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— Accomplished Able Additional Division Acquirement of $18.3 Actor and Gross Allowance of 18% —

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— Budgetary 2020 Projected Acquirement of $64 to $67 Actor Reaffirmed —

— Launched Broadcast Action Development Ability and Casework —

TUSTIN, Calif., Dec. 09, 2019 (GLOBE NEWSWIRE) — Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP), a committed biologics arrangement development and accomplishment alignment (CDMO) alive to advance accommodating lives by accouterment aerial affection development and accomplishment casework to biotechnology and biologic companies, today appear banking after-effects for the additional division of budgetary 2020 ended October 31, 2019.

Highlights Since July 31, 2019

“During the additional division of 2020, we adequate assorted amount areas of our business,” said Rick Hancock, acting admiral and arch controlling administrator of Avid.  “Our business development effort continues to be wide reaching and robust.  Our reputation in the industry for affection and authoritative success continues to abound allowing us to engage with a broadening pool of abeyant new barter and expand our relationships with existing customers. 

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“Operationally, we abide to advance and enhance our equipment, accessories and systems.  The aperture of our new action development lab, the acknowledged achievement of our anniversary aliment overhaul, and the planned accession of a new pharmaceutical brand water system in agenda 2020 all reflect the adherence we accept to advancement the accomplished standards possible.

“The revenues for this division were the accomplished aback Avid transitioned to a pure-play CDMO in January 2018, and we accomplished 18% gross margin, which represents a cogent admission year-over-year as able-bodied as quarter-over-quarter.  Costs remained in band with expectations and our excess continues to be strong.  Additionally important, during the division we approached breakeven assets from operations.  

“Productivity and efficiency contributed decidedly to Avid’s able additional division results, and we apprehend that our banking achievement will abide to clue absolutely with these factors.  We believe that Avid has angry an important corner, creating a stronger belvedere from which to achieve sustainable profitability.”

Financial Highlights and Guidance

More abundant banking advice and assay may be begin in Avid Bioservices’ Quarterly Address on Form 10-Q, which will be filed with the Securities and Exchange Commission today.

Recent Corporate Developments

Conference Call

Avid will host a appointment alarm and webcast this afternoon, December 9, 2019, at 4:30 PM ET (1:30 PM PT).

To accept to the appointment call, amuse punch (877) 312-5443 or (253) 237-1126 and appeal the Avid Bioservices conference call. To accept to the alive webcast, or admission the archived webcast, amuse visit: http://ir.avidbio.com/events.cfm.

About Avid Bioservices, Inc.

Avid Bioservices is a committed arrangement development and accomplishment alignment (CDMO) focused on development and CGMP accomplishment of biopharmaceutical articles acquired from beastly corpuscle culture. The aggregation provides a absolute ambit of action development, aerial affection CGMP analytic and bartering accomplishment casework for the biotechnology and biopharmaceutical industries. With 25 years of acquaintance bearing monoclonal antibodies and recombinant proteins in batch, fed-batch and perfusion modes, Avid’s casework accommodate CGMP analytic and bartering artefact manufacturing, purification, aggregate packaging, adherence testing and authoritative strategy, acquiescence and support. The aggregation additionally provides a array of action development activities, including corpuscle band development and optimization, corpuscle ability and augment optimization, analytic methods development and artefact characterization. www.avidbio.com

Forward-Looking Statements

Statements in this columnist release, which are not absolutely historical, including statements regarding Avid Bioservices’ intentions, hopes, beliefs, expectations, representations, projections, affairs or predictions of the future, are advanced statements aural the acceptation of the Private Securities Litigation Reform Act of 1995. The advanced statements absorb risks and uncertainties including, but not bound to, the accident the aggregation may not accomplish absolute banknote breeze or EBITDA, the accident the aggregation may acquaintance delays in agreeable new clients, the accident that the aggregation may not be acknowledged in active applicant projects, the accident that audience for whom the aggregation has completed action validation campaigns may not accept authoritative approval to bazaar their products, the accident that the aggregation may acquaintance abstruse difficulties in commutual applicant projects which could adjournment commitment of articles to customers, acquirement acceptance and cancellation of acquittal or the accident of the customer, the accident that one or added absolute barter terminates its arrangement above-mentioned to achievement or reduces or delays its appeal for development or accomplishment services, the accident that the aggregation may acquaintance delays in the accession of the biologic brand baptize arrangement in the Myford facility, and the accident that the aggregation may charge to use the majority of its banknote to armamentarium operations, thereby dabbling the in-process upgrades to its action development capabilities and advised amplification plans. Our business could be afflicted by a cardinal of added factors, including the accident factors listed from time to time in our letters filed with the Securities and Exchange Commission including, but not bound to, our anniversary address on Form 10-K for the budgetary year ended April 30, 2019, as able-bodied as any updates to these accident factors filed from time to time in our added filings with the Securities and Exchange Commission. We attention investors not to abode disproportionate assurance on the advanced statements independent in this columnist release, and we abandon any obligation, and do not undertake, to amend or alter any advanced statements in this columnist absolution except as may be appropriate by law.

AVID BIOSERVICES, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(Unaudited) (In thousands, except per allotment information)

 

AVID BIOSERVICES, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except par value)

Contacts:Stephanie Diaz (Investors)                           Tim Brons (Media)Vida Cardinal Partners                                 Vida Cardinal Partners415-675-7401                                                [email protected]                                        [email protected]

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