9-5-19 Qtly CC-Transcript, PR(Q1FY20/qe7-31-19), Avid Revs History Table
*Revs Guidance (FY’20 fye 4-30-20): $64-67M. 7-31-19 Backlog=$61M
*Cash: 7-31-19: $28.9M
*As of 8-31-19: 56,237,674 shares o/s.
*10Q/7-31-19 iss. 9-5-19: https://tinyurl.com/yxvqm45d
*Avid Total Revs May03-Jul19: $364.4M
*Avid’s website: https://avidbio.com (A/o 4-30-19, 211 full-time & 4 part-time emps)
This large post has 4 sections:
I. 9-5-19 Qtly. Earnings Conf. Call TRANSCRIPT (FY20/Q1 q/e 7-31-19)
II. 9-5-19 CDMO Press Release: Q1/FY20 Earnings & Developments
IV. Updated Table of Avid Revenues By Quarter (May’06-Current)
III. Updated O/S Shares History Table – 2006-curr.
…Recall: Avid’s FY runs May-Apr, so FY’20 = May’19-Apr’20.
((( Orig. transcript from SeekingAlpha.com [https://tinyurl.com/y3qcpooj ] with numerous corrections made. )))
Link to webcast replay: http://ir.avidbio.com/events-and-presentations => https://edge.media-server.com/mmc/p/4k9kpd4z
TRANSCRIPT 9-5-19 FY20/Q1 Earnings Conf. Call (q/e 7-31-19) (Hancock/Hart/Kinjerski)
RICK HANCOCK (INTERIM CEO) – OPENING COMMENTS:
Thank you to everyone who has dialed in, and to those who are participating today via webcast. I am pleased to announce that Avid continued to make progress on multiple fronts during Q1 of 2020. With respect to our financials performance, revenue for Q1 of 2020 again beat consensus estimates and our backlog increased significantly. Dan will provide more details regarding our financial results in a moment. With respect to business development, we signed 2 new contract manufacturing service agreements during the quarter, and began onboarding activities for these clients. In addition, we continued to pursue opportunities to expand existing client relationships with active discussions regarding additional batches and potential projects for the manufacture of new molecules. Activities with both potential new and existing customers were robust during Q1, and Tracy will provide more details on these developments. With that, I'll turn the call over to Dan to provide a financial overview for fiscal Q1 results.
DANIEL HART (CFO) – OPENING COMMENTS:
Before I begin, I'd like to recommend that everyone participating referred to our 10-Q which we filed today for additional details. [https://tinyurl.com/yxvqm45d ] I'll now discuss our financial results from continuing operations for Q1 of FY20 ending July 31, 2019, starting with revenue. Revenue for the quarter was $15.3M, an increase of 21% as compared to $12.6M for the same period of the prior year. This increase was primarily the result of growth in the number and scope of customer projects. For Q1 of 2020, gross margin of 7% was down slightly as compared to 9% in the prior year period. Despite increased revenue during Q1 of 2020, gross margin was impacted by hiring personnel to accommodate growth and production demand, a realignment of the company's compensation structure to secure our existing work force, and equipment repairs that impacted efficiencies during the period. Management does not expect these factors to impact our stated revenue guidance for the full year. And looking ahead, we expect expanding production demand to result in the increased utility of our existing capacity and improved margins.
I'll now address expenses. Total SG&A expenses for Q1 of FY20 were $4.5M, compared to $3.2M for Q1 of FY19. This increase was due primarily to employee separation-related expenses and increased stock-based compensation. Excluding the separation agreement expense and the increase in stock-based compensation, SG&A during Q1 FY20 would have been flat as compared to the prior year quarter. For Q1 of FY20, the company recorded consolidated net loss attributable to common stockholders of $4.6M or $.08 per share compared to $3.4M or $.06 per share for Q1 of FY19. The increase in the net loss results primarily from the previously discussed increase in cost of revenue, as well as the increase in SG&A from separation expenses and increased stock-based compensation expense. Our backlog at the end of Q1 of 2020 was approx. $61M, an increase of 34% compared to the $46M at the end of FY19, due primarily to our growing list of customers, as well as the expansion of the relationship with one of the company's existing biotechnology customers. We are pleased to maintain a strong backlog and we expect to recognize the majority of this balance in FY20. We are reporting cash & cash equivalents as of July 31, 2019 of $28.9M as compared to $32.4M as of the prior FY ended April 30, 2019. This concludes my financial overview. I will now turn the call over to Tracy for an update on business development activities and achievements during the quarter.
