Avid Bioservices Inc (CDMO) News

Got ice for the bruising?… here come the option awards…r

From the 10k(bold text mine)...We utilize the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). Under the liability method, deferred taxes are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We provide a valuation allowance when it is more likely than not that our deferred tax assets will not be realized. On a periodic basis, we reassess the valuation allowance on our deferred tax assets, weighing positive and negative evidence to assess the recoverability of the deferred tax assets. In the fourth quarter of fiscal 2024, we reassessed the valuation allowance noting the shift of negative evidence outweighing positive evidence, due to our cumulative loss incurred over the three-year period ended April 30, 2024. This objective evidence also limited our ability to consider other subjective evidence such as projections for future growth. After assessing both the positive evidence and negative evidence, we determined it was more likely than not that our deferred tax assets would not be realized and therefore recorded a full valuation allowance related to federal and state deferred tax assets on April 30, 2024, resulting in income tax expense of $113.8 million (Note 8). ...r

Is this just an accounting issue? Were they carrying NOLs as an asset that are going to expire unused such that they took an expense to offset it on the balance sheet?

PD

They claimed a $113 million Income tax (benefit) expense in their consolidated statement ... https://www.sec.gov/ix?doc=/Archives/edgar/data/704562/000168316824004610/avid_i10k-043024.htm ...r

Sadly they may not/probably will not even be able to realize the income tax benefits from their previous losses....think the wait just got a little longer and the $30 mil booked in the 4th quarter is more than a little disappointing. Maybe time to look at strategic options!!!

The income tax expense doesn't make sense
Unless they plan on making 400mil in profit in FY2025???

$30 million in new business, Matt and sales team has to go!!!!

Avid Bioservices Reports Financial Results for Fourth Quarter and Fiscal Year Ended April 30, 2024

July 2, 2024 at 4:05 PM EDT
Download PDF
-- Recorded Fourth Quarter Revenue of $43.0 Million – Highest in Company History --
-- Signed $30 Million in Net New Business Resulting in Backlog of $193 Million --
-- New Mammalian and Cell and Gene Therapy Facilities Fully Operational and in Service; Capital Expenditure Associated with Three-Year Expansion Program Completed --
-- FY 2025 Revenue Guidance of Between $160 Million and $168 Million --
TUSTIN, Calif., July 02, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ: CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced financial results for the fourth quarter and year ended April 30, 2024.
Highlights from the Quarter Ended April 30, 2024, and Other Events:
“The fourth quarter of fiscal 2024 was a high point for the company,” stated Nick Green, president and CEO of Avid Bioservices. “We generated the highest quarterly revenues in Avid’s history, meeting our current revenue expectations for the year. During the period we signed multiple new project agreements, and we continue to see positive signs for business development in the year ahead. Given our strong backlog and robust proposal pipeline we are looking ahead to a promising 2025, and are providing 2025 full fiscal year revenue guidance of between $160 million and $168 million, representing 17% growth year-over-year at the midpoint.
“Supporting our optimism, is the growing interest we’ve seen in our newly completed facilities and expanded capabilities. In late fiscal 2023, we unveiled our completed mammalian cell facilities expansion, and during fiscal 2024, the company completed and launched its new cell and gene therapy (CGT) manufacturing facility. With the completion of this three-year construction program, the company has dramatically expanded its capacity and technical capabilities and increased the company’s annual revenue generating capacity from approximately $120 million annually in fiscal 2021 to more than $400 million annually.
“The enhancements and expansion not only allow Avid to better serve its new and existing biotech customers but, importantly, enable the company to address the needs of large pharma as well. The expanded addressable market and improvements in the broader business environment have resulted in an increase in larger and later stage programs in our production pipeline. With respect to capacity, our utilization is expected to increase as we onboard and execute new programs in both our mammalian and CGT facilities. As we’ve discussed in prior quarters, this expected increase in utilization should improve our margins.
“We ended the year in a position of strength with positive revenue momentum building, particularly in the second half of fiscal 2024, continued new business wins and line of sight to margin expansion. We recorded our highest ever quarterly revenue of $43.0 million in Q4, logged our highest record backlog of $206 million in Q3 and ended fiscal 2024 with near double our gross margin in Q4 as compared to Q3 of the fiscal year. We expect the commercial momentum and margin improvements to continue in the year ahead given our strong backlog and anticipated increase in capacity utilization. Importantly, we expect to generate positive cash flow during fiscal 2025.”
Financial Highlights and Guidance
The company is providing revenue guidance for fiscal 2025 of $160 million to $168 million.

