Biotech/Pharma Contract Service Provider Avid Bioservices Sees Lower Than Expected Q3 Sales, Sticks To Annual Guidance

Wednesday, Avid Bioservices Inc (NASDAQ:CDMO) reported preliminary revenues for the third quarter of fiscal 2024 of $33.8 million, representing an 11% decrease Y/Y and lower than the consensus of $34.19 million.

The revenue decrease was primarily attributed to fewer manufacturing runs and reduced process development services from early-stage customers. 

The company’s commercial team signed multiple new orders during the third quarter of fiscal 2024, totaling approximately $41 million net, resulting in a revenue backlog of $206 million, representing an increase of 17%.

Gross profit for the third quarter of fiscal 2024 was $2.4 …

Full story available on Benzinga.com