TRACY KINJERSKI (VP, BUSINESS OPERATIONS) - OPENING COMMENTS:
During and subsequent to Q1, Avid's business dev. team was extremely active on all fronts. We continued to build visibility with participation at industry events, such as BIO International in June, The Bioprocessing Summit in Boston last month, as well as more local industry events. We are now preparing for the upcoming Biotech Week and Outsourced Pharma conferences. These events offer a particularly efficient forum to meet with potential new customers as well as current clients. With each event, recognition and enthusiasm builds for Avid and its services, and we continue to expand our book of new business as a result of this aggressive visibility campaign.
Also, during the quarter, we began the work of onboarding our newest mfg. projects. As we announced in early July, Avid signed 2 new contract mfg. service agreements to support the development of novel drug candidates during Q1. The agreements include the addition of one of the world's leading pharmaceutical companies to Avid's growing list of customers, as well as the expansion of the relationship with one of the company's existing biotechnology customers. The onboarding processes for both of these projects were initiated during Q1 and they are proceeding well. As a reminder, I'd like to restate the importance of winning new business with existing customers. While some of this business results from the expansion of a current project, much of this new business is from completely new projects, requiring development and/or manufacturing of new molecule. Aside from the revenue generated by the expansion of any relationship, new project wins from existing customers are incredibly valuable for several reasons. Early phase projects represent opportunity for mfg. work up to and including commercial production, onboarding follow-on molecules from existing customers, maybe later-phased, leading to validation in commercial stage with more certainty and providing assurance of need for long-term manufacturing. In addition, as we already have a working relationship with these companies, onboarding and other aspects of the process are much more efficient and less costly making these projects more profitable for Avid.
During Q1, Avid also successfully completed a process validation campaign for a scaled-up mfg. process on behalf of an existing customer in anticipation of future commercial manufacturing. This represents our 1st process validation of FY20, followed by the completion of 2 in FY19. Once the process validation is completed, the associated specifications of that process are incorporated into global regulatory filings. If approved, the customers are then required to manufacture in a specified facility using that specified process. Therefore, for those products approved using processes validated at Avid, it's anticipated that the commercial manufacturing will be conducted at Avid. For this reason, we see each process validation completed today as a great opportunity to build commercial business in the future. This concludes my business overview, and I'll now hand the call back over to Rick.
RICK HANCOCK (CEO) – Q4/FY19 OPERATIONAL & COMMERCIAL UPDATE:
I'd now like to provide a brief update regarding operations at Avid. With respect to our expansion work, we continue to make progress with the process development lab at our Franklin facility. This purpose built state-of-the-art facility will house Avid's expanded upstream & downstream process development capabilities. We remain on track to begin operations in this facility in the fall of calendar 2019. More broadly, we continue the ongoing evaluation of our facilities, equipment, and processes. It is the goal of the organization to optimize where possible, update where necessary, and ensure that we are employing the most effective technologies and processes to ensure our standing as a leading CDMO. As we conduct this review, we are finding areas for improvement. It is always our intent to identify any potential problems before they occur, and to this end, Avid conducts a comprehensive annual maintenance overhaul, during which time, our facilities may be partially or completely shut down. We are currently in the middle of this annual process. Because of the significant amount of work that was done during last year's shutdown, this year will require less downtime. Last year, both facilities were shut down for more than 3 weeks. This year, Franklin was down for less than 2 weeks, and at Myford, we will only have a partial shutdown affecting only the exterior of the building. As a result of our annual maintenance overhaul, we expect anomalies in both revenue and margins during Q2/FY20, but we do not expect this to impact our ability to achieve our stated revenue guidance for the year.
I'll now turn to leadership at Avid. As reported last quarter, the Avid Board has initiated a search for the company's new permanent CEO. Avid is well positioned for expansion and growth, and it is imperative that we find the ideal candidate to entrust with the future strategy and vision for the business. Accordingly, we will take our time with this process and we'll provide an update as there is news to report.
