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Oct 31, 2022
Avid Bioservices Q2 2023 Earnings Report
Announced financial results for the second quarter, recording revenue of $34.8 million and signing $26 million in net new business orders, resulting in a backlog of $147 million.
Key Takeaways
Avid Bioservices reported strong Q2 results with $34.8 million in revenue and a significant backlog increase. The company is progressing with facility expansions and has increased its revenue guidance for fiscal year 2023 to $145 to $150 million.
Recorded second quarter revenue of $34.8 million.
Signed $26 million in net new business orders, resulting in a backlog of $147 million, a 23% year-over-year increase.
Mammalian cell facilities and cell and gene therapy facility expansions are on schedule.
Increased revenue guidance for fiscal year 2023 to $145 to $150 million.
Avid Bioservices
Avid Bioservices
Forward Guidance
Avid Bioservices anticipates a strong fiscal year 2023, driven by consistent execution, a strengthened customer base, and ongoing facilities expansions. The company has increased its revenue guidance to between $145 million and $150 million.
Positive Outlook
- Consistent execution by the team has strengthened the customer base.
- Topline revenues remain strong.
- Backlog continues to show strong growth over the prior year.
- Investment in the business development team is showing positive results.
- Facilities and capabilities expansions are advancing according to plan.
Challenges Ahead
- The ongoing COVID-19 pandemic could adversely affect the business and operations.
- The company may experience delays in engaging new customers.
- The company may not be successful in executing customer projects.
- The company may experience technical difficulties in completing customer projects.
- Expanding into a new biologics manufacturing segment may distract senior management’s focus.