitment to excellence that fuels our work here at Avid, I am confident that the company will continue to thrive.

As I begin what I believe will be an exciting and successful time at Avid, I would like to thank my predecessor Rick Hancock for his contributions over the last year. Under Rick's leadership Avid has evolved into the growth organization it is today and I thank him and the Board for interesting me with the future of the company.

I'll now address our financial business development and operational achievements for the period. From a financial perspective, the first quarter was particularly strong as we significantly exceeded revenue expectations as well as other key metrics. In business development, we expanded our customer base