In closing, we recorded revenue that met our expectations for the period, significantly strengthened our backlog, and initiated a number of operational improvements in our facility during Q1 of 2020. Important achievements during the period included the completion of an additional process validation campaign for a customer that anticipates conducting future commercial manufacturing at Avid. The company also entered into 2 new contract mfg. service agreements during Q1, adding one the world's leading pharmaceutical companies to Avid's customer list. These projects are currently in the onboarding process, both of which are proceeding well. We continue to advance discussions with potential new customers and pursue expansion and new project opportunities with existing customers. As we've seen previously, each existing customer has the potential to create multiple new opportunities for growth, and for this reason, we remain committed to providing the best possible customer experience and producing the highest quality products. The highlights for Q1/2020 were new customer contracts, significant backlog growth and another successful process validation. We believe that each of these accomplishments will contribute significantly to the future growth and expansion of the business, and we are eager to build on this momentum. This concludes my prepared remarks for today. We can now open the call up for questions.
Q&A: [beg. 13:50]
1. Paul Knight - Janney
PK: ”And are you at this point with this kind of very strong backlog build, are you able to get better pricing? Are you looking at customer requests that seem, let's call it, more profitable than maybe in past periods in your experience? So can you just talk about the pricing environment for our projects?”
Rick Hancock: Great question, Paul. As you know, we have a unique resource here, in that we can go from early stage process development all the way through commercial. Having the commercial operations adds a certain amount of regulatory compliance & quality oversight to everything that we do here. So, typically, I wouldn't say we're the lowest price provider, but for people who need the types of capabilities that we have, I think we're very competitive in our pricing. But again, we are differentiated from some of the other players in this space who maybe can do early stage development and maybe some very early pre-clinical and early clinical work. But for people who have operational capability, I think, we're very, very fairly priced.
PK: ”With your backlog building to these levels, what's your thought on capacity expansion? We know that you've got space, but when do you start thinking about that part of your capital expenditure program?”
Rick Hancock: We do have tentative plans for building out the remainder of our Myford facility, where we have quite a large area essentially equivalent to what's currently in production right now. We are in active discussion with our clients in terms of when we pull the trigger on that and exactly what capabilities we put in. We are looking at some incremental expansions within that area that will add to our efficiency, but that would be short of building out the entire space. So, we're looking at over the next 12 mos. making some of those incremental improvements, adding some addl. downstream capability. Our focus right now today is really to process dev. area that we're very excited about, bringing that on line, and once that is fully operational, then we'll turn our attention back to our GMP mfg. capabilities.
2. Steve Schwartz - First Analysis
SS: ”Wrt the backlog. Obviously, you've reached a nice level here. But in stating that you expect the majority of the backlog to flow through revenue this year, if we just do simple math, 61 plus 15 for Q1, it leaves you about $10M of the current backlog at the end of FY20. I think that suggests that maybe at a certain point in the year, you kind of hit a peak number, and then maybe you've got some subsequent quarters where the backlog is maybe less than what it is here in Q1 or even in Q2. Can you give us any color maybe on how you expect the new business to flow in vs. what will flow out through the year?”
Dan Hart: Backlog can increase or decrease in any given quarter, depending upon a couple of factors, one of which is how much new business we sign, and how much revenue we recognized during the period. So, backlog isn't necessarily a number that will continue to increase qtr-over-qtr-over-qtr. though that's definitely a challenge for us that we are up to the task. However, it's difficult in saying how much would translate during the period in any given quarter.
SS: ”I understand that. I think, to your comment in the prepared remarks with respect to the shutdown, the Q2 is going to be light, right. And certainly Q1, while it came in as expected was less than 25% of your guidance level. So if we look at the flow of revenue through the year, do you expect that maybe the H1 of FY20 is 40% of total revenue? Is it 35%? Just trying to get a sense of what that Q2 looks like with the shutdowns and then what happens in Q3 & Q4?”
Dan Hart: For the year, we're reaffirming our guidance of $64-67M. And as you pointed out, yes, Q1 was under the 25% mark. So, that being said, we're a capacity business, and as we fill that capacity with revenue through our production, we're going to have some highs and lows in our revenue numbers. So we're still tied to what we're going to do this year, the 64-67M, but not necessarily providing any guidance on a half year or quarterlies.
SS: ”Can you talk a little bit, since it's come up here in this earnings report with respect to comp structure and what have you, where's your business headcount expected to be from the end of FY '19 here in Q1 and then as you move through the year? Are you adding people to the business?”
Rick Hancock: We're not adding terribly significantly. We do need to add a few revenue producing positions in operations, process development, analytical development. Generally, in terms of the overhead positions, we're stable there. So we don't see a very significant increase in headcount; it will be commensurate as we convert the backlog to revenue.
