$CDMO
Avid Bioservices, Inc.

2023 Q2 Form 10-K Financial Statement

#000168316823004329 Filed on June 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 2022
Revenue $39.80M $149.3M $119.6M
YoY Change 27.45% 24.81% 24.75%
Cost Of Revenue $31.41M $117.8M $82.95M
YoY Change 29.56% 42.0% 24.62%
Gross Profit $8.391M $31.48M $36.65M
YoY Change 20.15% -14.1% 25.05%
Gross Profit Margin 21.08% 21.09% 30.64%
Selling, General & Admin $7.559M $27.88M $21.23M
YoY Change 27.79% 31.34% 24.39%
% of Gross Profit 90.08% 88.56% 57.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.884M $7.210M $4.480M
YoY Change 32.68% 60.94% 29.74%
% of Gross Profit 22.45% 22.9% 12.22%
Operating Expenses $7.559M $27.88M $21.23M
YoY Change 27.79% 31.34% 24.39%
Operating Profit $832.0K $3.601M $15.42M
YoY Change -22.17% -76.65% 25.97%
Interest Expense -$759.0K $2.600M -$2.761M
YoY Change 57.47% -194.17% 167.8%
% of Operating Profit -91.23% 72.2% -17.9%
Other Income/Expense, Net $375.0K $1.002M -$81.00K
YoY Change -1337.04%
Pretax Income $448.0K $2.003M $12.66M
YoY Change -23.68% -84.18% 12.92%
Income Tax $757.0K $1.443M -$115.0M
% Of Pretax Income 168.97% 72.04% -908.39%
Net Earnings -$309.0K $560.0K $127.7M
YoY Change -100.27% -99.56% 1038.71%
Net Earnings / Revenue -0.78% 0.38% 106.75%
Basic Earnings Per Share $0.01 $2.08
Diluted Earnings Per Share $0.00 $0.01 $1.812M
COMMON SHARES
Basic Shares Outstanding 62.73M shares 62.27M shares 61.48M shares
Diluted Shares Outstanding 63.78M shares 70.47M shares

Balance Sheet

Concept 2023 Q2 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.54M $38.54M $126.2M
YoY Change -69.45% -69.45% -25.75%
Cash & Equivalents $38.54M $38.54M $126.2M
Short-Term Investments
Other Short-Term Assets $2.094M $2.094M $1.879M
YoY Change 11.44% 11.44% 76.6%
Inventory $43.91M $43.91M $26.06M
Prepaid Expenses
Receivables $18.30M $27.91M $25.92M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $112.5M $112.5M $180.0M
YoY Change -37.54% -37.54% -13.37%
LONG-TERM ASSETS
Property, Plant & Equipment $177.4M $220.1M $129.8M
YoY Change 36.69% 69.65% 131.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.473M $118.5M $120.1M
YoY Change -96.27% -1.33% 7596.09%
Total Long-Term Assets $338.6M $338.6M $249.8M
YoY Change 35.54% 35.54% 332.92%
TOTAL ASSETS
Total Short-Term Assets $112.5M $112.5M $180.0M
Total Long-Term Assets $338.6M $338.6M $249.8M
Total Assets $451.1M $451.1M $429.8M
YoY Change 4.93% 4.93% 61.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.59M $24.59M $9.504M
YoY Change 158.76% 158.76% 2.67%
Accrued Expenses $10.14M $10.14M $11.39M
YoY Change -10.97% -10.97% 12.2%
Deferred Revenue $37.35M
YoY Change -30.57%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $531.0K $531.0K $505.0K
YoY Change 5.15% 5.15%
Total Short-Term Liabilities $73.71M $73.71M $75.76M
YoY Change -2.71% -2.71% 6.8%
LONG-TERM LIABILITIES
Long-Term Debt $142.2M $142.2M $141.7M
YoY Change 0.36% 0.36% 46.13%
Other Long-Term Liabilities $45.69M $45.69M $37.89M
YoY Change 20.6% 20.6% 90.49%
Total Long-Term Liabilities $187.9M $187.9M $179.6M
YoY Change 4.63% 4.63% 53.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.71M $73.71M $75.76M
Total Long-Term Liabilities $187.9M $187.9M $179.6M
Total Liabilities $261.6M $261.6M $255.3M
YoY Change 2.45% 2.45% 35.97%
SHAREHOLDERS EQUITY
Retained Earnings -$430.8M
YoY Change -0.13%
Common Stock $63.00K
YoY Change 1.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $189.5M $189.5M $174.5M
YoY Change
Total Liabilities & Shareholders Equity $451.1M $451.1M $429.8M
YoY Change 4.93% 4.93% 61.89%

