Avid Bioservices - CDMOP STOCK NEWS

Avid Bioservices (NASDAQ: CDMO) reported financial results for Q1 FY2025 ended July 31, 2024. Key highlights include:

- Revenue of $40.2 million, up 6% year-over-year
- Net new business signings of $66 million
- Backlog increased to $219 million, up 16% from last year
- Gross profit of $5.7 million (14% margin)
- Net loss of $5.5 million or $0.09 per share
- Cash and equivalents of $33.4 million

The company maintained its FY2025 revenue guidance of $160-$168 million. Avid's CEO Nick Green highlighted strong momentum, improved margins, and diverse new business signings, including early-phase programs and late-stage projects advancing toward commercialization.

Avid Bioservices (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization, has announced it will report financial results for the first quarter of fiscal year 2025 on September 9, 2024, after market close. The company will also host a webcast at 1:30 PM Pacific Time (4:30 PM Eastern Time) on the same day. During the webcast, Avid's senior management will discuss the financial results and review recent corporate developments. Investors and interested parties can access the live or archived webcast through the company's investor relations website.

Avid Bioservices (NASDAQ: CDMO) reported fourth quarter revenue of $43 million, the highest in the company's history, and full-year fiscal 2024 revenue of $139.9 million, a 6% decrease from the previous year. Despite a strong quarter, the full year was impacted by fewer manufacturing runs and changes in estimated variable consideration. The company signed $30 million in new business, resulting in a backlog of $193 million. For fiscal 2025, Avid projects revenue between $160 million and $168 million. Gross profit for Q4 was $5.5 million (13% margin), down from $8.4 million (21% margin) in Q4 2023. Full-year gross profit was $7.3 million (5% margin), down from $31.5 million (21% margin) last year. The net loss for Q4 was $123.1 million or $1.94 per share, primarily due to a $118.5 million income tax expense. The net loss for the full year was $140.8 million or $2.23 per share, compared to net income of $0.3 million last year. Cash and cash equivalents stood at $38.1 million as of April 30, 2024. New facilities are fully operational, increasing the annual revenue-generating capacity to over $400 million.

Avid Bioservices (NASDAQ: CDMO) will announce its financial results for the quarter and fiscal year ended April 30, 2024, following market close on July 2, 2024. A webcast hosted by senior management will take place at 1:30 PM PT (4:30 PM ET) to discuss the financial outcomes and recent corporate developments. The webcast can be accessed live or via archive on the company’s investor relations website.

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.