Here is my take on things.......I think Nick and the crew are doing a decent job, but that in itself just does not cut it. I know some here on this board, are advising that investors should be more patient and that the current crew has not had enough time yet to really nail down the contracts to start absorbing some of this excess capacity that Avid has?? IMO, we have been patient and have not seen enough progress to date!
To me it looks more like they are just treading water and I am not sure why? These are very smart people(with the exception of a few obviously) and they would not have embarked on this expansion without having a lot of visibility of future demand for their services, so I am just not sure what exactly went wrong here??? I thought for sure by now they would be humming along at least 75% of capacity or $300 mil in revenue, but it seems that they cannot get any real traction inspite of what we are told are the newest cutting edge technologies they have employed in their plant.
On top of this, and maybe this is not really a big tell, but they continue to lose some pretty high level managers...the latest to go is Chris Shumway who was the senior director of manufacturing and had been with Avid for 6 years(moved to elevate bio).....I always think that if a company is really making strides and on the move, their senior execs want to hang around and take part in the growth.....but this is only my opinion and I am not that familiar with the contract manufacturing industry as such and perhaps employees do tend to move around more than the norm of other industries??
In the end, I guess it does not really matter who stays and who goes, it is all about business execution and fulfilling the Avid potential because if they do not, the alternative will not be pretty and we will see a slowly declining share price and more and more personalle jumping ship.
Nick is running out of time to turn this ship around...what is going to change in the short to medium timeline? We need a better plan! All IMO!
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