Revenues for the fourth quarter of fiscal 2024 were $43.0 million, representing an 8% increase as compared to revenues of $39.8 million recorded in the same prior year period. The increase in revenue for the fourth quarter as compared to the same prior year period was primarily due to increases in the mix and scale of manufacturing runs and process development services primarily associated with the onboarding of new programs. For the 2024 full fiscal year, revenues were $139.9 million, a decrease of approximately 6% compared to $149.3 million in the same prior year period. The decrease in revenues for the 2024 full fiscal year compared to the same prior year period was primarily attributed to fewer manufacturing runs, a reduction in process development services primarily from early-stage programs, and a reduction of revenue for changes in estimated variable consideration under a contract where uncertainties have been resolved.

As of April 30, 2024, the company’s backlog was $193 million, consistent with a backlog of $191 million at the end of the same quarter last year. The company anticipates a significant amount of its backlog will be recognized as revenue over the next five fiscal quarters.

Gross profit for the fourth quarter of fiscal 2024 was $5.5 million (13% gross margin), compared to $8.4 million (21% gross margin) in the fourth quarter of fiscal 2023. Gross profit for the 2024 full fiscal year was $7.3 million (or 5% gross margin), compared to a gross profit of $31.5 million (or 21% gross margin) for the 2023 full fiscal year. The decrease in gross profit for the fourth quarter and fiscal year ended April 30, 2024, compared to the same prior year periods was primarily driven by fewer manufacturing runs, partially offset by increases in the mix and scale of manufacturing runs, a reduction in process development services, and an increase in costs related to expansions of both the company’s capacity and technical capabilities. Gross profit during the fiscal year ended April 30, 2024, was also impacted by a reduction of revenue for changes in estimated variable consideration under a contract where uncertainties have been resolved, a terminated project relating to the insolvency of one of the company’s smaller customers, and a delay in the ability to recognize revenues of a customer product pending the implementation of a process change.

SG&A expenses for the fourth quarter of fiscal 2024 were $6.8 million, a decrease of 10% compared to $7.6 million recorded for the fourth quarter of fiscal 2023. SG&A expenses for the 2024 full fiscal year were $26.0 million, a decrease of approximately 7% compared to $27.9 million recorded in the same prior year period. The decrease in SG&A for both the fourth quarter and fiscal year ended April 30, 2024, compared to the same prior year periods was primarily due to decreases in compensation and benefit related expenses, facility expenses, and consulting fees.

Income tax expense for the fourth quarter of fiscal 2024 was $117.9 million an increase as compared to $0.9 million for the fourth quarter of fiscal 2023. Income tax expense for the 2024 full fiscal year was $113.8 million an increase as compared to $1.3 million for the same prior year period. During the fourth quarter of fiscal 2024 we recorded a valuation allowance of $118.5 million. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. On a periodic basis, management assesses the available positive and negative evidence to estimate whether sufficient future income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the net loss in fiscal 2024 resulting in a net cumulative loss incurred over the three-year fiscal period ended April 30, 2024. A significant contributor to this loss has been the costs associated with our strategy to expand our available capacity and add technical capabilities over this three-year period, which included an increase in incremental costs associated with increased labor, facility cost and depreciation, cumulating into a net loss in fiscal 2024. On the basis of this evaluation, as of April 30, 2024, a valuation allowance of $118.5 million has been recorded to recognize the portion of the deferred tax asset that is more likely than not to be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted in future quarters if objective positive evidence in the form of cumulative income and additional weight is given to subjective evidence such as our projections for growth.

