Avid Bioservices

Avid Bioservices, Inc. engages in the commercial manufacturing. The firm focuses on the biopharmaceutical products derived from mammalian cell culture for culture for biotechnology and pharmaceutical companies. It specializes in clinical and commercial product manufacturing, purification, bulk packaging, stability testing and regulatory submissions and support. The company was founded on June 3, 1981 and is headquartered in Tustin, CA.

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Avid Bioservices Achieves Record Revenues, Faces Margin Challenges

Avid Bioservices achieved record revenues and strong bookings, but faced challenges with decreased gross margins and increased expenses. Moving into the viral vector space and with a strong late-phase project pipeline, the company sees opportunities for growth in the next 12 to 15 months.

Avid Bioservices reports Q2 earnings, focuses on expansion and innovation

Avid Bioservices showcased positive operational performance with increased utilization of the new mammalian line fleet and a record backlog. While facing challenges related to net loss and revenue recognition delays, the company remains focused on expansion and innovation, presenting opportunities for growth in the cell and gene therapy space and later-stage products.

Avid Bioservices reports robust Q3 earnings and targets pharma growth

Avid Bioservices delivered strong financial results in Q3 2023, showcasing revenue growth and operational efficiency.
While facing challenges in margins and expenses, the company's strategic focus on quality and growth presents opportunities for expansion.
With a solid cash position, record backlog, and targeted business development, Avid is poised for continued success in the market.

Avid Bioservices reports record revenues and backlog, eyes strategic growth

Avid Bioservices delivered a strong performance in Q4 2023, marked by record revenues and backlog, showcasing operational efficiency and market demand.
While facing challenges such as margin impact and resource allocation shifts, the company remains optimistic about its growth prospects and revenue stability.
Strategic opportunities lie in leveraging the strong backlog, cash flow, and planned CapEx to drive future growth and operational excellence.

Avid Bioservices reports revenue growth and expansion plans for 2024

Avid Bioservices' Q1 2024 performance reflects revenue growth and strategic investments in expanding capacity and capabilities.
While facing challenges in gross margins and profitability, the company's progress on the new facility signals future growth potential.
Opportunities lie in leveraging the completed facility to drive revenue, enhance market competitiveness, and address analyst concerns for improved performance.

Avid Bioservices reports record backlog and growth opportunities for 2024

Avid Bioservices showcased financial resilience with an improved cash position and strong backlog, despite facing revenue challenges. The company's focus on new services, customer diversity, and operational efficiency bodes well for future growth.

Avid Bioservices reports revenue growth and strategic expansions in Q3

Avid Bioservices reported strong revenue growth and backlog performance in Q3, while facing revenue decline and cost challenges compared to the previous year. Strategic expansions and operational refinements position the company for future opportunities in a competitive market landscape.

Avid Bioservices reports revenue growth and new projects, faces cost challenges

Avid Bioservices reported positive revenue growth and secured new project agreements, positioning the company for future expansion.
Despite challenges such as increased SG&A expenses and a net loss, Avid's focus on capacity utilization and new programs offers growth potential.
Addressing operational challenges and uncertainties while capitalizing on opportunities can drive Avid Bioservices towards improved financial performance.
The company's financial stability, strong backlog, and focus on profitability highlight a resilient business strategy amidst industry dynamics.

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Avid Bioservices, Inc. engages in clinical and commercial manufacturing of biologics. It focuses on the biopharmaceutical products derived from mammalian cell culture for culture for biotechnology and pharmaceutical companies. It specializes in clinical and commercial product manufacturing, purification, bulk packaging, stability testing and regulatory submissions and support. The company was founded on June 3, 1981 and is headquartered in Tustin, CA.

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Avid Bioservices, Inc. (“Avid” or the “Company”) (NASDAQ: CDMO) investors concerning the Company's possible violations of federal securities laws. On March 6, 2024, Avid disclosed that it had received an acceleration notice from a holder of its 1.250% Exchangeable Senior Notes due 2026. The holder further claimed that the accelerated amount, inclusive of principal and interest due and payable,.

INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of Avid Bioservices, Inc. (CDMO) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Avid Bioservices, Inc. (“Avid” or the “Company”) (NASDAQ: CDMO) on behalf of investors concerning the Company's possible violations of federal securities laws. If you are a shareholder who suffered a loss, click here to participate. On March 6, 2024, Avid disclosed that it had received an acceleration notice from a holder of its 1.250% Exchangeable Senior Notes due 2026. The holder further claimed that.

The Law Offices of Frank R. Cruz Announces Investigation of Avid Bioservices, Inc. (CDMO) on Behalf of Investors

NEW YORK--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Avid Bioservices, Inc. (NASDAQ: CDMO) resulting from allegations that Avid Bioservices may have issued materially misleading business information to the investing public. SO WHAT: If you purchased Avid Bioservices securities you may be entitled to compensation without payment of any out of pocket fees or costs through a conting.

CDMO LOSS ALERT: ROSEN, A LEADING LAW FIRM, Encourages Avid Bioservices, Inc. Investors to Inquire About Securities Class Action Investigation – CDMO

Avid Bioservices (NASDAQ: CDMO ) stock is falling on Thursday after the contract development and manufacturing company announced the pricing of a private placement. The private placement includes 7.00% Convertible Senior Notes due 2029 with an aggregate principal amount of $160 million.

Why Is Avid Bioservices (CDMO) Stock Down 30% Today?

TUSTIN, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO), announced today the pricing of $160 million aggregate principal amount of 7.00% Convertible Senior Notes due 2029 (the “2029 Notes”). In connection with the offering, the company entered into private placement purchase agreements with the several purchasers, each of whom is a “qualified institutional buyer” within the meaning of Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The closing of the offering is subject to customary closing conditions and is expected to take place on March 12, 2024.

Avid Bioservices Announces Pricing of Private Placement of Convertible Notes

TUSTIN, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO), announced today that it intends to offer, subject to market conditions and other factors, $160 million aggregate principal amount of Convertible Senior Notes due 2029 (the “2029 Notes”) in a private placement (the “Offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The company expects to price the Offering before open of market on March 7, 2024.

Avid Bioservices Announces Proposed Private Placement of Convertible Notes

TUSTIN, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced preliminary earnings estimates for the third quarter and nine months ended January 31, 2024.

Avid Bioservices Announces Certain Preliminary Financial Results for Third Quarter Ended January 31, 2024

Avid Bioservices has invested heavily in building new facilities, causing lower margins and negative free cash flow. The company's recent expansion projects have increased its revenue capacity to $400 million, with expected adjusted EBITDA margins in the low to mid 30s. Despite the investments, the company's guidance for the current fiscal year implies limited growth due to a shift in project types and the new facility not being fully operational yet.

Avid Bioservices: Don't Miss The Bigger Picture

Avid Bioservices (NASDAQ: CDMO ) stock is falling on Friday following the release of its earnings report for its fiscal second quarter of 2024. Avid Bioservices reported adjusted earnings per share of -12 cents alongside revenue of $25.4 million.

Why Is Avid Bioservices (CDMO) Stock Down 18% Today?

Avid Bioservices (NASDAQ: CDMO ) just reported results for the second quarter of 2024. Avid Bioservices reported earnings per share of -12 cents.

CDMO Stock Earnings: Avid Bioservices Misses EPS, Misses Revenue for Q2 2024

Avid Bioservices, Inc. (NASDAQ:CDMO ) Q2 2024 Earnings Conference Call December 7, 2023 4:30 PM ET Company Participants Tim Brons - Investors Relations Group Nick Green - President and CEO Dan Hart - Chief Financial Officer Matt Kwietniak - Chief Commercial Officer Conference Call Participants Jacob Johnson - Stephens Matt Hewitt - Craig-Hallum Paul Knight - KeyBanc Max Smock - William Blair Thomas Kelliher - RBC Capital Markets Operator Good day, ladies and gentlemen. And welcome to the Avid Bioservices Second Quarter Fiscal 2024 Financial Results Conference Call.

Avid Bioservices, Inc. (CDMO) Q2 2024 Earnings Call Transcript

Avid Bioservices (CDMO) came out with a quarterly loss of $0.12 per share versus the Zacks Consensus Estimate of a loss of $0.09. This compares to loss of $0.01 per share a year ago.