SS: ”Wrt the comp structure and gross margins, can you give me a little bit of color around that? Does your commentary relate to wages and on a unit produced basis costs, or is there a long-term comp component in there? What exactly is that? How do we look at that with respect to gross margin and production levels?”
Dan Hart: When we transitioned this business about 2 years ago from a development company to a pure play CDMO, we went through significant changes and reductions in costs during that process to stabilize the P&L and to move forward with growing a pure play CDMO. So, given the first year, we didn't have a lot of opportunity to provide wage growth or bonus or any of those overall total comp packages to our revenue producing individuals, where in FY20, we're taking the opportunity to provide those costs to those individuals to further on where we're going as far as a business and to align the overall comp structure for the existing workforce.
RICK HANCOCK (CEO) – CLOSING COMMENTS:
Thank you again for participating today, and for your continued support of Avid Bioservices. We look forward to updating you again in the near future.
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9-5-19: Avid Bioservices Reports Financial Results for 1st Quarter FY 2020 (7-31-19) and Recent Developments
GlobalNewsWire: https://tinyurl.com/y4bxmyvw
-- Achieved First Quarter Revenue of $15.3 Million; Reaffirms Fiscal 2020 Projected Revenue of $64 to $67 Million
-- Signed Two Contract Manufacturing Agreements with New and Existing Customers
TUSTIN, Sept. 5, 2019: Avid Bioservices, Inc. (NASDAQ:CDMO/CDMOP), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced financial results for the first quarter of fiscal 2020 ended July 31, 2019.
HIGHLIGHTS SINCE APRIL 30, 2019
“During the first quarter of 2020, we recorded revenue that met our expectations for the period, significantly strengthened our backlog and initiated a number of operational improvements in our facilities,” stated Rick Hancock, interim President and CEO. “Despite our topline strength, margins declined during the quarter due to several factors, none of which are expected to impact our stated guidance for the year. These factors include an increase in headcount to accommodate growth in production demand, a realignment of the company’s compensation structure to secure our existing work force, and equipment repairs.“Important achievements during the period included the completion of an additional process validation campaign for a customer that anticipates conducting future commercial manufacturing at Avid. The company also entered into two new contract manufacturing service agreements during the first quarter, adding one of the world’s leading pharmaceutical companies to our customer list. These projects are currently in the onboarding process, both of which are proceeding well. During the period, Avid also announced the appointment of Catherine Mackey, Ph.D. as an independent member to the company’s board of directors. With more than 30 years experience in biopharma research and development, Dr. Mackey brings an important perspective that will allow us to best support the needs of our current, as well as prospective clients. The board is thrilled with Dr. Mackey’s appointment and we look forward to working together toward Avid’s continued growth. The highlights of the first quarter of 2020 were new customer contracts, significant backlog growth and completion of another successful process validation campaign. We believe each of these accomplishments will contribute significantly to the future growth and expansion of the business and we are eager to build on this momentum.”
FINANCIAL HIGHLIGHTS AND GUIDANCE
The company is reaffirming revenue guidance for the full fiscal year 2020 of $64-67 million.
Revenue was $15.3 million for the first quarter of fiscal 2020, a 21% increase compared to $12.6 million for the first quarter of last fiscal year. This increase is primarily due to growing demand from a more diversified client base.
As of July 31, 2019, revenue backlog was approximately $61 million, an increase of 34% as compared to the fourth quarter of fiscal 2019. The company expects to recognize the majority of this backlog in fiscal year 2020.
Gross margin for the first quarter of fiscal 2020 of 7% was down slightly compared to a gross margin of 9% in the prior year period. Despite increased revenue during the first quarter of 2020, gross margin was impacted by hiring personnel to accommodate growth in production demand, a realignment of the company’s compensation structure to secure our existing work force, and equipment repairs that impacted efficiencies during the period. Management does not expect these factors to impact our stated revenue guidance for the year.
Selling, general and administrative expenses (“SG&A”) for the first quarter of fiscal 2020 were $4.5 million compared to $3.2 million for the first quarter of last year. The increase in SG&A was primarily due to employee separation-related expenses, and increased stock-based compensation. Excluding the separation agreement expenses and the increase in stock-based compensation, SG&A during the first quarter of 2020 is consistent with SG&A for the prior year quarter.
For the first quarter of fiscal 2020, the company recorded consolidated net loss attributable to common stockholders of $4.6 million or $0.08 per share, compared to a consolidated net loss attributable to common stockholders of $3.4 million or $0.06 per share, for the first quarter of fiscal 2019.
