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Oct 31, 2020
Avid Bioservices Q2 2021 Earnings Report
Avid Bioservices recorded strong revenues, expanded customer base and project pipeline, and advanced expansion plans.
Key Takeaways
Avid Bioservices reported strong Q2 results, driven by growth in customer demand, achieving higher-than-expected revenues and margins, and generating operating cash flow and income from operations. The company is raising revenue guidance for fiscal 2021 from between $76 and $81 million to between $84 and $88 million.
Recorded second quarter revenue of $21.1 million.
Signed $28 million in business orders.
Ended the quarter with a backlog of $67 million.
Initiated first phase of Myford Expansion.
Avid Bioservices
Avid Bioservices
Forward Guidance
Avid Bioservices is raising revenue guidance for fiscal year 2021 to $84 to $88 million.