Replies to post #182492 on Avid Bioservices Inc (CDMO)

[cjgaddy]

Updated PPHM REVS-BY-QTR TABLE, now thru FY14/Q4 (fy/e 4-30-14), per the 4-30-14 10-K ( http://tinyurl.com/mhva3k3 ) issued 7-14-14. Deferred-Revs at 4-30-14, going fwd into FY’15/Q1 (q/e 7-31-14), total $5.2mm, up from the $4.3mm of Deferred-Revs at 1-31-14 that drove into FY’14/Q4.
• Total Revs since May’06: ($102.5mm/Avid + $24.1mm/Govt + $2.1mm/Lic.) = $128.7mm
• Avid’s Gross-Profit over last 4 qtrs: $9.2mm on revs of $22.3mm (GM% = 41%)
==> Recall, Avid Rev$ from Gov’t DTRA Contract work (6/30/08 – 4/15/11, totaling $24.15mm), went into GOVT-REVS, not AVID-REVS, in the Financials.
Avid’s website: http://www.avidbio.com

 
 AVID PROFITABILITY (GROSS*) BY QTR: 
 QTR              Avid-Rev$  CostofMfg$  Gross-Profit$   GM% 
 FY13Q1  7-31-12  4,135,000   2,024,000      2,111,000   51% 
 FY13Q2 10-31-12  6,061,000   3,703,000      2,358,000   39%  
 FY13Q3  1-31-13  6,961,000   3,651,000      3,310,000   47%  
 FY13Q4  4-30-13  4,176,000   3,217,000        959,000   23% 
 FY13 TOTAL:     21,333,000  12,595,000      8,738,000   41% 
 FY14Q1  7-31-13  4,581,000   2,670,000      1,911,000   42% 
 FY14Q2 10-31-13  7,354,000   4,195,000      3,159,000   43% 
 FY14Q3  1-31-14  3,885,000   2,416,000      1,469,000   38% 
 FY14Q4  4-30-14  6,474,000   3,829,000      2,645,000   41% 
 FY14 TOTAL:     22,294,000  13,110,000      9,184,000   41% 
 *Avid Net-Profit (ie, incl. Selling, G&A) not split out from PPHM-Corp. in the financials. 
 . 
 PPHM REVENUES (in thousands)              DEFERRED                  
                  -------REVENUES-------   REVENUES  INVEN-     
 Quarter          Avid  Govt Lic.  TOTAL  Avid Govt  TORIES 
 FY07Q1  7-31-06   398     0   23    421   317    0    971  
 FY07Q2 10-31-06   636     0   48    684  1388    0   1899  
 FY07Q3  1-31-07   347     0   16    363  2202    0   1325  
 FY07Q4  4-30-07  2111     0  129   2240  1060    0   1916  
 FY08Q1  7-31-07  1621     0    4   1625  1820    0   2363  
 FY08Q2 10-31-07  1863     0   29   1892  1338    0   3500  
 FY08Q3  1-31-08  1662     0   13   1675  1434    0   2394  
 FY08Q4  4-30-08   751     0  150    901  2196    0   2900  
 FY09Q1  7-31-08  1193   324    0   1517  4021  980   4628  
 FY09Q2 10-31-08   983   958    0   1941  6472 1701   6700  
 FY09Q3  1-31-09  5778  1048    0   6826  4805 3262   5547  