During the fourth quarter of fiscal 2024, the company’s net loss was $123.1 million or $1.94 per basic and diluted share, compared to a net loss of $0.3 million or $0.01 per basic and diluted share for the fourth quarter of fiscal 2023. For the 2024 full fiscal year, the company recorded a net loss of $140.8 million or $2.23 per basic and diluted share, as compared to net income of approximately $0.3 million or $0.00 per basic and diluted share, during the same prior year period. Excluding the income tax provision recorded due to our valuation allowance of $118.5 million recorded during the fourth quarter of fiscal 2024, the company’s adjusted net loss was approximately $4.6 million or $0.07 per basic and diluted share for the quarter, and an adjusted net loss of $22.3 million or $0.35 per basic and diluted share for the full fiscal year 2024.

On April 30, 2024, Avid reported cash and cash equivalents of $38.1 million, compared to $38.5 million on April 30, 2023.
More detailed financial information and analysis may be found in Avid Bioservices’ Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission today.
Recent Corporate Developments
The company’s commercial team signed multiple new orders during the fourth quarter of fiscal 2024, totaling approximately $30 million net, and resulting in a backlog of $193 million. These orders span a broad range of the company’s capabilities and are primarily from later-stage projects. The company anticipates a significant amount of its backlog will be recognized as revenue over the next five fiscal quarters.

Subsequent to the quarter end, the company achieved a Committed Badge from EcoVadis, one of the world’s most trusted providers of business sustainability ratings. The EcoVadis assessment evaluates 21 sustainability criteria across four core themes: Environment, Labor & Human Rights, Ethics and Sustainable Procurement, and more than 125,000 companies globally have been rated by EcoVadis. Avid earned a score of 56 from EcoVadis, placing the company in the 62nd percentile globally.
Statement Regarding Use of Non-GAAP Financial Measures
The company uses certain non-GAAP financial measures such as non-GAAP adjusted net income, free cash flow, as well as adjusted EBITDA. The company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The company believes that they provide useful information about operating results, enhance the overall understanding of its operating performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. These non-GAAP financial measures exclude amounts that the company does not consider part of ongoing operating results when planning and forecasting and when assessing the performance of the organization and its senior management. The company computes non-GAAP financial measures primarily using the same consistent method from quarter to quarter and year to year, and may consider whether other significant items that arise in the future should be excluded from its non-GAAP financial measures.
The company reports non-GAAP financial measures in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. generally accepted accounting principles (GAAP). These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. The company believes that non-GAAP financial measures should only be used to evaluate its results of operations in conjunction with the corresponding GAAP financial measures and encourages investors to carefully consider its results under GAAP, as well as the supplemental non-GAAP information and the reconciliations between these presentations, to more fully understand its business.
Non-GAAP net income (loss) excludes stock-based compensation; business transition and related costs including, but not limited to, corporate initiatives into new business activities such as severance and related expenses; non-cash interest expense on debt; and other income or expense items and is adjusted for income taxes. Adjusted EBITDA excludes non-cash operating charges for stock-based compensation, depreciation, and amortization as well as non-operating items such as interest income, interest expense, and income tax expense or benefit and is adjusted for income taxes. For the reasons explained above, adjusted EBITDA also excludes certain business transition and related costs. The company also uses measures such as free cash flow, which represents cash flow provided by or (used in) operations less cash used in the acquisition and disposition of capital.
Additionally, non-GAAP net income (loss) and adjusted EBITDA are key components of the financial metrics utilized by the company’s compensation committee to measure, in part, management’s performance and determine significant elements of management’s compensation. The company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP financial measures are included at the end of this press release.
Webcast
Avid will host a webcast on Tuesday, July 2, 2024, at 4:30 PM Eastern (1:30 PM Pacific). To listen to the live webcast, or access the archived webcast, please visit: https://ir.avidbio.com/investor-events.
About?Avid Bioservices, Inc.
Avid Bioservices (NASDAQ: CDMO) is a dedicated contract development and manufacturing

westjetter

If they did not do it when we were at $4 or fu## up the loan why would they do it now ! down .47 not looking good Also remember they knew at the last call what the next quarters numbers were going to be because the call was so delayed !!!!

