A major announcement was made during Avid Bioservices, Inc.’s Q4 2024 Earnings Conference Call, which took place on July 2, 2024, at 4:30 PM ET. The call featured key company participants including Tim Brons from IR, Vida Strategic Partners, Nick Green as President & CEO, Dan Hart as CFO, and Matt Kwietniak as Chief Commercial Officer. Industry experts such as Sean Dodge from RBC Capital, Jacob Johnson from Stephens, Paul Knight from KeyBanc, Matt Hewitt from Craig-Hallum Capital Group, and Max Smock from William Blair were also in attendance during the conference. The call began with an introduction from Tim Brons, Avid’s Investor Relations representative, who welcomed the participants and provided an overview of the topics to be discussed.

During the conference call, Nick Green, Avid’s President and CEO, highlighted the company’s significant achievements during the fourth quarter of fiscal year 2024. He emphasized the record-breaking quarterly revenues, successful project agreements, and positive business development indicators that point towards a promising year ahead. Dan Hart, the Chief Financial Officer, delved into the financial results for the quarter and fiscal year ended on April 30, 2024. He discussed the revenues, gross profit, and operating expenses, providing insights into the company’s financial performance.

Matt Kwietniak, Avid’s Chief Commercial Officer, shared updates on the commercial activities during the quarter and year. He mentioned the signing of multiple new projects, expansion of the customer base, and the company’s efforts to improve sustainability and business practices. Nick Green further discussed the operational achievements and future outlook for Avid Bioservices. He highlighted the completion and launch of new manufacturing facilities, strategies for margin improvement, and the company’s resilience in navigating challenging market conditions.

During the question-and-answer session, industry analysts posed queries regarding revenue growth, capacity utilization, margin recovery, and business development strategies. The company leaders provided detailed responses, offering insights into the factors driving growth, challenges faced, and opportunities ahead. The conference call concluded with Nick Green expressing gratitude to the participants, highlighting the company’s optimistic outlook for fiscal year 2025, and emphasizing the importance of customer trust, investor support, and employee dedication in driving Avid Bioservices’ success.