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Jul 31, 2023
Avid Bioservices Q1 2024 Earnings Report
Avid Bioservices reported first quarter revenue of $37.7 million and signed $36 million in net new business orders.
Key Takeaways
Avid Bioservices reported strong first quarter results with $37.7 million in revenue and a backlog of $189 million. The company's cell and gene therapy facility expansion is on schedule for opening by the end of calendar Q3 2023.
Revenues and backlog remained strong.
Commercial team continued to win new projects.
Recent mammalian capacity expansions are now online.
Cell and gene therapy facility expansion remains on track to be completed by the end of the third quarter of calendar 2023.
Avid Bioservices
Avid Bioservices
Forward Guidance
Avid Bioservices is on track to bring new cell and gene therapy capability online by the end of the third quarter of calendar 2023.