Q4(qe/4-30-16) Avid revs to ~double prev.record to $18.4mm
6-2-16/PR: Corp.Update – Avid Expansion & Drug Development - Avid revs for FY16(fye 4-30-16) will be $44mm; since $25.6mm for 1st 3 qtrs, Q4 revs will be ~$18.4mm. Avid B/L currently $56M; guidance for FY17(fye 4-30-17) is $50-55mm. Avid II (Myford) is currently ramping up for runs for “3 current clients”. Peregrine is “in the process of designing a 3rd mfg. Facility focused on clinical manufacturing”; has already secured a 25,000sf location, and “expects the new clinical suite to be complete & ready for clinical mfg. by 1H/2017.” ...All this leads to Peregrine expecting, "future sustainable profitability for the company in 24 months". http://tinyurl.com/zvmhqmr
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AVID PROFORMA – Based on 6-2-16 PR (FY'16/fye=4-30-16 "Revs for FY16 will be $44mm")...
Updated PPHM REVS-BY-QTR TABLE, now thru FY16'Q4(fye 4-30-16), per the 6-2-16 Corp. update PR ( http://tinyurl.com/zntvudj ):
• Total Revs since May’06: ($173.2mm/Avid + $24.1mm/Govt + $2.5mm/Lic.) = $199.8mm
• 6-2-16: FY'17 (May'16-Apr'17) Avid revs guidance raised to $50-55mm.
• Avid’s Gross-Profit over last 4 qtrs: $21.2mm on revs of $44.0mm (GP%=48%)
• Recall, Avid Rev$ from Gov’t DTRA Contract work (6/30/08 – 4/15/11, totaling $24.15mm), went into GOVT-REVS, not AVID-REVS, in the Financials.
Avid’s website: http://www.avidbio.com
AVID PROFITABILITY (GROSS*) BY QTR:
QTR Avid-Rev$ CostofMfg$ Gross-Profit$ GP%
FY13Q1 7-31-12 4,135,000 2,024,000 2,111,000 51%
FY13Q2 10-31-12 6,061,000 3,703,000 2,358,000 39%
FY13Q3 1-31-13 6,961,000 3,651,000 3,310,000 47%
FY13Q4 4-30-13 4,176,000 3,217,000 959,000 23%
FY14Q1 7-31-13 4,581,000 2,670,000 1,911,000 42%
FY14Q2 10-31-13 7,354,000 4,195,000 3,159,000 43%
FY14Q3 1-31-14 3,885,000 2,416,000 1,469,000 38%
FY14Q4 4-30-14 6,474,000 3,829,000 2,645,000 41%
FY15Q1 7-31-14 5,496,000 3,583,000 1,913,000 35%
FY15Q2 10-31-14 6,263,000 4,139,000 2,124,000 34%
FY15Q3 1-31-15 5,677,000 3,113,000 2,564,000 45%
FY15Q4 4-30-15 9,308,000 4,758,000 4,550,000 49%
FY16Q1 7-31-15 9,379,000 4,608,000 4,771,000 51%
FY16Q2 10-31-15 9,523,000 4,741,000 4,782,000 50%
FY16Q3 1-31-16 6,672,000 3,896,000 2,776,000 42%
FY16Q4 4-30-16~18,400,000 ~9,600,000 ~8,800,000 ~48% <=Per 6-2-16 PR
FY13 TOTAL: 21,333,000 12,595,000 8,738,000 41%*
FY14 TOTAL: 22,294,000 13,110,000 9,184,000 41%*
FY15 TOTAL: 26,744,000 15,393,000 11,151,000 42%*
FY16 TOTAL: ~44,000,000 ~22,800,000 ~21,200,000 ~48%*
**GP% est. at 48%, which is ACTUAL for the 3Qtrs ended 1-31-16, latest 10Q's
**FY'16/Actual (fye 4-30-16): Revs=$44.0mm, Gross-Profit=$21.2mm <=ie, Q4(qe4-30-16) revs=$18.4mm
**FY'17/Guidance (fye 4-30-17): Revs=$52mm, Gross-Profit=$25.0mm
**WHEN AVID II (“Myford” +$40mm) at Full Capacity: Revs=$88mm, Gross-Profit=~$42.2mm
**WHEN AVID III (25000sq Facility per 6-2-16 PR +$30mm) at Full Capacity: Revs=$118mm, Gross-Profit=~$56.6mm
