Welcome to our dedicated page for Avid Bioservices news (Ticker: CDMO), a resource for investors and traders seeking the latest updates and insights on Avid Bioservices stock.
Avid Bioservices, Inc. (NASDAQ: CDMO) is a distinguished contract manufacturing organization (CMO) that specializes in the development and production of biopharmaceutical products. As a subsidiary of Peregrine Pharmaceuticals, Inc., Avid Bioservices offers unique expertise in the manufacturing of monoclonal antibodies, recombinant proteins, and enzymes using mammalian cell culture.
The company excels in providing Current Good Manufacturing Practices (CGMP) compliant process development and manufacturing services. These services range from early-stage development to full-scale commercial production, making Avid Bioservices a key partner for biotechnology and biopharmaceutical industries.
One of the company's recent achievements includes securing a partnership with CIRM-funded programs, granting access to Avid’s suite of world-class CGT CDMO services to support clinical development activities. This collaboration underscores the company’s commitment to advancing biopharmaceutical innovations.
Core Services:
- Monoclonal Antibody Development
- Recombinant Protein Production
- Enzyme Manufacturing
- CGMP Clinical Manufacturing
- Commercial Manufacturing
Avid Bioservices is renowned for its comprehensive development and manufacturing capabilities, which ensure a seamless transition from concept to commercialization. The company’s robust financial condition and strategic partnerships further bolster its position as a leader in the biopharmaceutical manufacturing sector.
By focusing on high-quality production standards and maintaining strong industry relationships, Avid Bioservices continues to play a pivotal role in the biopharmaceutical landscape, driving forward significant advancements in therapeutic development.
For more updates and relevant information about the company’s performance, recent events, and developments, please visit our latest news section.
Avid Bioservices (NASDAQ:CDMO) announced the completion of expansions at its mammalian cell manufacturing facilities in Tustin, California. The newly expanded CGMP suites are expected to generate an additional $100 million in annual revenue, while process development capacity has doubled, potentially adding another $25 million. The first customer project in the expanded capacity will commence this month. The enhancements reflect a growing demand for Avid's services, with the company noting a record backlog. Avid aims to maximize its total revenue-generating capacity to approximately $400 million with ongoing projects, including a new cell and gene therapy facility.
Avid Bioservices (NASDAQ:CDMO) reported third quarter revenue of $38.0 million, a 21% increase year-over-year. The company signed $67 million in new business orders, resulting in a backlog of $176 million, up 26% from the previous year. The mammalian cell manufacturing facility is now operational, with expansions expected to add approximately $120 million in revenue capacity by the end of Q1 2023. Avid reaffirms its FY 2023 revenue guidance of $145-$150 million. However, gross margin decreased to 26% for the quarter, compared to 29% last year. The company recorded a net income of $0.5 million ($0.01 per share), down from $2.2 million ($0.04 per share) in Q3 2022.
Avid Bioservices, Inc. (NASDAQ:CDMO) announced it will release its third-quarter fiscal year 2023 financial results on March 13, 2023, after market close. A webcast will be held at 1:30 PM PT (4:30 PM ET) where senior management will discuss the financial outcomes and recent corporate updates. As a dedicated biologics contract development and manufacturing organization, Avid provides comprehensive services to biotechnology and pharmaceutical companies, leveraging over 30 years of experience in manufacturing monoclonal antibodies and recombinant proteins.
Avid Bioservices reported a second quarter revenue of $34.8 million, a 33% increase year-over-year. The company signed $26 million in new business orders, boosting the backlog to $147 million, a 23% rise year-over-year. Revenue guidance for fiscal 2023 has been adjusted to between $145 million and $150 million. However, gross margin fell to 12% from 35% a year earlier, attributed to increased operational costs. Avid continues expansions in cell and gene therapy facilities, with expectations to complete significant phases by mid-2023.
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