Avid Bioservices, Inc. (CDMO) Bundle
A Brief History of Avid Bioservices, Inc. (CDMO)
Foundation and Early Years
Foundation and Early Years
Avid Bioservices, Inc., originally founded in 1988 as a part of the Biopharmaceutical and Biotechnology sector, was initially known as Pandion Technologies. The company focused on developing biologics and related manufacturing processes.
Transition to Avid Bioservices
In 2001, the company rebranded itself as Avid Bioservices, Inc., marking a pivotal shift toward becoming a Contract Development and Manufacturing Organization (CDMO). This strategic transition reflected a commitment to providing comprehensive services in the biopharmaceutical market.
Key Milestones and Expansion
Throughout the years, Avid Bioservices expanded its facilities and capabilities significantly:
| Year | Milestone | Details |
|---|---|---|
| 2005 | Facility Acquisition | Purchased a state-of-the-art biologics manufacturing facility in California. |
| 2010 | Public Offering | Completed an IPO with gross proceeds of approximately $21 million. |
| 2017 | Facility Expansion | Expanded manufacturing capacity with an investment of $10 million in new technologies. |
| 2020 | Strategic Focus | Announced a renewed strategic focus on providing services specifically for oncology and other complex biologics. |
| 2021 | Acquisition | Acquired a 60,000 square-foot facility to enhance capabilities. |
Financial Performance
Avid Bioservices has demonstrated steady financial growth over the years. Below are some key financial figures:
| Fiscal Year | Revenue (in millions) | Net Income (in millions) | EBITDA (in millions) |
|---|---|---|---|
| 2019 | $26.4 | $2.3 | $6.2 |
| 2020 | $32.1 | $4.1 | $9.0 |
| 2021 | $39.0 | $5.6 | $11.5 |
| 2022 | $43.2 | $6.0 | $12.7 |
| 2023 (Projected) | $50.0 | $7.5 | $15.0 |
Market Position and Client Base
Avid Bioservices has positioned itself as a premier CDMO with a focus on biologics, particularly in the following sectors:
- Oncology
- Autoimmune diseases
- Metabolic disorders
- Cardiovascular diseases
The company serves a diverse client base, including emerging biotech firms and large pharmaceutical companies.
Recent Developments and Future Outlook
As of 2023, Avid Bioservices continues to invest in expanding its technological capabilities. The company is focused on adopting advanced manufacturing technologies and expanding its service offerings in the biopharmaceutical landscape.
Recent investments include:
- Implementation of single-use technologies
- Enhanced analytical services
- Robust quality assurance systems
These initiatives aim to meet the growing demand for biologics production, aligning with industry trends emphasizing efficiency and flexibility.
A Who Owns Avid Bioservices, Inc. (CDMO)
Company Overview
Avid Bioservices, Inc. (CDMO) operates as a contract development and manufacturing organization (CDMO) that specializes in the development and manufacture of monoclonal antibodies and other biopharmaceutical products. As of the latest updates, the company has a focus on therapeutic proteins, including those for oncology and autoimmune diseases.
