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The Clown Show goes on.... and on ...and on
Rick Hancock made revenue projections he does not have to deliver on. Thanks for the bump in stock price though!
No new clients in 15 months - thanks Tracy
Mike Faughnan is now VP of BD for a competitor that will eat Avid's lunch - He must know something we don't
I for one am out at $6.20 and will not be back. At least I broke even.
GLTA
Not according to the VP of Operations, they only have a preliminary design.
The building owner might be making improvements, but Tracy made a public statement that they are still weighing design options. I doubt she would mislead share holders and the public.
Existing capacity is under utilized, so why would they expand without new clients.
Next time, look into the open doors and let us know if you see clean rooms and bioreactors.
How many reverse splits since you joined in 2004? 15 years?, so at least two.
What has your investment made for you over the years?
So, who had the Lobotomy?
Let's not get personnel, I just want what was a nice little CDMO be successful. For a while it had a chance, remember the days of almost breaking $60 Million, two years ago? They were on their way......
Unfortunately, it has been used as an ATM by multiple management teams.
The rats are jumping the ship, the rocks are near and the employees know it.
Quote: Tracy Kinjersky
“We’re trying to really take a closer look at the trends and really think about, ‘What do our customers need and where are we going in the industry?’ We are thinking about it, but we have not finalized what that build out is going to look like.”
Shareholders have been paying rent for over two years and they still have no idea what the build out is going to look like? Really? Is this the type of leadership Avid has had over the last 1 & 1/2 years? And who is "We"? Roger slipped out the back door with $500K worth of "Personal Reasons".
Quote:
"We plan to continue down that pathway.” VP of Operations
The pathway to bankruptcy. This ship is heading for the rocks, no one at the helm much less the rudder and no new clients to keep it afloat.
Where are those new contracts hinted at in November by the VP of Operations?
I can't believe this crew is worse than what we put up with before under SK.
Just like the Steve Miller song from the 1970's, "Take the Money and Run", Roger. A real class act, "Personal Reasons", yet you will still cash the check.
Oh wait, take the rest of your crew and leave.
At least Mike Faughnan "Fell on his own Sword" the same week you snuck out the back door with $500K of share holders money.
Tracy should have done the same.....
IMHO
Can someone explain why Roger, who was CEO for less than two years, got a full one year out package? Plus relocation and relocation bonus?
I guess failure has its rewards.
The "New PD Lab" could have used some equipment that is actually New with the money we spent on his "Personal Reasons" for leaving so abruptly.
13 months, no new clients
what happened? Roger and his "Hand picked team" made a great impact.
Tell me why is Tracy still there? Roger and Mike left.
Let's get back to the $60 Million dollar revenues Avid once had, before Roger.
please...….
So why does Dr. Lias' Linked in have him in Irvine?
He own's or now, once owned, a house in NC where his wife and kids live.
Maybe that was the "personal reasons" he had to resign?
That and three 2,000 liter bioreactors that have been empty since he took the job almost two years ago.
At least this BOD recognized incompetence.
Better days ahead for all investors.
IMO
Five new contracts were closed between November of 2017 and the end of May, 2018.
Nothing new has closed in 13 months. Don't just blame Roger, blame the team he personally picked to do the Business Development. One left when Roger ran, the other two are still there. Where are the new contract Tracy alluded to late last year?
Let's hope the new BD guy can bring something to the party.
I do not understand why Avid has had idle capacity in the new Myford facility for over a year when their is clearly a market demand.
Let's hope Rick Handcock and Mark Bamforth can make a positive impact as it is very clear that Roger was a puppet of SK and the old BOD. We need new blood across the board, Roger is gone and his appointed "Crew" should go as well.
What Big Contracts for Avid? It has been over a year since they had ANY new customers. Thanks Roger and Tracy!
By the way, there is no up-side for Avid with Halo's new or expanding contracts, they all go to Cook/Catalent. Only Roche buys enzymes produced by Avid. With Catalent's expansion, they will be able to support all of the new Halo customer's demands. Avid has been and will continue to be simply a "Second Source".
Mr. Handcock, please turn this ship around before it hits the rocks!
None of the above. Steve king left when Bavi failed. Roger left when he did not close a deal in the last 13 months. Tracy should leave for the same reason. No new deals.
Rick Handcock needs to take back control and run the place like a CDMO should be run. Fill the empty bioreactors, fill the pipeline and the stock will rebound. That article is simply buzz words restating the obvious. That article was bought and paid for by us, the stock holders. Just more BS from "Management" to save their collective behinds. I am sure Roger approved it before his sudden departure for "Personal reasons".
