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Jul 31, 2021
Avid Bioservices Q1 2022 Earnings Report
Recorded first quarter revenue increase and achieved fifth consecutive quarter of operational profitability.
Key Takeaways
Avid Bioservices reported a strong first quarter of fiscal year 2022 with increased revenues compared to the prior year period and significant margin improvements due to the efficiencies of their business model. The company signed $23 million in new business orders and ended the quarter with a backlog of $110 million. They are on track to achieve their full year fiscal 2022 revenue guidance of between $115 million and $117 million.
Recorded an increase in revenues compared to the prior year period.
Margins significantly improved during the first quarter.
Expanded and diversified pipeline through business development.
Phase 1 and Phase 2 of buildout remain on track.
Avid Bioservices
Avid Bioservices
Forward Guidance
The company is on track to achieve full year fiscal 2022 revenue guidance of between $115 million and $117 million, representing a year-over-year growth rate of between 20% and 22%.
Positive Outlook
- Increase in existing customer demand.
- Growing pool of new customer projects.
- Substantial backlog.
- Well capitalized with approximately $160 million of cash on hand.
- Proceeds support expansion and enhancement efforts.
Challenges Ahead
- Supply chain challenges due to the COVID-19 pandemic.
- Uncertainty remains in the supply market.
- Potential impact on timing and pricing of materials.
- Aware of no supply related factors affecting our business as of today.
- Possible delays in the completion of the Myford expansion.