Cashflow Statement

Concept 2023 Q2 2023 2022
OPERATING ACTIVITIES
Net Income -$309.0K $560.0K $127.7M
YoY Change -100.27% -99.56% 1038.71%
Depreciation, Depletion And Amortization $1.884M $7.210M $4.480M
YoY Change 32.68% 60.94% 29.74%
Cash From Operating Activities $2.799M -$12.89M $9.465M
YoY Change 357.35% -236.15% -69.65%
INVESTING ACTIVITIES
Capital Expenditures $24.88M $77.64M -$56.41M
YoY Change -201.27% -237.63% 471.89%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$24.88M -$77.64M -$56.41M
YoY Change 1.27% 37.63% 471.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $3.359M
YoY Change -100.0% -176.95%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 704.0K $2.901M 3.197M
YoY Change 331.9% -9.26% -97.15%
NET CHANGE
Cash From Operating Activities 2.799M -$12.89M 9.465M
Cash From Investing Activities -24.88M -$77.64M -56.41M
Cash From Financing Activities 704.0K $2.901M 3.197M
Net Change In Cash -21.37M -$87.62M -43.75M
YoY Change -10.16% 100.29% -132.73%
FREE CASH FLOW
Cash From Operating Activities $2.799M -$12.89M $9.465M
Capital Expenditures $24.88M $77.64M -$56.41M
Free Cash Flow -$22.08M -$90.53M $65.88M
YoY Change -187.69% -237.42% 60.49%

