Avid Bioservices Inc (CDMO)

[bfiest]

It was an average performance year with revenues of 59.7M up from 53.6 million. An increase of approx. 10% in revs. In my opinion, Not bad. Not great. The annual loss was affected by the known machine issue.

The objectives brought some insight.

Strategic Objectives
The following are our near-term strategic objectives:
· Invest in additional manufacturing capacity and resources required for us to achieve our long-term growth strategy and meet the growth-demand of our customers’ programs, moving from development through to commercial manufacturing;
· Broaden our market awareness through a diversified yet flexible marketing strategy;
· Continue to expand our customer base and programs with existing customers for both process development and manufacturing service offerings;
and
· Increase our operating profit margin to best in class industry standards.
Concerning expansion

The time for completing expansion was reduced from 2 years to 1-1.5 years.

Initiated the pre-engineering, design and permitting work required that will allow us to break ground on a facility expansion when we determine it is appropriate. We expect that such expansion could take 12 to 18 months to complete. While a specific kick-off date has not yet been established for this expansion, we believe that customer demand will require additional capacity in the next 12 to 24 months and we expect to be prepared to accommodate that demand.