6-28-19 Recap Article on Janney Upgrade to Buy/$10 Excerpts that quote analyst Paul Knight: Avid was shown to have exceeded estimates and to have achieved EBITDA profitability, all while growing its backlog with 5 new contracts. Knight’s commentary said: ”Along with the company’s positive comments about the mAb market strength, we see numerous indicators like increasing prescriptions, a great share of mAbs in FDA approvals, and peers like Lonza indicating very strong market demand. Lastly, the interim CEO and Board includes, Rick Hancock and Mark Bamforth, respectively, highly respected veterans of the biological production industry.”
He [Paul Knight] also sees EBITDA margins expanding to above 25% over time and believes that Avid can acquire strategic assets. His report said: ”These validation projects are necessary per FDA protocols for commercial production. While current projects average around $3-5M, an approved product can drive tens of millions of revenue. Avid has about $100M of built capacity and another $100M of expansionary capacity relative to $64-67M in guided FY20 revenue.”
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