Avid's New Customer – hints from 9/2014 on – definitely hit the revenue stream in Q2. We do not know who this new customer is at this point (at least I don't!). ...And now on 12-10-15, Rob Garnick discloses, “We are already contemplating our options to increase further our mfg. capacity [beyond Myford=Avid II]”, due to ”what appears to be a growing opportunity in this important area of our business.”
Q/E10-31-15 Q/E7-31-15 FY4-30-15 FY4-30-14
Halozyme 56% 84% 79% 91%
Cust-A U.S. 41% 15% 12% 1%
Other Custs 3% 1% 9% 8%
• 9-9-14 PR/P.Lytle: "Avid has been successful in expanding its client roster, while also continuing to evaluate options that would create new mfg. capacity...” http://tinyurl.com/ktrfswj
• 9-9-14 CC/S.King: “Avid has begun 2015 strongly… and the expansion of our client base…” http://tinyurl.com/ktrfswj
• 12-10-14 CC/S.King(Q&A): “The bottom line is that we have seen expansion of our mix of customers, which is absolutely driving a lot of the need for considering new capacity...”
...P.Lytle: “this facility can more than double our existing capacity.” http://tinyurl.com/kmdgq8t
• 6-17-15 PR/S,King: “We've seen tremendous interest for production in the new facility, both from new & existing clients.” http://tinyurl.com/pnlquu3
FOOTNOTE - 12-10-15 CC: http://tinyurl.com/jkp885g
12-10-15 ROB GARNICK: “With the Myford site (Avid II) now in the initial phase of GMP manufacturing, we have seen a significant increase in demand for production capacity. Although, we have just opened the doors at Myford, we are already contemplating our options to increase further mfg. capacity. Although no decisions have been made, we are pleased to have what appears to be a growing opportunity in this important area of our business.”
12-10-15 STEVE KING(Q&A): “The [further Avid] expansion really is driven by our existing and new clients that have come in, and so obviously primarily that’s driven in the bulk drug substances area not necessarily the fill/finish area. So that'll probably be the primary focus; we have considered and eventually would like to move into the fill/finished business, it's just we’ve been so busy expanding our drug substances business, we really haven’t had the option to do that. For the question of space, there’s space in the current buildings that we’re in, but we’re also looking at other opportunities nearby that fit the same model as we did for the Myford facility and allows us to most efficiently grow the business. At the end of the day it will be a business decision and we’ll take on space as needed to expand the business. Again, it’s all really right now supported by the client base, which has had an extremely positive response to the Myford facility and that’s really driving we think even beyond what we expected going into it.
...G.Zavoico: ”Would you finance that further expansion as sort of debt against the revenue coming in or are you just keeping all your options open for that?”
STEVE KING: “We’re keeping our options wide open. At this point, we’ll do what’s best for the business itself. It’s a nice growing backlog of future revenue, it’s really a change in the way the Avid business can be viewed, as more a long-term go-forward business. So, we just need to make the right business decision based on the cost of capital, whatever avenue that takes, and then we’ll make the right decision.”
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Updated PPHM REVS-BY-QTR TABLE, now thru FY16'Q2(qe 10-31-15), per the 10-31-15 10-Q ( http://tinyurl.com/ocrtkuj ) issued 12-10-15.
• Total Revs since May’06: ($148.1mm/Avid + $24.1mm/Govt + $2.4mm/Lic.) = $174.7mm
• 12-10-15: FY'16 (May'15-Apr'16) Avid revs guidance raised to $35-40M from $30-35M.
• Deferred-Revs at 10-31-15 total $9.7mm, UP from $8.3mm at 7-31-15.
• Cust.Deposits at 10-31-15 total $14.9mm, UP from $9.6mm at 7-31-15.
• Avid’s Gross-Profit over last 3 qtrs: $14.1mm on revs of $28.2mm (GP%=50%)
• Recall, Avid Rev$ 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$ GP%
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%
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%
FY15Q1 7-31-14 5,496,000 3,583,000 1,913,000 35%
FY15Q2 10-31-14 6,263,000 4,139,000 2,124,000 34%
FY15Q3 1-31-15 5,677,000 3,113,000 2,564,000 45%
FY15Q4 4-30-15 9,308,000 4,758,000 4,550,000 49%
FY16Q1 7-31-15 9,379,000 4,608,000 4,771,000 51%
FY16Q2 10-31-15 9,523,000 4,741,000 4,782,000 50%
FY13 TOTAL: 21,333,000 12,595,000 8,738,000 41%*
FY14 TOTAL: 22,294,000 13,110,000 9,184,000 41%*
FY15 TOTAL: 26,744,000 15,393,000 11,151,000 42%*
*Avid Net-Profit (ie, incl. Selling, G&A) not split out from PPHM-Corp. in the financials.
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