Michael

Huge volume! lol or is there shorts covering in the background? Big last second trade?

Is there a chance that Nick and the board are savvy enough to call the CC before the holiday to catch the shorts with their proverbial pants down? Once again, not likely, but one can hope....at the same time, if Nick has a disappointing CC, the board is going to start to feel the pressure from some of the larger Institutional stock funds?

FYI: FDA approves Eli Lilly Alzheimer’s drug, expanding treatment options in the U.S. https://www.cnbc.com/2024/07/02/fda-approves-eli-lilly-alzheimers-drug-donanemab.html?__source=iosappshare%7Ccom.apple.UIKit.activity.CopyToPasteboard

I sold everything when I realized they did the call right before a holiday. Today I watched the stock dip below what I thought would be the price of a no real news CC, so I bought back (3900 shares) at $6.97. Crap. I shoulda waited until 2pm eastern.

Oh well, planned on being in for a longer term. Maybe we see a bump in stock price the last half hour today.

OK, I am going to go out on a limb here and based on today's trading and share price, there is no rampant speculation(well not positive anyway) about the upcoming CC after the market close today.

Do we want to throw some guesses out there about revenue and profit projections going forward.....I am thinking perhaps a small increase in revenue over the previous year....like $155 to $160 million???? Even with dampened expectations of late, was hoping for way more...like a minimum of $175 million with a solid B/E or even a small profit, but I now doubt this will be the case. And as always of late, I really hope that I am way off here and that they blow away all expectations with really strong revenue($200 mil plus) and profit($10 mil) projections for the coming fiscal year and further projections of filling up capacity within 18 to 24 months.....and the stock price shoots higher after market and the shareholders are jubilent.......ahhh, well one can dream!

FWIW, Avid is showing 10 job openings on Linked In.....so you could look at this two ways.....one is that they are getting ready for a very strong year of revenue growth and need additional employees, or two....employees have started to move on because those with stock options are beginning to realize that these are worthless, and other employees are finding better opportunities elsewhere because of all of the Avid setbacks of late.

Best of luck to all of us hapless longs!

FYI, Here's The Link To StockHOLDer Conference Call...
Today At 4:30pmET
link:
https://edge.media-server.com/mmc/p/xjvnfz54
Glta $CDMO Bulls, Watchers, & StockHOLDers!

PS. Welcome Back Loof...

Hey Loof! Glad to hear that Korn licker is keeping you well ! All of us long holders of PPHM definitely need some ‘pain reliever’.

Painting the tape this morning?

Date/Time Price Shares Exch/Mkt
07/02/2024 7:34:06 EDT I 7.48 10 ARCA
07/02/2024 7:23:06 EDT I 7.12 5 ARCA
07/02/2024 7:16:40 EDT T 7.30 100 CBOE EDGX
07/02/2024 4:53:54 EDT I 7.12 86 CBOE EDGX

Looks like Avid and many of y’all is still a kick’in…
I’ve been looking at CDMO after finally sobering up from drinking way too much Old Loofman’s Pure Kentucky Korn Licker for the past 4 years or so. The goat dun died but Tessi May still is looking mighty fine.

It would be nice if scheduling earnings before a holiday is a head fake and that good results will be reported. I doubt it, though.

If by some chance we have a good report with major increase in backlog and still have 15+ million shorted, we could have a major short covering event?
One can only hope!!!

Agreed....releasing of financials and having a CC right before a holiday shortened week does not sound encouraging as they could have easily delayed this until next week Tuesday the 9th???

I am sure on the profit front, things are not good with their additonal $10 mil in financing costs due to their incompetence of not checking out the terms of their previous convertible, but we have covered this ad nauseum and it seems management(Nick) does not want to deal with this preferring to sweep it under the proverbial rug.

As for the revenue side.....are they making "ANY" progress at all filling up their excess capacity? There is a lot of fill and finish demand out there...are they getting any of it??? Viral Vector? Will they project even a marginal increase for the coming fiscal year?

Will Nick lay out a path along with a timeline of when this excess capacity will be filled, or does he not have any idea?

