Avid Bioservices, Inc.

Good day, ladies and gentlemen, and welcome to the AVID Bioservices first quarter fiscal 2022 financial results conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this conference call may be recorded. I would now like to hand the conference over to Tim Bronze of AVID's Investor Relations Group. Please go ahead.

Thank you. Good afternoon and thank you for joining us. On today's call, we have Nick Green, President and CEO, and Dan Hart, Chief Financial Officer. Today, we will be providing an overview of Avid Bioservices' contract development and manufacturing business, including updates on corporate activities and financial results for the quarter ended July 31st, 2021. After our prepared remarks, we will welcome your questions. Before we begin, I'd like to caution that comments made during this conference call today, September 8th, 2021, will contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the current belief of the company, which involves a number of assumptions, risks, and uncertainties. Actual results could differ from these statements, and the company undertakes no obligation to revise or update any statement made today. I encourage you to review all of the company's filings with the Securities and Exchange Commission concerning these and other matters. Our earnings press release and this call will include discussion of certain non-GAAP information. You can find our earnings press release, including relevant non-GAAP reconciliations, on our corporate website at avidbio.com. With that, I will turn the call over to Nick Green, AVID's President and CEO.

Thank you, Tim, and thank you to everyone who has dialled in today and for those who are participating via webcast. On the heels of a strong fourth quarter and full fiscal year 2021, we are pleased to announce another robust quarter. During the first quarter of fiscal 22, we recorded an increase in revenues compared to the prior year period, exceeding estimates for both revenues and earnings per share. Our margins are significantly improved during the first quarter, reflecting the efficiencies of our business model and our ability to specifically leverage our existing fixed costs. In business development, we continue to expand and diversify our pipeline with the signing of multiple orders during the period. And as always, our BD team remains highly engaged in the pursuit of multiple new business opportunities. Finally, with respect to operations, both phase one and phase two of our expansion projects remain on track. I will provide additional details on business development and operations following an overview of our first quarter financial results. And for that, I'll turn the call over to Dan.