 FY09Q4  4-30-09  5009  2683  175   7867  3776 3871   4707  
 FY10Q1  7-31-09  2070  4671    9   6750  5755 2332   6177  
 FY10Q2 10-31-09  5308  1510   78   6896  4260 3989   5850  
 FY10Q3  1-31-10  2945  6854   78   9877  3052   76   3861  
 FY10Q4  4-30-10  2881  1461   78   4420  2406   78   3123  
 FY11Q1  7-31-10   983  2111  115   3209  3719   47   4692   
 FY11Q2 10-31-10  3627   966   78   4671  2447   35   3555  
 FY11Q3  1-31-11  1922   882   79   2883  4300   40   3915  
 FY11Q4  4-30-11  1970   681   78   2729  5617    0   5284  
 FY12Q1  7-31-11  5439     0  216   5655  4145    0   4481  
 FY12Q2 10-31-11  4154     0   78   4232  2012    0   3178  
 FY12Q3  1-31-12  3203     0   78   3281  2552    0   2722  
 FY12Q4  4-30-12  1987     0   78   2065  3651    0   3611  
 FY13Q1  7-31-12  4135     0  116   4251  6056    0   5744  
 FY13Q2 10-31-12  6061     0   78   6139  6221    0   5426  
 FY13Q3 1-31-13   6961     0   78   7039  5061    0   4635  
 FY13Q4 4-30-13   4176     0   78   4254  4171    0   4339  
 FY14Q1 7-31-13   4581     0  107   4688  4164    0   5679  
 FY14Q2 10-31-13  7354     0    0   7354  3468    0   4033  
 FY14Q3  1-31-14  3885     0    0   3885  4329    0   5224  
 FY14Q4  4-30-14  6474     0    0   6474  5241    0   5530 
 Totals:        102468 24149 2087 128704 <=since5/1/2006 
 . 
 TOTAL REV’s BY YEAR (Avid+Gov’t+Lic): 
 FY04 4-30-04  3,314 …Avid(CMO)= 3,039 (Avid-Revs don’t incl. Govt-SVCS) 
 FY05 4-30-05  4,959 …Avid(CMO)= 4,684 
 FY06 4-30-06  3,193 …Avid(CMO)= 3,005 
 FY07 4-30-07  3,708 …Avid(CMO)= 3,492 
 FY08 4-30-08  6,093 …Avid(CMO)= 5,897 
 FY09 4-30-09 18,151 …Avid(CMO)= 12,963 
 FY10 4-30-10 27,943 …Avid(CMO)= 13,204 
 FY11 4-30-11 13,492 …Avid(CMO)= 8,502 
 FY12 4-30-12 15,233 …Avid(CMO)= 14,783 
 FY13 4-30-13 21,683 …Avid(CMO)= 21,333 
 FY14 4-30-14 22,401 …Avid(CMO)= 22,294 
 ...Total Gov’t Revs from 7-2008 inception thru FY11Q1(Apr’11): $24.15mm 
 . 
 AVID “Total Services”: 
 AVID OUTPUT$   3rd-PARTY + PEREGRINE = TOTAL-OUTPUT$ 
 FY09  4-30-09    13mm       10mm         $23mm # 
 FY10  4-30-10    13mm       17mm         $30mm # 
 FY11  4-30-11     9mm       11mm         $20mm @ 
 FY12  4-30-12    15mm       11mm         $26mm @ 
 FY13  4-30-13    21mm      ~10mm        ~$31mm ^ 
 LTM ended 1/2010 3rd/$15.3mm + Govt/$8.3mm + PPHM/$8.8mm = $32.4mm * 
 @SKing 3-18-2013 RothOC/DanaPT (Slide21) http://tinyurl.com/cebtwen  