Does all of our hope lie in a buyout....unfortunately? And what would this look like? Would $12 per share satisfy the convertible lenders in that this would give them a quick short term profit?

I just cannot imagine that they would again disappoint without some major repercussions!

Did we make it into the Russell ?

Michael

Oh crap. That doesn't sound encouraging.

APATHETIC APATHY TOWARDS SHAREHOLDERS AND INSTITUTIONAL INVESTORS IMHO

I'd offer a guess, but I'm pretty sure you already know the answer to your question!

Wow! anybody have any idea why a company would release earnings after market the day before a half day of trading? Then a holiday?

Avid Bioservices to Report Financial Results for Quarter and Fiscal Year Ended April 30, 2024, After Market Close on July 2, 2024

July 1, 2024 at 7:00 AM EDT
Download PDF
TUSTIN, Calif., July 01, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality services to biotechnology and pharmaceutical companies, today announced that it will report financial results for the quarter and fiscal year ended April 30, 2024, on July 2, 2024, after market close and will host a webcast at 1:30 PM Pacific Time (4:30 PM Eastern Time). Members of Avid's senior management will discuss financial results for the quarter and fiscal year ended April 30, 2024, and review recent corporate developments.
To listen to the live webcast, or access the archived webcast, please visit: http://ir.avidbio.com/investor-events.
About Avid Bioservices, Inc.
Avid Bioservices (NASDAQ:CDMO) is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biologics. The company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With more than 30 years of experience producing biologics, Avid's services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the company provides a variety of process development activities, including cell line development, upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. www.avidbio.com


Contacts:
Stephanie Diaz (Investors)
Vida Strategic Partners
415-675-7401
sdiaz@vidasp.com

Tim Brons (Media)
Vida Strategic Partners
415-675-7402
tbrons@vidasp.com

Growth, value stocks could see boost from Russell rebalancing https://www.cnbc.com/2024/06/29/growth-value-stocks-could-see-boost-from-russell-rebalancing-.html?__source=iosappshare%7Ccom.apple.UIKit.activity.CopyToPasteboard

Looks Like No RussellFund Shares Posted In AfterHours…

That Doesn’t Explain Last Friday’s 4 Million Shares That Traded After Close. Were Those Related To Russell Rebalancing?

If Not, What Might Explain Last Friday’s High Volume?

Oh Well. Enjoy Your Weekend.
Glta $CDMO Bulls, Watchers, & StockHOLDers!

I Hope More Shares Post Tonite Than The…

4 mil That Posted End Of Last Friday!

(re:Russell Funds Reconstitution)

Glta $CDMO Bulls, Watchers, & StockHOLDers!

I Seem To Recall Russell Funds Waits 30mins,...

Or An Hour Or So Before They Start Posting Their Purchases For The Month Of June,
But Who Knows What They Will Do This Year..

I Will Be Watching Higher Than Normal Stock Trades Being Posted Tonite...

Glta $CDMO Bulls, Watchers, & StockHOLDers!

Yes, I wish they would promote their true successes as they happen. And I'm talking about new business gained not manufacturing awards that are almost meaningless considering their current situation. Especially at this time when their very competence is in question because of their recent negligence with the note. And make no mistake. It was negligence. You can't paint it any other way. They are vulnerable. They need to promote their wins as they happen. Be responsible. That is their duty to their shareholders.

In fairness they were doing a great job prior to money drying up for early stage products. They were on top of the market and everyone seemed to be appreciative of the job they were doing. It's early after expansion. Give it a chance. I know--why didn't they have the business earmarked? I just don't know how many companies would commit to manufacturing deals after expansion with all the complexity that expansions bring. It's putting a lot of faith in so many unknowns. All deadlines hit. New employees brought up to speed. New equipment running without a hitch. New systems in place -- all increasing complexity -- significant complexity by the very nature of expansion. But some have said that Nick indicated that he had the business pre-lined up. I would like to see where that was said. Because if he did say that he has some explaining to do. Personally I don't recall that ever being said. But I would love to be proven wrong. Because accountability for such statements needs to be demanded.

Bottom line few companies go unscathed on the path to success. I am willing to give this group the benefit of the doubt. It's early. Keep the faith. I believe they will turn this around.

