Avid Bioservices Q2 2022 Earnings Report
Key Takeaways
Avid Bioservices reported a strong second quarter with year-over-year revenue growth, new business wins, and a substantial backlog. The company initiated a strategic expansion into viral vector development and manufacturing services and signed $36 million in new business orders, ending the quarter with a backlog of $120 million.
Second quarter revenue was recorded at $26.1 million.
The company initiated a strategic expansion into viral vector development and manufacturing services for cell and gene therapy.
New business orders of $36 million were signed, ending the quarter with a backlog of $120 million.
Construction was initiated for the Myford South facility.
Avid Bioservices
Avid Bioservices
Forward Guidance
The company estimates that the first and second phases of expansion will result in a total revenue generating capacity of up to approximately $270 million for the mammalian cell business annually, and total annual revenue generating capacity will increase to approximately $350 million with the addition of the viral vector business.