Avid Bioservices Announces Certain Preliminary Q3 Results, Sees Revenue $33.8M Vs $34.19M Est.; Maintaining Revenue Guidance For FY24 Of $137M-$147M Vs $138.9M Est.
Portfolio Pulse from Happy Mohamed
Avid Bioservices, Inc. (NASDAQ:CDMO) announced preliminary Q3 fiscal 2024 results with revenue of $33.8M, an 11% decrease year-over-year but a 33% increase from Q2 fiscal 2024. Despite the decrease, the company maintains its FY24 revenue guidance of $137M-$147M. The decrease in revenue and gross profit was attributed to fewer manufacturing runs and reduced process development services. However, Avid signed new orders totaling $41M, leading to a record backlog of $206M. The company also completed its cell and gene therapy facility, enhancing its service offerings and revenue capacity.
March 06, 2024 | 9:52 pm
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Avid Bioservices reported a Q3 FY24 revenue of $33.8M, a decrease from the previous year but an increase from Q2 FY24. The company maintains its FY24 revenue guidance and reported a record backlog of $206M, indicating potential future revenue growth.
The mixed Q3 FY24 results with a decrease in revenue and gross profit year-over-year but an increase from the previous quarter, alongside maintaining FY24 revenue guidance, suggest a neutral short-term impact. The record backlog indicates potential for future growth, but the immediate financial performance and the completion of the CGT facility may not significantly alter investor sentiment in the short term.
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