This was Tracy's first time talking at earnings calls in her career and was unaware of the consequences of her "Promises". Notice she was not on the last call? She is simply out of her league and over her head. Thanks Roger...…..
Rick Handcock sure plugged in a "New Guy" pretty fast. His only CMO experience was with Patheon for less than two years and he, like Roger, is an RTP guy. Good luck commuting to Orange county and managing the west coast. Better up the travel budget.
Hopefully these two are better than the "Roger & Mike" show. It should not be too hard to out perform those guys.
Mr. Faughnan is no longer with Avid.
He lasted less than a year, like most of Tracy's direct reports.
Dr. Lias left with no notice for "Personal Reasons" just as soon as the Board saw the year-end numbers.
OK, so his wife and daughters have a very good life in NC and don't want to be up rooted to become part of the Orange County "Culture". Fair enough.
So why did Roger's hand picked "Sr. Director of Business Development - West Coast" leave the same week?
Answer: No New Deals, no new clients for over a Year!
Any answers Tracy?
What happened to the old BD team, at least they closed deals?
Remember when Avid posted a $58 million dollar revenue? Two tears ago...
The "New Facility" is the Avid Myford facility with a new larger scale manufacturing capability.
If there was something positive to announce, Roger would have done it on the way out of the building.
The VP of Opps that Roger hired without anyone else being interviewed and her hand picked BD team have not delivered a single new client to Avid in over a year. Roger could not face another earnings call with declining revenues since he took the helm.
You have to remember who hired Roger and why.
He was brought in to appease the new investors and protect the old board. He accomplished neither. Nor has he grown the company in his time as the CEO, in fact the companie's revenues have decreased under his management.
The year is over and no announcements of "New Projects with New Clients". Tracey? What credibility? This company has two decades of empty promises, nothing has changed.
11 Months and no new contracts. What is going on? Roger?
"The future is so bright you gotta wear shades. (dire straights song or Robert Palmer, I think Dire Straights)."
Wrong, it was a band called Timbuk3 out of Davis, CA and just like Avid, they were a "One Hit Wonder"
It is now 10 months since a new contract was announced and where was Tracy and her crack new BD team on the last call? No where to be found.....
Did I miss something on the call? No new contracts, no comments about potential new clients from Tracy. Oh, wait, no Tracy. No comments on the new "Crack BD Team's activities", just additional revenue from existing clients. Avid cannot thrive on milking existing clients.
What is it, 9 months since a new contract was announced?
Projections towards the lower 1/2 of the expected earnings.
Where's the Beef Roger?
$100 Million? R U Kidding? Roger can't even break $60 million after being there 18 months when he walked into a company already doing $60 million.
The existing facility, at 100% capacity might, just might, be able to generate $75 million. It will take two years to build out the vacant space share holders have been paying the rent on for two years already.
PS: The reason there are so many jobs posted is because people are quitting left and right, not due to growth, due to attrition.
9 Months, no new contracts, that says it all.
"he (Dr. Lias) took his previous company from $16 mil to $120 mil in revenues"
Why do you give him credit for this rapid growth? He was just a part of a larger team and if he was responsible for that growth, then why has Avid decreased revenues by 15% in the 17 months he has been on board? That should have been plenty of time to make a positive impact, but the numbers don't lie. Bottom line is the revenues have been trending down in a market that is trending up since he was hired. And yes, for right now, there is nothing we can do about it.
If you are relying on Hope and Luck, then you are in the wrong place. In the 16 months that Roger has been CEO, the revenues have declined by 15% in a market that is growing by 15%. Remember who hired him and why. The "Three Stooges" and King. Deliver on your promises Roger! Where is "Big Pharma" and by the way, Avid is not the primary supplier for Halo.
Why would they expand when they cannot fill their existing capacity? Both Roger and Tracy have publicly stated they currently have capacity available. They need to fill that first and make an announcement that they signed a deal. They do not need to reveal who the client is. Seven months and counting since the last new contract was closed..Tick, Tick, Tick
It does say something that both the CEO and VP of Operations both live on the East Coast. CEOs often travel extensively, but the VP of Operations should have "Boots on the floor". IMHO
Roger, when was the last NEW contract? Six months ago? When is this new BD team going to deliver? I thought you and your new VP of Business Operations were going to land new "Big Pharma" deals. Just asking...Once again, over paid and under delivering. IMHO of course.