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CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
189470000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
560000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
127672000 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
11212000 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
7380000 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
3854000 usd
CY2023 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7210000 usd
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4480000 usd
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3453000 usd
CY2023 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1046000 usd
CY2022 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1030000 usd
CY2021 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
916000 usd
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1443000 usd
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-115082000 usd
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 usd
CY2023 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-139000 usd
CY2022 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-381000 usd
CY2021 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-0 usd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2249000 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1705000 usd
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10236000 usd
CY2023 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
4240000 usd
CY2022 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-743000 usd
CY2021 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
2812000 usd
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
17846000 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
14191000 usd
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
988000 usd
CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
61000 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
4232000 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1260000 usd
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
964000 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-943000 usd
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-608000 usd
CY2023 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
362000 usd
CY2022 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-376000 usd
CY2021 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
5775000 usd
CY2023 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-16446000 usd
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
3029000 usd
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
21649000 usd
CY2023 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
755000 usd
CY2022 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
1279000 usd
CY2021 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
227000 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-12887000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9465000 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
31182000 usd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
77638000 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
56411000 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9864000 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-77638000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9864000 usd
CY2023 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
3406000 usd
CY2022 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
3359000 usd
CY2021 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
3984000 usd
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
32141000 usd
CY2023 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 usd
CY2022 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 usd
CY2021 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
138464000 usd
CY2023 cdmo Purchases Of Capped Calls Related To Convertible Senior Notes
PurchasesOfCappedCallsRelatedToConvertibleSeniorNotes
-0 usd
CY2022 cdmo Purchases Of Capped Calls Related To Convertible Senior Notes
PurchasesOfCappedCallsRelatedToConvertibleSeniorNotes
-0 usd
CY2021 cdmo Purchases Of Capped Calls Related To Convertible Senior Notes
PurchasesOfCappedCallsRelatedToConvertibleSeniorNotes
12837000 usd
CY2023 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
-0 usd
CY2022 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
-0 usd
CY2021 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
4379000 usd
CY2023 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
-0 usd
CY2022 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
-0 usd
CY2021 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
4455000 usd
CY2023 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
-0 usd
CY2022 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
-0 usd
CY2021 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
37051000 usd
CY2023 cdmo Impact Of Preferred Stock Redemption
ImpactOfPreferredStockRedemption
-0 usd
CY2022 cdmo Impact Of Preferred Stock Redemption
ImpactOfPreferredStockRedemption
-0 usd
CY2021 cdmo Impact Of Preferred Stock Redemption
ImpactOfPreferredStockRedemption
3439000 usd
CY2023 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
505000 usd
CY2022 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
162000 usd
CY2021 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
93000 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2901000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3197000 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
112335000 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-87624000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-43749000 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
133653000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
126516000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
170265000 usd
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36612000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38892000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
126516000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
170265000 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
1118000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
1670000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
5000 usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
260000 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
64000 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
14125000 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1190000 usd
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3939000 usd
CY2022Q2 cdmo Total Leased Assets
TotalLeasedAssets
39534000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1358000 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2969000 usd
CY2023Q2 cdmo Finance Lease Liability Current1
FinanceLeaseLiabilityCurrent1
531000 usd
CY2023Q2 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
400000 usd
CY2022Q2 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
400000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
38542000 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
126166000 usd
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
169915000 usd
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
350000 usd
CY2022Q2 us-gaap Restricted Cash
RestrictedCash
350000 usd
CY2021Q2 us-gaap Restricted Cash
RestrictedCash
350000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38892000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
126516000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
170265000 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
149266000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
119597000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
95868000 usd
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
40800000 usd
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
34000000 usd
CY2023 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
3000000.0 usd
CY2022 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
14700000 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
500000 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