Avid reported $28.9 million in cash and cash equivalents as of July 31, 2019, compared to $32.4 million on April 30, 2019.
More detailed financial information and analysis may be found in Avid Bioservices’ Quarterly Report on Form 10-Q, which will be filed with the SEC today. [https://tinyurl.com/yxvqm45d ]
Recent Corporate Developments
Signed two new contract manufacturing service agreements to support the development of novel drug candidates. The agreements include the addition of one of the world’s leading pharmaceutical companies to Avid’s growing list of customers, as well as the expansion of the relationship with one of the company’s existing biotechnology customers.
Completed the first process validation campaign of fiscal 2020. Completion of a process validation campaign is a critical step in the regulatory product approval process, and is likely to result in future commercial production at Avid.
Appointed Catherine Mackey, Ph.D. as an independent member to the company’s board of directors. Dr. Mackey is an experienced leader, director and advisor with more than 30 years of R&D and operations experience in the pharmaceutical, biotechnology and agricultural industries, including over a decade in key leadership roles at Pfizer Inc.
CONFERENCE CALL
Avid will host a conference call and webcast this afternoon, September 5, 2019, at 4:30PM EDT (1:30PM PDT). To listen to the conference call, please dial (877) 312-5443 or (253) 237-1126 and request the Avid Bioservices conference call. To listen to the live webcast, or access the archived webcast, please visit: http://ir.avidbio.com/events.cfm .
ABOUT AVID BIOSERVICES, INC.
Avid Bioservices is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biopharmaceutical products derived from mammalian cell culture. The company provides a comprehensive range of process development, high quality CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With 25 years of experience producing monoclonal antibodies and recombinant proteins in batch, fed-batch and perfusion modes, Avid's services include CGMP clinical and commercial product manufacturing, purification, bulk packaging, stability testing and regulatory strategy, submission and support. The company also provides a variety of process development activities, including cell line development and optimization, cell culture and feed optimization, analytical methods development and product characterization. http://www.avidbio.com
Forward-Looking *snip*
AVID BIOSERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE INFORMATION)
Three Months Ended
July 31,
2019 2018
Revenues $ 15,254 $ 12,589
Cost of revenues 14,168 11,397
Gross profit 1,086 1,192
Operating expenses:
Selling, general and administrative 4,459 3,215
Operating loss (3,373 ) (2,023 )
Interest and other income, net 209 62
Net loss $ (3,164 ) $ (1,961 )
Comprehensive loss $ (3,164) $ (1,961 )
Series E preferred stock accumulated dividends (1,442 ) (1,442 )
Net loss attributable to common stockholders $ (4,606) $ (3,403 )
Basic and diluted net loss per common share attributable to common stockholders $ (0.08 ) $ (0.06 )
Weighted average basic and diluted shares outstanding 56,167 55,770
AVID BIOSERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT PAR VALUE)
July 31,
2019 April 30,
2019
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 28,944 $ 32,351
Accounts receivable 8,223 7,374
Contract assets 5,589 4,327
Inventory 8,031 6,557
Prepaid expenses and other current assets 777 709
Total current assets 51,564 51,318
Property and equipment, net 26,453 25,625
Operating lease right-of-use assets 22,601 —
Restricted cash 1,150 1,150
Other assets 302 302
Total assets $ 102,070 $ 78,395
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 5,458 $ 4,352
Accrued payroll and related costs 3,230 3,540
Contract liabilities 18,104 14,651
Operating lease liabilities 1,382 —
Other current liabilities 761 619
Total current liabilities 28,935 23,162
Operating lease liabilities, less current portion 23,451 —
Deferred rent, less current portion — 2,072
Other long-term liabilities — 93
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized;
1,648 shares issued and outstanding at July 31, 2019 and
April 30, 2019, respectively 2 2
Common stock, $0.001 par value; 150,000 shares authorized;
56,238 and 56,136 shares issued and outstanding at July 31, 2019
and April 30, 2019, respectively 56 56
Additional paid-in capital 613,395 613,615
Accumulated deficit (563,769 ) (560,605 )
Total stockholders’ equity 49,684 53,068
Total liabilities and stockholders’ equity $ 102,070 $ 78,395
CONTACTS:
• Stephanie Diaz (Investors) Vida Strategic Partners 415-675-7401 sdiaz@vidasp.com
• Tim Brons (Media) Vida Strategic Partners 415-675-7402 tbrons@vidasp.com
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From 10-Q header: “As of Aug 31, 2019, there were 56,237,674 shares outstanding.”
