Avid Bioservices, Inc. - CDMO STOCK NEWS

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.

Avid Bioservices (NASDAQ:CDMO) will announce its financial results for the quarter and fiscal year ending April 30, 2022, on June 29, 2022, after market close. A conference call will follow at 1:30 PM PT (4:30 PM ET) where senior management will discuss the results and recent corporate developments. As a dedicated CDMO, Avid focuses on providing high-quality services in biologics, including CGMP manufacturing and process development for biotechnology and pharmaceutical sectors, leveraging 29 years of experience in the industry.

Avid Bioservices (NASDAQ:CDMO) has opened a new 53,000-square-foot viral vector and CGMP manufacturing facility in Costa Mesa, California, in just eight months. This facility, built in collaboration with CRB, addresses a critical market gap in oncology and rare disease treatments. The project utilized the ONEsolution™ approach, ensuring alignment on cost and schedule. The full facility will support both adherent and suspension cultures, with the second operational phase expected by mid-2023. Avid aims to enhance its capabilities in cell and gene therapy, meeting growing industry demands.

Avid Bioservices (NASDAQ: CDMO) announces the opening of its analytical and process development (AD/PD) suites in a new viral vector facility, marking eight months since its plans were revealed. This facility aims to enhance capabilities in the cell and gene therapy market, with CGMP manufacturing suites expected to be operational by mid-2023. The AD/PD labs are equipped for advanced viral vector production, focusing on AAVs and lentiviruses. This expansion is part of Avid's growth strategy, showcasing its commitment to sustainable revenue growth.