Welcome to our dedicated page for Avid Bioservices news (Ticker: CDMOP), a resource for investors and traders seeking the latest updates and insights on Avid Bioservices stock.
Avid Bioservices, Inc. (symbol: CDMOP) is a dedicated contract development and manufacturing organization (CDMO) focused on biologics. With a state-of-the-art facility and a team of experts, they provide services from cell line development to commercial manufacturing. Avid Bioservices has a strong track record of successful partnerships, cutting-edge technology, and a commitment to quality and compliance.Rhea-AI Summary
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.
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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.
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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.
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Avid Bioservices, Inc. (NASDAQ:CDMO) to Report Q2 Fiscal Year 2024 Financial Results on December 7, 2023
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Avid Bioservices, Inc. (NASDAQ:CDMO) has partnered with the California Institute for Regenerative Medicine (CIRM) to provide its world-class cell and gene therapy (CGT) CDMO services to support clinical development activities. This collaboration aims to accelerate gene therapy development and manufacturing for CIRM-funded programs, reducing timelines required to advance through clinical development.
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Avid Bioservices completes construction of CGMP manufacturing suites within its new CGT facility
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Avid Bioservices to participate in RBC Capital Markets Virtual CDMO Conference on October 2-3, 2023. Nick Green, CEO, will be the featured speaker in a fireside chat.
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Avid Bioservices reports Q1 revenue of $37.7M, a 3% increase YoY. Backlog increases to $189M. Cell and gene therapy facility expansion on track for Q3 2023 opening. Revenue guidance for FY 2024 remains at $145M-$165M. Net loss of $2.1M in Q1. Cash and cash equivalents at $24.9M.
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Avid Bioservices to report Q1 FY2024 financial results on September 7, 2023, and host a webcast. Senior management will discuss financial results and recent corporate developments.
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FAQ
What does Avid Bioservices, Inc. do?
Avid Bioservices is a contract development and manufacturing organization (CDMO) specializing in biologics, offering services from cell line development to commercial manufacturing.
What sets Avid Bioservices apart from other CDMOs?
Avid Bioservices stands out for its state-of-the-art facility, expert team, successful partnerships, cutting-edge technology, and commitment to quality and compliance.
What services does Avid Bioservices provide?
Avid Bioservices offers a range of services including process development, analytical services, clinical and commercial manufacturing, and regulatory support.
Can companies partner with Avid Bioservices for biologic manufacturing?
Yes, Avid Bioservices has a history of successful partnerships with companies looking for reliable and high-quality biologic manufacturing services.
What is the expertise of Avid Bioservices?
Avid Bioservices has a team of experts with extensive experience in biologics manufacturing, ensuring high-quality and efficient services for their clients.
Avid Bioservices