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Oct 31, 2023
Avid Bioservices Q2 2024 Earnings Report
Avid Bioservices' Q2 2024 financial results were reported, showing revenue impacted by several factors, leading to a decreased revenue guidance for fiscal year 2024, but with optimism for the second half of the year due to expected revenue growth and new business bookings.
Key Takeaways
Avid Bioservices reported Q2 2024 revenue of $25.4 million. The company signed $35 million in net new business orders, resulting in a backlog of $199 million. Fiscal year 2024 revenue guidance was adjusted to $137 to $147 million.
Second quarter revenue was $25.4 million.
Net new business orders totaled $35 million, resulting in a backlog of $199 million.
Partnership was entered into with California Institute of Regenerative Medicine (CIRM) to advance manufacturing of adeno-associated adenovirus and other cell and gene therapy programs.
Construction of cell and gene therapy facility was completed, with a grand opening scheduled for January 2024.
Avid Bioservices
Avid Bioservices
Forward Guidance
Avid Bioservices adjusted its fiscal year 2024 revenue guidance to $137 to $147 million.