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Latest 10K 4-30-19 iss. 6-27-19 http://tinyurl.com/yxukx6t4 PR: http://tinyurl.com/y2k3tftn (Cash 4-30-19=$32.4mm)
Latest 10Q 7-31-19 iss. 9-5-19 https://tinyurl.com/yxvqm45d PR: https://tinyurl.com/y4bxmyvw (Cash 7-31-19=$28.9mm)
ALL SEC filings for PPHM: http://tinyurl.com/6d4jw8
10-K: “As of 4-30-19, we employed 211 full-time & 4 part-time emps.” (2018: 185/1)
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Updated PPHM REVS-BY-QTR TABLE, now thru FY20Q1(qe 7-31-19), per the 10Q (http://tinyurl.com/yxukx6t4 ) issued 9-5-19.
• Total Avid Revs since May’03: $364.4M
• 9-5-19: FY'20 (May'19-Apr'20) Avid revs guidance $64-67M (committed B/L=$61 at 7-31-19).
• Inventories at 7-31-19 total $8.0M, UP from $6.6M at 4-30-19.
Avid’s website: http://www.avidbio.com
AVID GROSS PROFITABILITY BY QTR: CONTRACT
QTR (1000’s) Rev$ COGS$ Prof$ GP% INVEN$ LIABILITIES*
FY13Q1 7-31-12 4,135 2,024 2,111 51% 5,744 16,280
FY13Q2 10-31-12 6,061 3,703 2,358 39% 5,426 14,721
FY13Q3 1-31-13 6,961 3,651 3,310 47% 4,635 11,790
FY13Q4 4-30-13 4,176 3,217 959 23% 4,339 12,230
FY14Q1 7-31-13 4,581 2,670 1,911 42% 5,679 12,692
FY14Q2 10-31-13 7,354 4,195 3,159 43% 4,033 11,126
FY14Q3 1-31-14 3,885 2,416 1,469 38% 5,224 12,975
FY14Q4 4-30-14 6,474 3,829 2,645 41% 5,530 11,001
FY15Q1 7-31-14 5,496 3,583 1,913 35% 5,998 10,896
FY15Q2 10-31-14 6,263 4,139 2,124 34% 5,379 11,161
FY15Q3 1-31-15 5,677 3,113 2,564 45% 6,148 14,063
FY15Q4 4-30-15 9,308 4,758 4,550 49% 7,354 17,993
FY16Q1 7-31-15 9,379 4,608 4,771 51% 10,457 17,890
FY16Q2 10-31-15 9,523 4,741 4,782 50% 12,554 24,623
FY16Q3 1-31-16 6,672 3,896 2,776 42% 15,189 37,851
FY16Q4 4-30-16 18,783 9,721 9,062 48% 15,189 39,630
FY17Q1 7-31-16 5,609 3,062 2,547 45% 25,274 43,262
FY17Q2 10-31-16 23,370 15,441 7,929 34% 25,924 44,908
FY17Q3 1-31-17 10,747 7,974 2,773 26% 33,829 52,577
FY17Q4 4-30-17 17,904 11,782 6,122 34% 33,099 45,517
FY18Q1 7-31-17 27,077 20,448 6,629 24% 24,235 27,755
FY18Q2 10-31-17 12,782 16,242 -3,460 -27% 16,518 20,611
FY18Q3 1-31-18 6,819 10,951 -4,132 -61% 14,218 24,235
FY18Q4 4-30-18 6,943 8,904 -1,961 -28% 16,129 27,935
FY19Q1 7-31-18 12,589 11,397 1,192 9% 9,168 17,994
FY19Q2 10-31-18 10,178 9,844 334 3% 9,736 17,307
FY19Q3 1-31-19 13,781 11,731 2,050 15% 8,660 14,620
FY19Q4 4-30-19 17,055 13,407 3,648 21% 6,557 14,651
FY20Q1 7-31-19 15,254 14,168 1,086 7% 8,031 18,104
*7-31-18 10Q: “prior-yr amts related to (deferred revenue
+ cust deposits) now reclass’d as contract liabilities.”
