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.
Company Overview
Avid Bioservices (symbol: CDMO) operates as a dedicated Contract Development and Manufacturing Organization (CDMO) specializing in the production of complex biologics. With an extensive legacy in manufacturing monoclonal antibodies, recombinant proteins, and enzymes using mammalian cell culture, the company offers comprehensive, end‐to‐end solutions that cater to the intricate needs of biotechnology and pharmaceutical companies. Emphasizing cGMP manufacturing, bioprocess optimization, and rigorous regulatory compliance, Avid Bioservices has established itself as a trusted partner through decades of focused expertise in the biologics sector.
Core Capabilities and Services
The company spans the entirety of the biologics development continuum, providing customized services that address both early-stage process development and full-scale commercial manufacturing. Key areas of service include:
- Process Development: Offering cell line development, upstream and downstream process optimization, and analytical methods development to ensure robust and scalable production.
- Clinical and Commercial Manufacturing: Delivering tailored cGMP manufacturing solutions that cover drug substance production, bulk packaging, and quality control testing, thereby supporting clinical trials as well as commercial supply chains.
- Regulatory and Quality Support: Assisting clients with regulatory submission support and stability testing, ensuring that all processes meet stringent global quality benchmarks.
Technical Expertise and Industry Position
Avid Bioservices combines decades of deep technical knowledge with state‐of‐the‐art facilities, which allows the company to navigate the full lifecycle of biologic products. Its robust integration of process development and manufacturing expertise is underscored by strategic investments in technology and capacity expansion. This positions Avid as a reliable partner in an industry where quality, scalability, and regulatory adherence are of paramount importance.
Operational Excellence
The company is recognized for its methodical approach to process optimization and risk management. By aligning operational practices with the evolving needs of the biopharmaceutical landscape, Avid Bioservices ensures efficiency and consistency in the production of high-quality biologics. Their operational model is underpinned by:
- Customizable Solutions: Tailoring services to the individual requirements of each client, from investigative research to commercial launch.
- Integrated Service Offerings: Combining process development, manufacturing, and quality control under one roof to streamline production and simplify regulatory compliance.
- Global Regulatory Compliance: Adhering to comprehensive quality systems and cGMP guidelines, which demonstrates the company’s commitment to maintaining high industry standards.
Market Significance and Competitive Landscape
Operating in a rapidly evolving biopharmaceutical market, Avid Bioservices has carved out a niche by consistently delivering end-to-end solutions that meet the complex demands of early stage research and later stage commercialization. Its service model is geared towards mitigating manufacturing risks while offering scalable production capabilities. The company’s focus on technical excellence and regulatory expertise differentiates it from other players in the CDMO sector, making it a key strategic partner for both emerging biotech innovators and established pharmaceutical companies.
Why Avid Bioservices?
Clients choose Avid Bioservices for its holistic approach to biologics manufacturing coupled with a long history of operational excellence. The integration of development and commercial manufacturing streamlines the transition from concept to market, ensuring that each biologic undergoes a rigorous quality process. This blend of expertise and comprehensive service offerings underlines the company’s ability to consistently deliver on its promise of high-quality, reliable production essential for the advancement of modern therapeutics.
Areas of Expertise
To summarize, Avid Bioservices excels in:
- Biologics Process Development and Optimization
- cGMP Clinical and Commercial Manufacturing
- Comprehensive Regulatory and Quality Support
- Tailored Service Offerings for Biotech and Pharma Clients
The company’s enduring commitment to quality and operational integrity, combined with advanced technological capabilities, makes Avid Bioservices a critical component in the development and manufacturing of modern biologic therapies. Its methodical and integrated approach provides companies with efficient access to innovative treatments, underscoring its pivotal role in the biopharmaceutical supply chain.
Avid Bioservices (NASDAQ:CDMO) announced participation in the KeyBanc Capital Markets Life Sciences & MedTech Forum on March 22-23, 2022. CEO Nick Green will feature in a fireside chat on March 23 from 1:30 - 2:05 p.m. Eastern. The event will be held virtually, and a live webcast will be available for attendees. Avid Bioservices specializes in biologics contract development and manufacturing, offering process development and CGMP manufacturing services for pharmaceutical companies. Visit avidbio.com for more details.
