Avid Bioservices, Inc. - CDMO STOCK NEWS

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.

Avid Bioservices (NASDAQ:CDMO), a biologics contract development and manufacturing organization, will participate in the RBC Global CDMO Conference on October 3-4, 2022. CEO Nick Green will be featured in a fireside chat scheduled for October 3 from 12:15 to 12:45 p.m. Eastern Time. The conference will be hosted virtually, and a webcast of the conversation will be available online. Avid specializes in CGMP manufacturing of biologics and offers a range of services, including process development and regulatory submissions support.

Avid Bioservices, Inc. (NASDAQ:CDMO) announced the promotion of Michael Alston, Jr. to vice president of operations, effective September 22, 2022. Previously the director of project engineering, Alston has led all ongoing facility expansion projects, including the Myford South expansion and a new cell and gene therapy facility. He brings over 15 years of operational and capital management experience, previously holding key roles at Sterogene Bioseperations and Merck. CEO Nick Green praised Alston's exceptional leadership in overseeing complex projects.

Avid Bioservices, a biologics contract development and manufacturing organization (CDMO), will participate in the Morgan Stanley 20^th Annual Global Healthcare Conference. The event is scheduled for September 12-14, 2022, in New York City. CEO Nick Green will lead a fireside chat on September 14 from 12:55 to 1:25 p.m. Eastern. The discussion will focus on the company's commitment to high-quality services in drug development and manufacturing. Interested parties can access the live webcast or the archived version via the company's investor relations website.

Avid Bioservices announced Q1 fiscal 2023 revenue of $36.7 million, a 19% rise from last year. The company secured $41 million in new business, pushing its backlog to a record $157 million, a 43% increase year-over-year. Despite strong revenue growth, gross margin fell to 25% from 37% due to increased costs related to capacity expansions. Net income decreased to $1.6 million, with diluted EPS down to $0.02. Avid expects full-year revenue to reach between $140 million and $145 million, reflecting a 17%-21% growth target.

Avid Bioservices (NASDAQ: CDMO) appointed Dr. Pramthesh Patel as vice president of process development for its mammalian cell business. With over 30 years of experience at GSK and Bristol Myers Squibb, Dr. Patel brings expertise in biopharmaceutical manufacturing processes. His role is expected to enhance Avid's capabilities, particularly in mammalian cell process development, aligning with the company's recent plans to expand its laboratories. This expansion is projected to generate an additional $20 million in annual revenue and double its current capacity by the end of Q1 2023.

Avid Bioservices (NASDAQ:CDMO) will report its Q1 fiscal 2023 financial results on September 6, 2022, after market closure. The company, specializing in biologics contract development and manufacturing, aims to enhance patient lives by offering high-quality services to biotech and pharmaceutical firms. A webcast will occur at 1:30 PM Pacific Time to discuss these results and recent corporate developments, showcasing Avid's extensive experience over 29 years in manufacturing monoclonal antibodies and recombinant proteins.

Avid Bioservices reported Q4 revenue of $31 million, up 13% year-over-year, concluding FY 2022 with $120 million in revenue, a 25% increase from FY 2021. The company achieved operational profitability for the eighth consecutive quarter and signed $155 million in new project orders, leading to a record backlog of $153 million. For FY 2023, Avid expects revenue between $140 million and $145 million, marking a growth of 17%-21%. The company is expanding its facilities, including its new cell and gene therapy suites, expected to come online in mid-2023.