First Time posting !!! I have owned this stock forever and it is doing nothing and the Board is doing nothing !!! People have to be held Accountable for our money !!! Nick and his crew either do the job or they should all go !!!!!! I wish I had a job like this do nothing and make good money .

With the size of the shorts, we are
in for a terrible report...I really, really
hope they didn't lose a major client..
15 million shorts??? Is that right?

vid Bioservices, Inc. Common Stock (CDMO) Short Interest
Settlement Date Short Interest Avg. Daily Share Volume Days to Cover
06/14/2024 15,076,940 820,884 18.366712
05/31/2024 11,510,830 805,811 14.284776
05/15/2024 11,862,647 1,220,692 9.717969
04/30/2024 11,056,967 1,071,600 10.318185
04/15/2024 10,322,378 984,233 10.487738
03/28/2024 10,110,394 1,114,601 9.070864
03/15/2024 10,842,004 2,873,857 3.772632
02/29/2024 6,593,041 894,032 7.374502

Institutional ownership and PPS movement are not strongly correlated. Institutions trade like individuals, though usually with greater volume. When there is basically no demand for a stock, that is either buy or sell demand (few are looking to change their position) then the MM can move the PPS at will to try to make demand, and/or change their own position. When the demand returns, e.g. news, more people wish to change their position and the MM is less in control and that is where the risk resides for the MM.

FFTT
JBAIN

Per a Schwab link, earnings expected after hours on 7/01/2024.

2018 HL45

https://ir.avidbio.com/news-releases/news-release-details/avid-bioservices-reports-financial-results-quarter-and-fiscal

PD

It seems that nobody has a clue as to when we will have our year ending CC.
Def the first time that it will be in July!!!

ijbainesky

I agree but what I fail to comprehend is how can we have 110 percent plus (supposedly) institutional ownership but have the PPS pushes so far in any direction daily ?

Michael

But if CDMO goes into an index, there is going to be buying on top of short covering. Friday's volume will be interesting, especially if some MM knows what PPS is needed to get into the index and we are close, they could push it either way to their benefit.

FFTT
JBAIN

jabainskey

IMO Friday will be a big up day and after the close another 4 million shares sold cheap for the shorts to cover !

Michael

Thinly (reality) traded stock. Likely going into an index. MM knows for sure and moving the PPS to take the appropriate position. Probably a buy (mostly indicated by the large 1-day volume a few days ago. No way CDMO is trading 1M shares a day without the MM trading between accounts to move the PPS as they desire. That's part of the responsibility of the MM. Just like the last "screwup", we will eventually know the truth about the capacity.

FFTT
JBAIN

They probably just forgot that they had to report Q4 and year end results. They’ve forgotten things before, so no biggie lol

I’m hoping for success also, but it’s looking less likely with these clowns at the helm.

EMBARRASSED??? MORE LIKE WEALTHY; AND POSSIBLY APATHETIC TOWARDS SHAREHOLDERS WELLBEING AND FINANCIAL FIDUCIARY RESPONSIBILITIES TO CREATE SHAREHOLDER VALUE WHILE INCREASING CAPACITY FOR SAID INCREASED PRODUCTIVITY AND PROFITS!
HOPEFULLY SOMEDAY SOON THIS CAPACITY EXPANSION AND VIRAL VECTOR BUILDOUT WILL PRODUCE GREAT FRUIT AND US LONG-STANDING SHAREHOLDERS CAN BE MADE WHOLE INTO PROSPERING AGAIN!!

This is sad. You’d think there would be some embarrassed people in the C suite at Avid?

Thanks

You are totally correct about the Russell indexes annual constitution on June 28th(4th Friday of June every year)....not sure how it will affect Avid however??? I do believe however that the 90 days is the correct figure though? Otherwise they would be running out of time shortly here...as 60 days would put us to this coming Saturday(29th).

It is my understanding they have 60 days to report 10K from the end of the fiscal year which was April 30th.

And it's On this coming Friday June 28th, 2024, that the annual reconstitution of the Russell indexes takes place.

Am I wrong?