Avid Bioservices, Inc. - CDMO STOCK NEWS

Avid Bioservices has appointed Matthew Kwietniak as Chief Commercial Officer, effective immediately. Kwietniak brings nearly 30 years of sales experience in the CDMO sector, having previously led drug product sales at Thermo Fisher Scientific and held senior roles at Covance. His appointment aims to enhance Avid's growth trajectory and client relations in the CDMO business, which is crucial as the company undertakes expansion projects to increase capacity. The leadership transition is expected to strengthen Avid’s commercial and clinical client base.

Avid Bioservices reported first quarter revenue of $30.8 million, marking a 21% year-over-year increase. The company achieved its fifth consecutive quarter of operational profitability and signed $23 million in new business orders, ending with a backlog of $110 million, an 83% increase from last year. Gross margin improved to 37%, up from 34% in the prior year, aided by a $3.3 million fee from unused capacity. Avid confirmed its fiscal 2022 revenue guidance of $115 million to $117 million, reflecting expected growth of 20% to 22%. Current cash reserves stand at $160 million.

Avid Bioservices, Inc. (NASDAQ:CDMO) announced its participation in two investor conferences taking place in September 2021. The company will engage in a fireside chat at the Morgan Stanley 19th Annual Global Healthcare Conference on September 9, followed by 1-on-1 meetings from September 9-10 and 13-15. Avid will also present at the HC Wainwright 23rd Annual Global Investment Conference on September 13, with a corporate presentation available online at 7:00 a.m. Eastern. Both events feature virtual formats.

Avid Bioservices, Inc. (NASDAQ:CDMO) will release its first quarter fiscal year 2022 financial results on September 8, 2021, after market close. A conference call and webcast will take place at 1:30 PM PT for management to discuss these results and recent developments. The event aims to provide insights into the company's performance and ongoing initiatives. Investors can access the live audio through the company’s investor relations page.

Avid Bioservices (NASDAQ:CDMO) announced the appointment of Dr. Esther M. Alegria as an independent board member. Dr. Alegria brings nearly 30 years of biopharmaceutical experience, including her role as Senior VP of Global Manufacturing at Biogen. Her expertise spans R&D, manufacturing, and regulatory submissions, which is expected to support Avid’s growth strategy. Dr. Alegria currently leads APIE Therapeutics, focusing on novel treatments. The board expresses enthusiasm about her contributions to Avid's leadership and strategic direction.

Avid Bioservices recorded fourth quarter revenue of $27.6 million and annual revenue of $95.9 million, reflecting a 61% increase from the previous year. The company achieved four consecutive quarters of operational profitability and signed approximately $148 million in new business orders, resulting in a year-end backlog of $118 million. For fiscal 2022, revenue guidance is projected at $115 to $117 million, representing 20%-22% growth. Avid raised $138.5 million in a successful offering of convertible senior notes to support expansion efforts.

Avid Bioservices, Inc. (NASDAQ:CDMO) will report its financial results for the quarter and fiscal year ending April 30, 2021, on June 29, 2021, after market close. A conference call will be held at 1:30 PM PT (4:30 PM ET) to discuss these results and recent corporate developments. Avid is a contract development and manufacturing organization that specializes in biopharmaceutical drug manufacturing and offers a range of services including process development and regulatory support. Following 28 years of experience in the industry, Avid aims to enhance patient outcomes through quality services.

Avid Bioservices has been selected as the commercial manufacturer for ZYNLONTA™, a newly approved CD19-targeted antibody drug conjugate for adults with relapsed or refractory large B-cell lymphoma (DLBCL). This follows the FDA's approval of ZYNLONTA in April 2021. Avid has had a partnership with ADC Therapeutics since 2017 for clinical manufacturing and is expanding this relationship for commercial manufacturing. The expansion demonstrates Avid's experience and quality in supporting innovative biologic therapies.

Avid Bioservices announced the successful redemption of all outstanding 10.50% Series E Convertible Preferred Stock as of April 12, 2021. The company utilized proceeds from a recent offering of exchangeable senior notes to complete this redemption, with each share redeemed at $25.00 plus any accrued dividends. Consequently, the Series E Preferred Stock is no longer listed on NASDAQ as CDMOP. Avid Bioservices specializes in biologics contract development and manufacturing, focusing on high-quality services for the biopharmaceutical industry.