Replies to post #59151 on Avid Bioservices Inc (CDMO)

[cjgaddy]

Thurly, as of 3-17-10, Avid was profitable on a standalone-basis. The confusion may lie in the diff. between “Peregrine Corporate” and Avid itself, a wholly-owned subsidiary of Peregrine, who’s P&L is combined into PeregrineInc. on the financials.

CEO STEVE KING, 3-17-10/ROTH, SLIDE18:
“We have a profitable CMO, Avid Bioservices. We’ve seen very nice, consistent growth over the past few years. If you take a snapshot of the company over the last 12mos. ended 1-31-2010, our last qtly reporting #’s, Avid provided about $32mm in services. What’s important here is these $32mm in services are all positive, no matter which of the 3 areas they fall into. Obviously, 3rd party work, $15mm over that time period, is important because it brings in revenues to help offset our overall burn rate. The same with the Gov’t Contract work, it’s one of our sub-contractors on our Gov’t Contract – that was another $8mm in services. And about $9mm in services for Peregrine, as we were building inventory, doing scale-up work, and preparing for the later-stage clinical trials. Again, this organization is a commercial mfg. facility since 2005 – we have 2,400L of capacity, and we believe this facility has adequate capacity in which we could potentially launch Bavi out of the facility. Of course, if Bavi is as successful as we believe it could be, we would need to expand the facility and potentially expand it beyond our existing space, so we believe we do have adequate capacity with very minor facility modifications to meet that commercial launch.”
http://tinyurl.com/ye9v7jq


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Here’s the updated PPHM Revs-by-Qtr table, now thru FY11/Q2 (q/e 10-31-10), per the 10-31-10 10-Q ( http://tinyurl.com/2e4rw3p ).

 
                                          DEFERRED                  
                  -------REVENUES------   REVENUES  GOVT INVEN- AVID     
 Quarter          Avid  Govt Lic. TOTAL  Avid Govt   REC TORIES S.A.* 
 FY07Q1  7-31-06   398     0   23   421   317    0     0   971 
 FY07Q2 10-31-06   636     0   48   684  1388    0     0  1899 
 FY07Q3  1-31-07   347     0   16   363  2202    0     0  1325 
 FY07Q4  4-30-07  2111     0  129  2240  1060    0     0  1916 
 FY08Q1  7-31-07  1621     0    4  1625  1820    0     0  2363 
 FY08Q2 10-31-07  1863     0   29  1892  1338    0     0  3500 
 FY08Q3  1-31-08  1662     0   13  1675  1434    0     0  2394 
 FY08Q4  4-30-08   751     0  150   901  2196    0     0  2900 
 FY09Q1  7-31-08  1193   324    0  1517  4021  980  1794  4628  3500 
 FY09Q2 10-31-08   983   958    0  1941  6472 1701   837  6700  2090 
 FY09Q3  1-31-09  5778  1048    0  6826  4805 3262   362  5547  8650# 
 FY09Q4  4-30-09  5009  2683  175  7867  3776 3871  1944  4707  8650# 
 FY10Q1  7-31-09  2070  4671    9  6750  5755 2332  1449  6177  9100 
 FY10Q2 10-31-09  5308  1510   78  6896  4260 3989  1595  5850  7500 
 FY10Q3  1-31-10  2945  6854   78  9877  3052   76  1379  3861  7150% 
 FY10Q4  4-30-10  2881  1461   78  4420  2406   78   367  3123  6250^ 
 FY11Q1  7-31-10   983  2111  115  3209  3719   47   590  4692  ____  
 FY11Q2 10-31-10  3627   966   78  4671  2447   35   425  3555  ____  
  
 *Avid Standalone Business, adding in Internal+Govt work: from Conf.Calls: 
 #SKing/2-9-10/BioCEO: Avid tot-svcs LTM 10-2009: $33.9mm – split evenly Q3/Q4. 
 %SKing/3-17-10/ROTH: Avid tot-svcs LTM 1-2010: $32.4mm – used to calc. FY10Q3. 
 ...%Q3 $7.15mm could be off given ‘split even’ assumption taken above. 
 ^C.Eso/7-14-10CC: Avid tot-svcs for FY10 were $30mm