Avid Bioservices, Inc. - CDMO STOCK NEWS

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.

Avid Bioservices, Inc. (NASDAQ:CDMO) will announce its second quarter fiscal year 2023 financial results on December 6, 2022, after market close. A conference call is scheduled for 1:30 PM Pacific Time (4:30 PM Eastern Time) the same day, where senior management will discuss these results and highlight recent corporate developments. Avid specializes in contract development and manufacturing services for the biotechnology and biopharmaceutical sectors, with nearly 30 years of experience in producing biologics.

Avid Bioservices, Inc. (NASDAQ:CDMO) has appointed Oksana Lukash as vice president of people, bringing over 20 years of HR expertise in the life sciences sector. Previously at Oncocyte Corporation, she led major acquisitions and expanded the workforce significantly with low turnover rates. CEO Nick Green expressed confidence in her ability to enhance Avid’s workplace culture and optimize team performance. Avid specializes in contract development and manufacturing for biologics, offering a full range of services including process development and CGMP manufacturing.

Avid Bioservices (NASDAQ:CDMO), a biologics contract development and manufacturing organization, will participate in the Credit Suisse 31st Annual Healthcare Conference from November 7-10, 2022. Nick Green, the president and CEO, is scheduled to deliver a presentation on November 9, 2022, from 12:50 to 1:20 p.m. Pacific Time at the Terranea Resort in Rancho Palos Verdes, CA. The company focuses on providing high-quality development and manufacturing services to the biotech and pharmaceutical sectors, boasting nearly 30 years of experience in producing monoclonal antibodies and recombinant proteins.