CDMOP - CDMOP STOCK NEWS

Avid Bioservices (NASDAQ: CDMO) announced on May 23, 2024, that it has earned a Committed Badge from EcoVadis, a leading provider of business sustainability ratings.

The company scored 56, placing it in the 62nd percentile globally. This recognition covers four core themes: Environment, Labor & Human Rights, Ethics, and Sustainable Procurement.

CEO Nick Green emphasized the company's commitment to ongoing sustainability improvements, recognizing that achieving high sustainability ratings is a continuous process.

EcoVadis evaluates over 125,000 companies worldwide based on international sustainability standards like the UN Global Compact and ISO 26000.

Avid Bioservices, Inc. (NASDAQ: CDMO) will participate in two investor conferences with Nick Green, the president and CEO, as a key speaker. The company aims to enhance patient lives through biologics development and manufacturing services for biotech and pharma firms.

Avid Bioservices, Inc. reported a revenue of $33.8 million for the third quarter, with a record high backlog of $206 million. They completed a convertible debt offering, extended debt maturity, and celebrated the grand opening of a new manufacturing facility. The company maintained revenue guidance for 2024, with a gross profit decrease attributed to fewer manufacturing runs. Operating loss was $4.0 million for the quarter, with a net loss of $6.0 million. Avid reported cash and cash equivalents of $30.7 million, closing a $160 million offering of Convertible Senior Notes due in 2029.

Avid Bioservices, Inc. (Nasdaq: CDMO) received a notice from Nasdaq for non-compliance with listing requirements due to a delayed Form 10-Q filing. The company has 60 days to submit a plan to regain compliance, with a possible extension of up to 180 days.

Avid Bioservices, Inc. (NASDAQ:CDMO) announces the pricing of $160 million aggregate principal amount of 7.00% Convertible Senior Notes due 2029. The company will use the net proceeds to repurchase its 1.250% Exchangeable Senior Notes due 2026 and repay any remaining outstanding 2026 Notes. The 2029 Notes will represent senior unsecured obligations of the company and will accrue interest payable semiannually. The conversion rate for the notes will initially be 101.1250 shares of the company’s common stock per $1,000 principal amount of notes, with an initial conversion price of approximately $9.89 per share, representing a premium of about 12.5% over the last reported sale price. The offering is subject to customary closing conditions and is expected to close on March 12, 2024.

Avid Bioservices, Inc. (CDMO) plans to offer $160 million in Convertible Senior Notes due 2029 to qualified institutional buyers. The company aims to use the net proceeds to repurchase or repay its 2026 Notes, potentially impacting the market price of its common stock.

Avid Bioservices, Inc. (NASDAQ:CDMO) announced preliminary earnings estimates for the third quarter and nine months ended January 31, 2024. Revenues decreased by 11% in the third quarter but increased by 33% compared to the previous quarter. The company signed new orders totaling $41 million, resulting in a record high revenue backlog of $206 million. Gross profit margins decreased due to fewer manufacturing runs and increased costs. SG&A expenses decreased by 10% in the third quarter. Operating loss was $4.0 million for the quarter. Avid is maintaining revenue guidance for the full fiscal year 2024 and completed its CGT facility expansion.

Avid Bioservices, Inc. (NASDAQ:CDMO) recorded second quarter revenue of $25.4 million, signed $35 million in net new business orders, entered into a partnership with California Institute of Regenerative Medicine, and completed construction of a cell and gene therapy facility. However, the company is adjusting fiscal 2024 revenue guidance to $137 to $147 million, representing a decrease compared to prior projections.

Avid Bioservices, Inc. (NASDAQ:CDMO) to Report Q2 Fiscal Year 2024 Financial Results on December 7, 2023