 #SKing 7-12-2012 JMP/NYC Conf. (Slide27) http://tinyurl.com/csdclwb   
 *SKing 3-17-2010 RothOC/DanaPT Conf. (Slide18) http://tinyurl.com/ye9v7jq  
 ^PLytle 7-11-2013 Qtly-CC “Avid did ~$10mm in equivalent services for Peregrine in FY13, which doesn’t get reflected into the fin. statements, it's eliminated in consolidation.” 
 . 
 PPHM’S QTLY. NET LOSS BY QTR: 
 FY08Q1  7-31-07 4,656,000   
 FY08Q2 10-31-07 6,207,000  
 FY08Q3  1-31-08 6,154,000  
 FY08Q4  4-30-08 6,159,000   
 FY09Q1  7-31-08 5,086,000  
 FY09Q2 10-31-08 4,497,000  
 FY09Q3  1-31-09 3,332,000  
 FY09Q4  4-30-09 3,609,000  
 FY10Q1  7-31-09 2,428,000  
 FY10Q2 10-31-09 2,787,000  
 FY10Q3  1-31-10 1,538,000  
 FY10Q4  4-30-10 7,741,000  
 FY11Q1  7-31-10 7,695,000  
 FY11Q2 10-31-10 7,513,000  
 FY11Q3  1-31-11 8,929,000  
 FY11Q4  4-30-11 10,014,000  
 FY12Q1  7-31-11 8,092,000  
 FY12Q2 10-31-11 12,055,000  
 FY12Q3  1-31-12 11,090,000 
 FY12Q4  4-30-12 10,882,000  
 FY13Q1  7-31-12 7,664,000  
 FY13Q2 10-31-12 8,753,000  
 FY13Q3  1-31-13 4,914,000  
 FY13Q4  4-30-13 8,449,000  
 FY14Q1  7-31-13 7,600,000  
 FY14Q2 10-31-13 7,790,000  
 FY14Q3  1-31-14 9,724,000  
 FY14Q4  4-30-14 10,248,000 
 . 
 = = = = = = =  
 OPER. CASH BURNS* BY QTR(FROM THE 10-Q/K’S): 
 FY10Q1  7-31-09  2,024,000 (from 10Q pg.25)     
 FY10Q2 10-31-09  2,351,000 (Q1+Q2: 4,375,000 pg.28)    
 FY10Q3  1-31-10  1,158,000 (Q1+Q2+Q3: 5,533,000 pg.30)  
 FY10Q4  4-30-10  6,375,000 (FY’10: 11,908,000 10K pg.58)  
 FY11Q1  7-31-10  6,567,000 (from 10Q pg.24)  
 FY11Q2 10-31-10  6,167,000 (Q1+Q2: $12,734,000 pg.25)  
 FY11Q3  1-31-11  7,736,000 (Q1+Q2+Q3: $20,470,000 pg.26)  
 FY11Q4  4-30-11  8,961,000 (FY’11: 29,431,000 10K pg.54)  
 FY12Q1  7-31-11  6,984,000 (from 10Q pg.25)  
 FY12Q2 10-31-11 11,668,000 (Q1+Q2: 18,652,000 pg.25)  
 FY12Q3  1-31-12  8,490,000 (Q1+Q2+Q3: 27,142,000 pg.25)  
 FY12Q4  4-30-12 11,265,000 (FY’12: 38,407,000 10K pg.55)  
 FY13Q1  7-31-12  6,742,000 (from 10Q pg.21)  
 FY13Q2 10-31-12  6,162,000 (Q1+Q2: 12,904,000 pg.23)  
 FY13Q3  1-31-13  3,597,000 (Q1+Q2+Q3: 16,501,000 pg.23)  
 FY13Q4  4-30-13  7,053,000 (FY’13: 23,554,000 10K pg.60)  
 FY14Q1  7-31-13  5,750,000 (from 10Q pg.23)  
 FY14Q2 10-31-13  5,834,000 (Q1+Q2: 11,584,000 10Q pg.24)  
 FY14Q3  1-31-14  7,875,000 (Q1+Q2+Q3: 19,459,000 10Q pg.26) 
 FY14Q4  4-30-14  8,706,000 (FY’14: (28,165,000 10K pg.55) 
  
