Avid Bioservices Inc (CDMO)

[The Other Guy]

Service vs. product.

"Selling MABs" for $50M misrepresents how the revenue was made. It's a big difference- especially in margin.

I don't argue that making $50M is not a great thing. Where I am going with this is how well-paid management is for having revenue that does not bring profitability. Part of the reason there is not profit is due to the excessive salaries and bonuses. Two years out is a long time to bring PPHM to profitability- but it fits King's sense of urgency and lack of shareholder regard. A good CEO would have Peregrine profitable in less than six months and avoid delisting and RS at the same time.