Avid Bioservices Inc (CDMO)

[bigbro1]

Max Smock

Yes, fair enough. And thanks for that comment and a lot of good stuff in there. And maybe following up on an unrelated one, I wanted to ask about Halozyme, which obviously a key customer was over half your revenue in fiscal '23, but that was down to about a third and fiscal 2024.
Can you just give us an update around what exactly happened in fiscal 2023, how Halozyme revenues trended so far are trended so far in the first quarter and kind of what you're baking in for Halozyme revenue here in fiscal 2025 and just your overall level of visibility into revenue this year from this key customer?

Nicholas Green

Yes. Again, I obviously do know what went on between ourselves and Halozyme. I don't think any of it's negative in any way, shape or form. But I have I tried to avoid commenting on somebody else's business, particularly in a public environment or the public company.
But rather and so I think that I'll leave that one as it is. But what I can say is I think the relationship remains strong. I think that what's been going on over the last few years is nothing but positive. As far as I can see, we continue to be the best supplier. We possibly can be.
And the service that as well as our other clients are the highest possible standard that we can. And what I've said it publicly in the past, I've looked to see the Halozyme revenues continue to grow, and I'd love to see them become a smaller proportion of our business as we continue to grow ourselves and diverse, diversify our customer base and there and we remain pretty much the same.
So I think the what I would take out of the last year is that we were still growing compared to where we were over the last few years and it is becoming a smaller number over the long term than that. I think the direction that we've been articulating and again, I just hope that we can continue to grow along with Halozyme.