 FY’09 total Op-Burn:  $14,715,000 
 FY’10 total Op-Burn:  $11,908,000 
 FY’11 total Op-Burn:  $29,431,000 
 FY’12 total Op-Burn:  $38,407,000 
 FY’13 total Op-Burn:  $23,554,000 
 FY’14 total Op-Burn:  $28,165,000

*The 10-Q’s define OPER.BURN as, ”Net cash used in operating activities before chgs. in operating assets & liabilities”.
The 7-21-2001 10Q explains OP.BURN very nicely:
“RESULTS OF OPERATIONS. Before we discuss the Company's total expenses (cash & non-cash expenses), we would like to discuss the Company's operational burn rate (cash expenses used in operations, net of interest and other income) for q/e July 31, 2001 compared to the same period in the prior year. The operational burn rate is calculated by taking the net income (loss) from operations and subtracting all non-cash items, such as the recognition of deferred license revenue, depreciation and amortization and stock-based compensation expense.”
.
- - - - - - - - PPHM’s Fiscal Qtr’s (FY runs May – April):
FY’10-Q3 = q/e 1-31-10 – rep. 3-11-10 Thu (B4 mkt)
FY’10-Q4 = q/e 4-30-10 – rep. 7-14-10 Wed (after mkt)
FY’11-Q1 = q/e 7-31-10 – rep. 9-9-10 Thu (after mkt)
FY’11-Q2 = q/e 10-31-10 – rep. 12-9-10 Thu (after mkt)
FY’11-Q3 = q/e 1-31-10 – rep. 3-11-11 Fri (after mkt)
FY’11-Q4 = q/e 4-30-11 – rep. 7-14-11 Thu (after mkt)
FY’12-Q1 = q/e 7-31-11 – rep. 9-9-11 Fri (B4 mkt)
FY’12-Q2 = q/e 10-31-11 – rep. 12-12-11 Mon (after mkt)
FY’12-Q3 = q/e 1-31-12 – rep. 3-9-12 Fri (after mkt)
FY’12-Q4 = q/e 4-30-12 – rep. 7-16-12 Mon (after mkt)
FY’13-Q1 = q/e 7-31-12 – rep. 9-10-12 Mon (B4 mkt)
FY’13-Q2 = q/e 10-31-12 – rep. 12-10-12 Mon (after mkt)
FY’13-Q3 = q/e 1-31-13 – rep. 3-12-13 Tue (after mkt)
FY’13-Q4 = q/e 4-30-13 – rep. 7-11-13 Thu (after mkt)
FY’14-Q1 = q/e 7-31-13 – rep. 9-9-13 Mon (after mkt)
FY’14-Q2 = q/e 10-31-13 – rep. 12-10-13 Tue (after mkt)
FY’14-Q3 = q/e 1-31-14 – rep. 3-7-14 Fri (B4 mkt)
FY’14-Q4 = q/e 4-30-14 – rep. 7-14-14 Mon (after mkt)

= = = = = = = = = = = =
“Going Concern” statement ELIMINATED from 4-30-13 10-K issued 7-11-2013…
2012: 4-30-12 10-K iss. 7-16-12 http://tinyurl.com/79o57b2
Pg.68: “As more fully described in Note 2, the Company’s recurring losses from operations and recurring negative cash flows from operating activities raise substantial doubt about its ability to continue as a going concern.”
2013 & 2014 10-K's:" http://tinyurl.com/p58jcbw & http://tinyurl.com/mhva3k3 ==> ((((NO GOING CONCERN STATEMENT INCLUDED.))))

CASH a/o 4-30-13: $35.2mm
CASH a/o 6-30-13: $42.6mm
CASH a/o 7-31-13: $41.6mm
CASH a/o 10-31-13: $44.4mm
CASH a/o 1-31-14: $63.2mm
CASH a/o 2-15-14: $79.7mm
CASH a/o 4-30-14: $77.5mm
CASH a/o 6-30-14: $78.3mm

= = = = = = = = = = A look at #Employees per the 10K’s…
2011 10-K: "As of 4-30-11, we employed 154 full-time emps & 2 part-time emps”
2012 10-K: "As of 4-30-12, we employed 172 full-time emps & 2 part-time emps."
2013 10-K: "As of 4-30-13, we employed 182 full-time emps & 5 part-time emps."
2014 10-K: "As of 4-30-14, we employed 180 full-time emps & 4 part-time emps."

- - - - - - - - - - - - - - - - -
Latest 10K 4-30-13 iss. 7-14-14: http://tinyurl.com/mhva3k3 PR: http://ir.peregrineinc.com/releasedetail.cfm?ReleaseID=859576 (Cash 4-30-14=$77.5mm 4-30-13=$35.2mm)
Latest 10Q 1-31-14 iss. 3-7-14 http://tinyurl.com/pxcjocw PR: http://tinyurl.com/kh9cnrg (Cash 4-30-14=$77.5mm, 1-31-13=$63.2mm)
ALL SEC filings for PPHM: http://tinyurl.com/6d4jw8

[cjgaddy]

#SUNRISE sites now 110. I’m not going to breakdown the adds by country for this small move from 108(July9)=>110(July14) – will do that the next time they add a few more…

BAVITUXIMAB PHASE III TRIAL: (see http://PeregrineTrials.com => http://www.SunriseTrial.com )
A. Phase III Bavi+Doce vs. 2nd-Line NSCLC "SUNRISE" (randomized, double-blind, placebo-ctl'd, n=582) (Start=Dec’13 Est PrimaryComp=Dec’16)
USA Protocol: http://www.clinicaltrials.gov/ct2/show/NCT01999673 - 110 sites a/o 7-14-14

Breakdown of the prev. 108 sites: http://tinyurl.com/q4y7kcc