Avid Bioservices reported $31.5 million in revenue for Q3 FY2022, a 44% year-over-year increase. The company signed $52 million in net new business orders, ending the quarter with a backlog of $140 million, the highest to date. Their gross margin improved to 29%, and net income rose to $2.2 million or $0.04 per share. Avid is on track to expand its facilities, increasing revenue capacity from $120 million to over $350 million within three years. Revenue guidance for FY2022 is reiterated at $115 million to $117 million.
Avid Bioservices (NASDAQ:CDMO) will report its Q3 fiscal year 2022 financial results on March 8, 2022, after market close. A conference call will follow at 1:30 PM PT, where senior management will discuss the results and corporate developments. Avid, an S&P SmallCap 600 company, has 28 years of experience in CGMP manufacturing and offers a range of services to the biotechnology and biopharmaceutical industries. These services include process development, clinical and commercial manufacturing, and regulatory support.
Avid Bioservices (NASDAQ:CDMO) announced the completion of the first phase of its Myford facility expansion in Tustin, California. This includes a new downstream processing suite, which significantly boosts capacity and revenue-generating potential. With construction underway for the second phase, the company estimates combined annual revenue capacity of up to $270 million from the mammalian cell business and anticipates reaching $350 million with the addition of a new viral vector facility. The first customer project in the new suite is set to begin shortly.
Avid Bioservices reported second quarter revenue of $26.1 million, a 24% increase from the prior year. The company signed $36 million in new business and ended the quarter with a backlog of $120 million, marking a 79% increase year-over-year. Avid is expanding into viral vector development for cell and gene therapy, anticipating significant growth. The gross margin improved to 35% from 30% year-over-year. Net income for the quarter was $3.5 million or $0.06 per share. The company maintains full-year revenue guidance of $115 million to $117 million.
Avid Bioservices, Inc. (NASDAQ:CDMO) will report its financial results for Q2 of fiscal year 2022 on December 7, 2021, after market close. A conference call and webcast will take place at 1:30 PM PT (4:30 PM ET) on the same day, where senior management will discuss Q1 results and corporate developments. Avid is a dedicated contract development and manufacturing organization specializing in biologics, with nearly 30 years of experience in the biotechnology sector. The company offers a wide range of services, including CGMP manufacturing and process development.
Avid Bioservices announced the appointment of Elie G. Hanania, Ph.D., as vice president of process development for viral vector technologies. With over 30 years in cell and gene therapy, Dr. Hanania's expertise is expected to bolster Avid's expansion into this growing market. The company is also constructing a new 53,000 sq. ft. CGMP manufacturing facility, projected to cost $75 million and become operational by early 2023. This strategic move aims to address the demand for high-quality viral vector manufacturing as the cell and gene therapy sector continues to expand.
Avid Bioservices, Inc. (NASDAQ:CDMO) announced its inclusion in the S&P SmallCap 600 Index, effective October 29, 2021. This milestone reflects the company’s successful growth strategy and the contributions of its team. The S&P SmallCap 600 is designed to measure the performance of small-cap U.S. companies with market caps between $850 million and $3.6 billion. Avid focuses on CGMP manufacturing and development services for biologics, with extensive experience in monoclonal antibodies and recombinant proteins.
Avid Bioservices will be added to the S&P SmallCap 600 on October 29, 2021, replacing Cadence Bancorporation, which is being acquired by BancorpSouth Bank. This transition indicates a positive shift for Avid Bioservices as it moves into a more prominent index, potentially attracting more investment and improving liquidity. The acquisition of Cadence Bancorporation is expected to close around the same date, pending final conditions.
Avid Bioservices, Inc. (NASDAQ:CDMO) is expanding into the cell and gene therapy market by building a 53,000 sq. ft. viral vector development and CGMP manufacturing facility in Costa Mesa, CA. The estimated construction cost ranges from $65 million to $75 million, with completion projected within 18 months. This move is driven by the increasing demand for viral vector production. Avid anticipates this expansion could boost its annual revenue-generating capacity to over $350 million. Drew Brennan has been appointed general manager for this new business segment, enhancing Avid's expertise in the market.
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