Ownership Structure
The ownership of Avid Bioservices is characterized by a diverse mix of institutional and retail investors. As of the most recent filings:
| Type of Owner | Percentage Ownership | Number of Shares Owned | Latest Filing Date |
|---|---|---|---|
| Institutional Investors | 71.8% | 18,500,000 | August 2023 |
| Retail Investors | 15.2% | 3,900,000 | August 2023 |
| Insider Ownership | 13.0% | 3,300,000 | August 2023 |
Major Institutional Shareholders
The institutional ownership includes several key players who hold significant numbers of shares, highlighting their confidence in Avid Bioservices’ potential:
| Investor Name | Shares Owned | Percentage Ownership | Type |
|---|---|---|---|
| The Vanguard Group | 4,200,000 | 16.8% | Institutional |
| BlackRock, Inc. | 3,800,000 | 15.2% | Institutional |
| State Street Corporation | 2,900,000 | 11.6% | Institutional |
| Dimensional Fund Advisors | 2,500,000 | 10.0% | Institutional |
Insider Transactions
Insider ownership is also notable, with members of the executive team and Board of Directors holding a combined total of:
- John M. Mullen, CEO - 1,000,000 shares
- Richard G. Riese, CFO - 500,000 shares
- Board of Directors - 1,800,000 shares collectively
Recent Financial Performance
As of the fiscal year ending July 2023, Avid Bioservices reported the following financial figures:
| Financial Metric | Amount | Comparison to Previous Year |
|---|---|---|
| Revenue | $64 million | +25% |
| Net Income | $10 million | +30% |
| EBITDA | $20 million | +15% |
| Total Assets | $150 million | +20% |
Market Capitalization
The market capitalization of Avid Bioservices as of September 2023 stands at:
$250 million
Stock Performance
The stock performance of Avid Bioservices has shown a positive trend in 2023 with the following key data:
| Metric | Value |
|---|---|
| Current Share Price | $10.00 |
| 52-Week High | $12.50 |
| 52-Week Low | $6.00 |
| Year-to-Date Performance | +40% |
Avid Bioservices, Inc. (CDMO) Mission Statement
Core Mission
Avid Bioservices, Inc. is committed to providing high-quality biopharmaceutical manufacturing services for a diverse range of clients. The company aims to enhance customer success by offering tailored solutions in the production of biologics, specializing in mammalian cell culture processes.
Vision for Growth
Avid aims to expand its operational capabilities and services to meet the evolving demands within the biopharmaceutical industry. The focus is on innovation and excellence in service delivery, ensuring that every client receives the highest standard of support throughout the development and manufacturing lifecycle.
Service Offerings
The company's offerings include:
- Process Development
- Analytical Services
- cGMP Manufacturing
- Fill/Finish Services
Financial Performance
As of the end of fiscal year 2023, Avid Bioservices reported revenue of approximately $61 million compared to $53 million in fiscal year 2022, indicating a growth rate of 15%.
Key Metrics
| Metric | FY 2023 | FY 2022 | Change (%) |
|---|---|---|---|
| Annual Revenue | $61 million | $53 million | +15% |
| Net Loss | ($8 million) | ($6 million) | -33% |
| EBITDA | $3 million | $1 million | +200% |
| Cash and Cash Equivalents | $19 million | $20 million | -5% |
Client Commitment
Avid Bioservices emphasizes strong partnerships with clients, ensuring that collaborative strategies are implemented to address specific needs and timelines. The mission extends to providing rapid response in service delivery, thus enhancing operational efficiencies.
Regulatory Compliance
As a CDMO, Avid maintains strict adherence to cGMP regulations and FDA guidelines, underscoring their commitment to quality and safety in biopharmaceutical production. Continuous training and updates ensure that all personnel are aligned with these standards.
Technological Advancements
The company invests in cutting-edge technologies to improve its manufacturing processes. This includes the adoption of single-use bioreactors and advanced analytical techniques that enhance product quality and reduce turnaround times.
Market Position
Avid Bioservices has established a significant position within the contract development and manufacturing organization (CDMO) market, with an increasing share driven by rising demand for biopharmaceuticals. The CDMO market was valued at approximately $11.1 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 6.8% through 2030.
Future Directions
The mission statement reflects a commitment to sustaining growth, enhancing operational capabilities, and focusing on client success. Future strategies will include potential expansions in international markets and diversifying service offerings to accommodate new therapeutic areas.
How Avid Bioservices, Inc. (CDMO) Works
Business Model
Avid Bioservices, Inc. operates as a contract development and manufacturing organization (CDMO) that specializes in the biopharmaceutical industry. The company provides services including the development and manufacturing of monoclonal antibodies and other biologics.
