6-28-19 Recap Article on Janney Upgrade to Buy/$10 Excerpts that quote analyst Paul Knight: Avid was shown to have exceeded estimates and to have achieved EBITDA profitability, all while growing its backlog with 5 new contracts. Knight’s commentary said: ”Along with the company’s positive comments about the mAb market strength, we see numerous indicators like increasing prescriptions, a great share of mAbs in FDA approvals, and peers like Lonza indicating very strong market demand. Lastly, the interim CEO and Board includes, Rick Hancock and Mark Bamforth, respectively, highly respected veterans of the biological production industry.”
He [Paul Knight] also sees EBITDA margins expanding to above 25% over time and believes that Avid can acquire strategic assets. His report said: ”These validation projects are necessary per FDA protocols for commercial production. While current projects average around $3-5M, an approved product can drive tens of millions of revenue. Avid has about $100M of built capacity and another $100M of expansionary capacity relative to $64-67M in guided FY20 revenue.”
4-30-19 10-K: Employee Counts and Going Concern Lifted (which is nice!)
“As of 4-30-18, we employed 185 full-time emps & 1 part-time emp.” “As of 4-30-19, we employed 211 full-time emps & 4 part-time emps.”
GOING CONCERN: 4-30-18 10-K pg.30: “...as a result of the foregoing, we have concluded that there is substantial doubt about our ability to continue as a going concern within 1 year after our fin. statements are issued.” 4-30-19 10-K pg.31: “...The accompanying consolidated financial statements have been prepared assuming we will continue as a going concern...”
= = = = = = 6-27-19: Qtly. Conf. Call (Hancock/Hart/Kinjerski) PR & Transcript https://tinyurl.com/y4go7nfw ...Rick Hancock, "Most importantly, during Q4, the Company achieved positive income, generating cash from dev. & mfg. operations for the 1st time since the beginning of the CDMO transition (Jan'18)."
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