Avid Bioservices (CDMO) Reports Q2 Loss, Lags Revenue Estimates

-- Recorded Second Quarter Revenue of $25.4 Million -- -- Signed $35 Million in Net New Business Orders Resulting in a Backlog of $199 Million --

Avid Bioservices Reports Financial Results for Second Quarter Ended October 31, 2023

TUSTIN, Calif., Nov. 30, 2023 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality services to biotechnology and pharmaceutical companies, today announced that it will report financial results for the second quarter of fiscal year 2024 on December 7, 2023, after market close and will host a webcast at 1:30 PM Pacific Time (4:30 PM Eastern Time). Members of Avid's senior management will discuss financial results for the second quarter and review recent corporate developments.

Avid Bioservices to Report Financial Results for Second Quarter of Fiscal Year 2024 After Market Close on December 7, 2023

Avid Bioservices (CDMO) is technically in oversold territory now, so the heavy selling pressure might have exhausted. This along with strong agreement among Wall Street analysts in raising earnings estimates could lead to a trend reversal for the stock.

Down -22.27% in 4 Weeks, Here's Why Avid Bioservices (CDMO) Looks Ripe for a Turnaround

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Avid Bioservices (CDMO) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.

Avid Bioservices (CDMO) Moves 9.0% Higher: Will This Strength Last?

CIRM-Funded Programs to Receive Access to Avid's Suite of World-Class CGT CDMO Services to Support Clinical Development Activities CIRM-Funded Programs to Receive Access to Avid's Suite of World-Class CGT CDMO Services to Support Clinical Development Activities

Avid Bioservices Partners With California Institute for Regenerative Medicine (CIRM) to Provide CDMO Services for Cell and Gene Therapy (CGT) Programs

Newly Launched CGMP Manufacturing Suites Undergoing Final Environmental Monitoring and Performance Qualification with Grand Opening Planned for January 2024 Completion of CGT Facility Brings Company's Total Revenue Generating Capacity to up to Approximately $400 Million Annually TUSTIN, Calif., Oct. 17, 2023 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced that it has completed construction of CGMP manufacturing suites within its new, world-class cell and gene therapy (CGT) development and CGMP manufacturing facility as scheduled.

Avid Bioservices Completes Construction of New, World-Class Cell and Gene Therapy Development and Manufacturing Facility

TUSTIN, Calif., Sept. 26, 2023 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced that the company will participate in the RBC Capital Markets Virtual CDMO Conference. Nick Green, president and chief executive officer, will be the featured speaker in a fireside chat at the conference, which will take place October 2-3, 2023.

Avid Bioservices to Participate in RBC Capital Markets Virtual CDMO Conference

Avid Bioservices, Inc. (NASDAQ:CDMO ) Q1 2024 Earnings Conference Call September 7, 2023 4:30 PM ET Company Participants Tim Brons - Investor Relations Nick Green - President & Chief Executive Officer Dan Hart - Chief Financial Officer Matt Kwietniak - Chief Commercial Officer Conference Call Participants Jacob Johnson - Stephens Matt Hewitt - Craig-Hallum Sean Dodge - RBC Capital Markets Operator Good day, ladies and gentlemen and welcome to the Avid Bioservices First Quarter 2024 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call may be recorded.

Avid Bioservices, Inc. (CDMO) Q1 2024 Earnings Call Transcript

Avid Bioservices (CDMO) reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of a loss of $0.04. This compares to earnings of $0.04 per share a year ago.

Avid Bioservices (CDMO) Reports Break-Even Earnings for Q1

-- Recorded First Quarter Revenue of $37.7 Million -- -- Signed $36 Million in Net New Business Orders Resulting in a Backlog of $189 Million --

Avid Bioservices Reports Financial Results for First Quarter Ended July 31, 2023

TUSTIN, Calif., Aug. 31, 2023 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality services to biotechnology and pharmaceutical companies, today announced that it will report financial results for the first quarter of fiscal year 2024 on September 7, 2023, after market close and will host a webcast at 1:30 PM Pacific Time (4:30 PM Eastern Time). Members of Avid's senior management will discuss financial results for the first quarter and review recent corporate developments.

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