FY13 TOTAL: 21,333 12,595 8,738 41%*
FY14 TOTAL: 22,294 13,110 9,184 41%*
FY15 TOTAL: 26,744 15,393 11,151 42%*
FY16 TOTAL: 44,357 22,966 21,391 48%*
FY17 TOTAL: 57,630 38,259 19,371 34%*
FY18 TOTAL: 53,621 56,545 -2,924 -5%*
FY19 TOTAL: 53,603 46,379 7,224 13%*
*Avid Net-Profit(Selling/G&A) not split out from PPHM-Corp. in the fin’s.
AVID TOTAL REV’s BY YEAR):
FY04 4-30-04 3,039 (Avid-Revs didn’t incl. Avid’s Gov’t work)
FY05 4-30-05 4,684
FY06 4-30-06 3,005
FY07 4-30-07 3,492
FY08 4-30-08 5,897
FY09 4-30-09 12,963
FY10 4-30-10 13,204
FY11 4-30-11 8,502
FY12 4-30-12 14,783
FY13 4-30-13 21,333
FY14 4-30-14 22,294
FY15 4-30-15 26,744
FY16 4-30-16 44,357
FY17 4-30-17 57,630
FY18 4-30-18 53,621
FY19 4-30-19 53,603
FY20 4-30-20 15,254 <=thru Q1 7-31-19
**TOTAL: 364,405 (5/1/2003–7/31/19)
.
QTLY. NET PROFIT/LOSS BY QTR:
(“attributable to common stockholders”; ie, incl. PREF Div’s**)
**2-11-14: PPHM Raises $16.2M, 700k Pref. Shares w/10.5% DIV.
FY16Q1 7-31-15 -15,101,000
FY16Q2 10-31-15 -14,578,000
FY16Q3 1-31-16 -18,227,000
FY16Q4 4-30-16 -13,264,000
FY17Q1 7-31-16 -12,437,000
FY17Q2 10-31-16 -4,498,000
FY17Q3 1-31-17 -9,216,000
FY17Q4 4-30-17 -6,714,000
FY18Q1 7-31-17 -2,647,000
FY18Q2 10-31-17 -14,066,000
FY18Q3 1-31-18 -12,446,000
FY18Q4 4-30-18 +1,578,000 <=includes $9,154,000 income from disc. operations.
FY19Q1 7-31-18 -3,403,000
FY19Q2 10-31-18 -2,893,000
FY19Q3 1-31-19 -2,581,000
FY19Q4 4-30-19 -1,106,000
FY20Q1 7-31-19 -4,606,000
Period Halozyme ADC-Therap. Coherus-BioSci. Other-Custs
FYE 4-30-14 91% 8%
FYE 4-30-15 79% 9%
FYE 4-30-16 69% 26% 5%
FYE 4-30-17 58% 26% 16%
FYE 4-30-18 55% 9% 22% 14%
FYE 4-30-19 30% 21% 13% 36%
...(cust. splits not given in 7-31-18+ 10Q’s)
- - - - - - - - CDMO’s Fiscal Qtr’s (FY runs May – April):
FY’16-Q1 = q/e 7-31-15 – rep. 9-9-15 Wed (after mkt)
FY’16-Q2 = q/e 10-31-15 – rep. 12-10-15 Thu (after mkt)
FY’16-Q3 = q/e 1-31-16 – rep. 3-9-16 Wed (B4 mkt)
FY’16-Q4 = q/e 4-30-16 – rep. 7-14-16 Thu (after mkt)
FY’17-Q1 = q/e 7-31-16 – rep. 9-8-16 Thu (after mkt)
FY’17-Q2 = q/e 10-31-16 – rep. 12-12-16 Mon (after mkt)
FY’17-Q3 = q/e 1-31-17 – rep. 3-13-17 Mon (after mkt)
FY’17-Q4 = q/e 4-30-17 – rep. 7-14-17 Fri (after mkt)
FY’18-Q1 = q/e 7-31-17 – rep. 9-11-17 Mon (after mkt)
FY’18-Q2 = q/e 10-31-17 – rep. 12-11-17 Mon (after mkt)
FY’18-Q3 = q/e 1-31-18 – rep. 3-12-18 Mon (after mkt)
FY’18-Q4 = q/e 4-30-18 – rep. 7-16-18 Mon (after mkt)
FY’19-Q1 = q/e 7-31-18 – rep. 9-10-18 Mon (after mkt)
FY’19-Q2 = q/e 10-31-18 – rep. 12-10-18 Mon (after mkt)
FY’19-Q3 = q/e 1-31-19 – rep. 3-11-19 Mon (after mkt)
FY’19-Q4 = q/e 4-30-19 – rep. 6-27-19 Thu (after mkt)
FY’20-Q1 = q/e 7-31-19 – rep. 9-5-19 Thu (after mkt)
= = = = = = = = = = = =
“Going Concern” stmt. ELIMINATED from 10-K iss. 7-11-13 (included 2012);
... RE-INSTATED in 10-K iss. 7-14-17 (included 2017 & 2018);
… ELIMINATED again from 10-K iss. 6-27-19 (currently 2019).