Service Offerings
- Process Development
- Clinical Manufacturing
- Commercial Manufacturing
- Analytical Services
Key Financial Metrics
As of fiscal year 2023, Avid Bioservices reported the following financial metrics:
| Metric | Value (in USD) |
|---|---|
| Revenue | $76.3 million |
| Gross Profit | $24.6 million |
| Net Income | $5.2 million |
| Adjusted EBITDA | $11.3 million |
| Total Assets | $170.5 million |
| Total Liabilities | $58.7 million |
Market Position
Avid Bioservices occupies a significant position in the CDMO space, particularly focusing on:
- Monoclonal Antibodies
- Gene Therapy Products
The company has strategically partnered with various biopharmaceutical firms to enhance its market presence.
Operational Capabilities
Avid operates a facility located in California with:
- Approximately 80,000 square feet of manufacturing space
- State-of-the-art bioreactors
The facility supports a range of production scales, catering to early-phase clinical trials to commercial supply.
Recent Developments
In 2023, Avid Bioservices expanded its capacity:
- Added two new 2,000 L bioreactors
- Invested approximately $10 million in facility upgrades
This expansion is aimed at meeting increasing demand for its manufacturing services.
Clientele
Avid Bioservices serves a diverse clientele, including:
- Pharmaceutical Companies
- Biotechnology Firms
- Academic Institutions
The company has established long-term relationships with key clients, facilitating continued growth.
Stock Performance
As of October 2023, Avid Bioservices stock performance is as follows:
| Metric | Value |
|---|---|
| Stock Price | $8.75 |
| Market Capitalization | $356 million |
| P/E Ratio | 68.25 |
| 52-Week High | $12.00 |
| 52-Week Low | $6.50 |
Future Outlook
Avid Bioservices aims for sustained growth through:
- Expanding service offerings
- Increasing manufacturing capacity
- Pursuing strategic partnerships
How Avid Bioservices, Inc. (CDMO) Makes Money
Revenue Streams
Avid Bioservices, Inc. generates revenue primarily through its contract development and manufacturing organization (CDMO) services, which include:
- Development services
- Manufacturing services
- Quality assurance and regulatory support
Contract Development and Manufacturing Services
The company specializes in the development and manufacturing of complex biologics and provides services to its clients in various stages of the drug development process. As of the fiscal year 2022, Avid reported revenue of approximately $66.1 million.
In the fiscal year 2023, revenue increased to $81.2 million.
Client Segments
Avid serves a diverse range of clients, including:
- Biopharmaceutical companies
- Academic institutions
- Government entities
Market Trends and Growth Drivers
The market for contract biomanufacturing is projected to grow significantly. According to industry reports, the global contract manufacturing market for biopharmaceuticals is expected to reach approximately $59.4 billion by 2026, growing at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2026.
Financial Performance
| Year | Revenue ($ million) | Net Income ($ million) | Gross Margin (%) |
|---|---|---|---|
| 2021 | 54.3 | 5.1 | 36.4 |
| 2022 | 66.1 | 10.3 | 40.2 |
| 2023 | 81.2 | 15.5 | 43.1 |
Strategic Partnerships
Avid has established partnerships with several pharmaceutical companies to enhance its service offerings. For example, agreements with clients such as Amgen and Novartis have enabled Avid to expand its capabilities and reach.
Service Expansion
To meet increasing demand, Avid is continuously expanding its service portfolio, which includes the addition of:
- Cell line development
- Process development
- Fill-finish capabilities
Geographic Markets
Avid operates in North America, Europe, and Asia. The North American market represents the largest share of its revenue, driven by the concentration of biopharmaceutical companies in the region.
Investment in Technology
Avid Bioservices has invested significantly in technology upgrades and expansions, with capital expenditures amounting to $12.5 million in 2023. This investment focuses on enhancing manufacturing efficiency and quality control processes.
Regulatory Compliance
Compliance with regulatory standards is crucial for Avid’s operations. The company maintains certifications from the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA), impacting client trust and revenue prospects.
Future Outlook
The outlook for Avid remains positive, with anticipated continued growth driven by expanding demand in the biopharmaceutical sector. Analysts project revenue growth between 10% to 15% annually over the next five years.
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