Avid Bioservices - CDMOP STOCK NEWS

Avid Bioservices, a biologics contract development and manufacturing organization (CDMO), will participate in the Morgan Stanley 20^th Annual Global Healthcare Conference. The event is scheduled for September 12-14, 2022, in New York City. CEO Nick Green will lead a fireside chat on September 14 from 12:55 to 1:25 p.m. Eastern. The discussion will focus on the company's commitment to high-quality services in drug development and manufacturing. Interested parties can access the live webcast or the archived version via the company's investor relations website.

Avid Bioservices announced Q1 fiscal 2023 revenue of $36.7 million, a 19% rise from last year. The company secured $41 million in new business, pushing its backlog to a record $157 million, a 43% increase year-over-year. Despite strong revenue growth, gross margin fell to 25% from 37% due to increased costs related to capacity expansions. Net income decreased to $1.6 million, with diluted EPS down to $0.02. Avid expects full-year revenue to reach between $140 million and $145 million, reflecting a 17%-21% growth target.

Avid Bioservices (NASDAQ: CDMO) appointed Dr. Pramthesh Patel as vice president of process development for its mammalian cell business. With over 30 years of experience at GSK and Bristol Myers Squibb, Dr. Patel brings expertise in biopharmaceutical manufacturing processes. His role is expected to enhance Avid's capabilities, particularly in mammalian cell process development, aligning with the company's recent plans to expand its laboratories. This expansion is projected to generate an additional $20 million in annual revenue and double its current capacity by the end of Q1 2023.

Avid Bioservices (NASDAQ:CDMO) will report its Q1 fiscal 2023 financial results on September 6, 2022, after market closure. The company, specializing in biologics contract development and manufacturing, aims to enhance patient lives by offering high-quality services to biotech and pharmaceutical firms. A webcast will occur at 1:30 PM Pacific Time to discuss these results and recent corporate developments, showcasing Avid's extensive experience over 29 years in manufacturing monoclonal antibodies and recombinant proteins.

Avid Bioservices reported Q4 revenue of $31 million, up 13% year-over-year, concluding FY 2022 with $120 million in revenue, a 25% increase from FY 2021. The company achieved operational profitability for the eighth consecutive quarter and signed $155 million in new project orders, leading to a record backlog of $153 million. For FY 2023, Avid expects revenue between $140 million and $145 million, marking a growth of 17%-21%. The company is expanding its facilities, including its new cell and gene therapy suites, expected to come online in mid-2023.

Avid Bioservices (NASDAQ:CDMO) will announce its financial results for the quarter and fiscal year ending April 30, 2022, on June 29, 2022, after market close. A conference call will follow at 1:30 PM PT (4:30 PM ET) where senior management will discuss the results and recent corporate developments. As a dedicated CDMO, Avid focuses on providing high-quality services in biologics, including CGMP manufacturing and process development for biotechnology and pharmaceutical sectors, leveraging 29 years of experience in the industry.

Avid Bioservices (NASDAQ: CDMO) announces the opening of its analytical and process development (AD/PD) suites in a new viral vector facility, marking eight months since its plans were revealed. This facility aims to enhance capabilities in the cell and gene therapy market, with CGMP manufacturing suites expected to be operational by mid-2023. The AD/PD labs are equipped for advanced viral vector production, focusing on AAVs and lentiviruses. This expansion is part of Avid's growth strategy, showcasing its commitment to sustainable revenue growth.

Avid Bioservices announces a significant expansion of its process development capacity for mammalian cell operations, which could enhance annual revenue by $20 million, effectively doubling current capabilities. The expansion, costing approximately $6 million, is set for completion by the end of 2022. This growth reflects Avid's commitment to meet the increasing demand for high-quality contract development and manufacturing organization (CDMO) services, enhancing its competitive edge in biotechnology and pharmaceutical sectors.

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.