Avid Bioservices Inc (CDMO)

[cjgaddy]

10-4-18/2018 ASM: Roger Lias’ Slideshow & Attendee Report
...Audio/Slideshow: https://tinyurl.com/y8oc6hx8
...8-17-18 Proxy/14A: https://tinyurl.com/ya6xvmlh (192 FT employees)

ATTENDEE REPORT:
EB0783/10-4-18: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=144002598
“Dr Lias' presentation is good but the second presentation given by Dr. Magnus Schroeder was extra good to me since he showed us (gave a sense of) how complicated their work is. When you listen/see his, keep realizing that EVERY thing they do for every customer is customized and highly, highly complicated. AS an indication, compare that Acetaminophen has 20 atoms in a simple small molecule that can be stamped out exactly the same every time. Whereas, a monoclonal antibody (mAB) has 20,000 atoms, built by cells and twisted by them into in a very complex physical structure.”
...F/U #328978: “Lias told us in a sidebar that they were in hiring mode. Take it for what you want. I know how I will.”
...F/U #328987: “...per Lias, they had to reduce and tightly control expenses early in 2018. That also allowed them to reorganize into the necessary structure to be a real CDMO. Now they have process development going on (immediate payoff) and product orders to deliver (a few months to a year payoff). Revenue & profits will come.”
...F/U #328991: “I would say there were not more than 7 shareholders. The BOD was much more loose unlike last year when they came in at the last minute and hurried out afterwards so they would/could not have to talk to anyone. This year 2 of them (Patrick Walsh & Richard Hancock) even approached us to be friendly with short conversations before the meeting. WE did enjoy the annual tour of the Myford facility after the meeting. It was the fourth one my wife and I have had (starting in Oct.2015). So with that snapshot each year, we get a sense of the progress/change as time goes on. ...The installed 2000L reactor was the only obvious improvement over the last tour. Talked about, but unseen, is the process development (PD) lab being completed in the Franklin legacy site since space there was freed up when they moved admin/exec offices to the Michelle Dr. building. The PD lab will translate into immediate revenues (per Lias) as opposed to the longer time-line for producing and delivering product after a signed contract/order.”
...F/U 329005: “After the meeting, Lias came over to Horselover45 and me for a sidebar. I asked about Halozyme. He said: We are still producing for Halozyme. Their main customer Roche ordered a stockpile a while back because they were planning that we were going to use a newer, state-of-the-art, process which would take a while to get all the FDA testing, paperwork, and approvals. We are cautiously optimistic that Roche has worked through that stockpile. Halozyme is supposed to be communicating the latest forecast in a week or so. We are the sole supplier of that product to Roche. That is because we were the only ones who passed all the strict requirements that they had (that is a remarkable achievement). Now, we know that Halozyme has a few more customers for this product and we are presently producing for one of them, Shire. Others may also use us. He did not elaborate on other customers but he restated that they want Halozyme's business to be more like 5% and not 95% of our total.”

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9-10-18 Qtly CC-Transcript, PR(Q1FY19/qe7-31-18), Avid Revs History Table
*Revs Guidance (FY’19 fye 4-30-19): $51-55mm. 7-31-18 Backlog=$39M (If non-ASC606=$60M)
https://tinyurl.com/y8oc6hx8