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
CASH a/o 7-31-14: $73.3mm
CASH a/o 10-31-14: $64.4mm
CASH a/o 1-31-15: $55.2mm
CASH a/o 4-30-15: $68.0mm
CASH a/o 7-31-15: $59.0mm
CASH a/o 10-31-15: $72.0mm
CASH a/o 1-31-16: $67.5mm
CASH a/o 4-30-16: $61.4mm
CASH a/o 7-31-16: $44.2mm
CASH a/o 10-31-16: $49.5mm
CASH a/o 1-31-17: $41.5mm
CASH a/o 4-30-17: $46.8mm
CASH a/o 7-31-17: $37.3mm
CASH a/o 10-31-17: $27.7mm
CASH a/o 1-31-18: $17.9mm
CASH a/o 2-28-18: $41.7mm
CASH a/o 4-30-18: $42.3mm
CASH a/o 7-31-18: $37.5mm
CASH a/o 10-31-18: $32.7mm
CASH a/o 1-31-19: $27.8mm
CASH a/o 4-30-19: $32.4mm
CASH a/o 7-31-19: $28.9mm
CDMO - O/S Shares History (’06–curr.)
Click here for 4/30/06–12/8/16 Peregrine Pharm. share history: https://tinyurl.com/y76cbyt5
**PPHM shares were 1:5 R/S eff. 10-19-09 (~237mm/$.64=>~47.4mm/$3.20) http://tinyurl.com/ykuw588
**PPHM shares were 1:7 R/S eff. 7-10-17 (315mm/$.606=>45mm/$4.24) http://tinyurl.com/ycohqn6j
1-31-17: 271,068,464 +13,926,930 (1-31-17 10Q iss. 3-13-17)
3-10-17: 297,709,478 +26,641,014 (“ “ “)
4-30-17: 44,014,040(x7)=308,098,280 +10,388,802 (4-30-17 10K iss. 7-14-17)
7-10-17: 45,069,188 +1,055,148 (“ “ “)
7-31-16: 45,094,154 +24,966 (7-31-17 10Q iss. 9-11-17)
8-25-17: 45,096,081 +1,927 (8-25-17 Amended 10K http://tinyurl.com/yb5jq7vc )
9-6-17: 45,096,081 nochg (7-31-17 10Q iss. 9-11-17)
10-31-16: 45,172,632 +76,551 (10-31-17 10Q iss. 12-11-17)
11-27-17: 45,210,608 +37,976 (14A/Proxy iss. 12-7-17 https://tinyurl.com/y7qprpg9 )
12-6-17: 45,212,760 +2,152 (10-31-17 10Q iss. 12-11-17)
1-8-18: 45,253,038 +40,278 (2-8-18 13D https://tinyurl.com/ya43sc3r )
1-31-18: 45,257,180 +4,142 (1-31-18 10Q iss. 3-12-18)
...2-20-18: Avid Raises ~$21.8M net, selling 10,294,445sh.@$2.25 (underwriter: Wells Fargo)
…... 8-K: https://tinyurl.com/ya3nenth 424B5: https://tinyurl.com/ycpshgxl
3-7-18: 55,552,233 +10,295,053 (1-31-18 10Q)
4-30-18: 55,689,222 +133,989 (4-30-18 10K)
7-10-18: 55,793,107 +103,885 (4-30-18 10K)
9-5-18: 56,001,456 +208,349 (7-31-18 10Q)
10-31-18: 56,063,488 +62,032 (10-31-18 10Q)
12-3-18: 56,067,867 +4,379 (10-31-18 10Q)
1-31-19: 56,072,291 +4,424 (1-31-19 10Q)
3-4-19: 56,074,509 +2,218 (1-31-19 10Q)
6-14-19: 56,137,724 +63,215 (4-30-19 10K)
8-31-19: 56,237,674 +99,950 (7-31-19 10Q)
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