18400000 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zHTMVqpLRv2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b><span id="xdx_868_zOWoQWSf4txj">Concentrations of Credit Risk and Customer Base</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents, accounts receivable, net and contract assets. As of April 30, 2023 and 2022, we maintain our cash balances primarily with a major commercial bank and our deposits held with the bank exceed the amount of government insurance limits provided on our deposits. We are exposed to credit risk in the event of default by the major commercial bank holding our cash balances to the extent of the cash amounts recorded on the accompanying consolidated balance sheets exceed the amount of government insurance limits provided on our deposits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our accounts receivable from amounts billed for services provided under customer contracts are derived from a limited number of customers. Most customer contracts require up-front payments and installment payments during the service period. We perform periodic evaluations of the financial condition of our customers and generally do not require collateral, but we can terminate any contract if a material default occurs. At April 30, 2023 and 2022, approximately 76% and 84%, respectively, of our accounts receivable, net were due from our top ten customers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our revenues are derived from a limited number of customers. Historically, these customers have not entered into long-term contracts because their need for drug supply depends on a variety of factors, including a product’s stage of development, the timing of regulatory filings and approvals, the product needs of their collaborators, if applicable, their financial resources and the market demand with respect to a commercial product.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The table below identifies each of our customers that accounted for 10% or more of our total revenues during any of the fiscal years ended April 30, 2023, 2022 and 2021: </p> <table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_pn3n3_zVk2YrXFqI8j" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of Significant Accounting Policies (Details - Percentage breakdown)"> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -7.9pt; padding-left: 17.25pt"><span id="xdx_8BE_zuSr4xgtzWCl" style="display: none">Concentration of revenues</span></td><td style="font-weight: normal"> </td> <td style="font-weight: normal; text-align: center"> </td><td style="font-weight: normal"> </td> <td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal; text-align: right"> </td><td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal"> </td> <td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal; text-align: right"> </td><td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal"> </td> <td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal; text-align: right"> </td><td style="font-weight: normal; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Customer</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Geographic Location</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; width: 40%">Halozyme Therapeutics, Inc.<sup>(1)</sup></td><td style="font-weight: normal; width: 1%"> </td> <td style="font-weight: normal; text-align: center; width: 20%">U.S.</td><td style="font-weight: normal; width: 1%"> </td> <td style="font-weight: normal; text-align: left; width: 1%"> </td><td style="font-weight: normal; text-align: right; width: 10%"><span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20220501__20230430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--HalozymeTherapeuticsMember_zBGqDWv03fE3" title="Customer revenue as a percentage of revenue">53</span></td><td style="font-weight: normal; text-align: left; width: 1%">%</td><td style="font-weight: normal; width: 1%"> </td> <td style="font-weight: normal; text-align: left; width: 1%"> </td><td style="font-weight: normal; text-align: right; width: 10%"><span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20210501__20220430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--HalozymeTherapeuticsMember_zSSLMoImnlb5" title="Customer revenue as a percentage of revenue">41</span></td><td style="font-weight: normal; text-align: left; width: 1%">%</td><td style="font-weight: normal; width: 1%"> </td> <td style="font-weight: normal; text-align: left; width: 1%"> </td><td style="font-weight: normal; text-align: right; width: 10%"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20200501__20210430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--HalozymeTherapeuticsMember_zHx10sERwlak" title="Customer revenue as a percentage of revenue">51</span></td><td style="font-weight: normal; text-align: left; width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">IGM Biosciences, Inc.</td><td style="font-weight: normal"> </td> <td style="font-weight: normal; text-align: center">U.S.</td><td style="font-weight: normal"> </td> <td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal; text-align: right">*</td><td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal"> </td> <td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal; text-align: right"><span style="font: normal 10pt Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20210501__20220430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--IGMBiosciencesMember_zDbViXEgZs9c" title="Customer revenue as a percentage of revenue">11</span></span></td><td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal"> </td> <td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal; text-align: right">*</td><td style="font-weight: normal; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Gilead Sciences, Inc.</td><td style="font-weight: normal"> </td> <td style="font-weight: normal; text-align: center">U.S.</td><td style="font-weight: normal"> </td> <td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal; text-align: right"><span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pip0_dp0_c20220501__20230430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--GileadSciencesMember_zGZEyNTUiUk" title="Customer revenue as a percentage of revenue">–</span></td><td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal"> </td> <td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal; text-align: right">*</td><td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal"> </td> <td style="font-weight: normal; text-align: left"> </td><td style="font-weight: normal; text-align: right"><span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20200501__20210430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--GileadSciencesMember_ztavPLxECzW8" title="Customer revenue as a percentage of revenue">16</span></td><td style="font-weight: normal; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">______________</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 3%"></td><td style="width: 3%; text-align: left"><sup>(1)</sup></td><td style="text-align: justify; width: 94%">Revenues are derived from the manufacture of multiple therapeutics that our customer uses in various products and product candidates.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">*</td><td style="text-align: justify">Represents a percentage less than 10% of our total revenues.</td> </tr></table> <p id="xdx_8AA_z8PvTYX9xRu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We attribute revenue to the individual countries where the customer is headquartered. Approximately <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20220501__20230430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__country--US_zZ8rYHyrKzO3" title="Concentration risk percentage"><span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20210501__20220430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__country--US_zOBiixvrkg24" title="Concentration risk percentage">100</span></span>% of our revenues for the fiscal years ended April 30, 2023 and 2022 were derived from U.S. based customers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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3318000 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62268000 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61484000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58222000 shares
CY2023 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
1248000 shares
CY2022 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
1830000 shares
CY2021 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
909000 shares
CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
266000 shares
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
384000 shares
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
295000 shares
CY2023 cdmo Convertible Notes
ConvertibleNotes
0 shares
CY2022 cdmo Convertible Notes
ConvertibleNotes
6776000 shares
CY2021 cdmo Convertible Notes
ConvertibleNotes
0 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63782000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70474000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59426000 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.08
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.84
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7075000 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
52000 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3621000 shares
CY2023 us-gaap Deferred Compensation Arrangement With Individual Contributions By Employer
DeferredCompensationArrangementWithIndividualContributionsByEmployer
900000 usd
CY2022 us-gaap Deferred Compensation Arrangement With Individual Contributions By Employer
DeferredCompensationArrangementWithIndividualContributionsByEmployer
600000 usd
CY2021 us-gaap Deferred Compensation Arrangement With Individual Contributions By Employer
DeferredCompensationArrangementWithIndividualContributionsByEmployer
500000 usd

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0001683168-23-004329-index-headers.html Edgar Link pending
0001683168-23-004329-index.html Edgar Link pending
0001683168-23-004329.txt Edgar Link pending
0001683168-23-004329-xbrl.zip Edgar Link pending
avid_ex0404.htm Edgar Link pending
avid_ex2301.htm Edgar Link pending
avid_ex3101.htm Edgar Link pending
avid_ex3102.htm Edgar Link pending
avid_ex3200.htm Edgar Link pending
avid_i10k-043023.htm Edgar Link pending
cdmo-20230430.xsd Edgar Link pending
cdmo-20230430_def.xml Edgar Link unprocessable
cdmo-20230430_cal.xml Edgar Link unprocessable
cdmo-20230430_lab.xml Edgar Link unprocessable
avid_i10k-043023_htm.xml Edgar Link completed
Financial_Report.xlsx Edgar Link pending
image_001.jpg Edgar Link pending
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report.css Edgar Link pending
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cdmo-20230430_pre.xml Edgar Link unprocessable