Avid Bioservices Q3 2022 Earnings Report
Key Takeaways
Avid Bioservices reported a successful third quarter with strong financial and operational performance, including year-over-year growth in revenues, gross margin, net income, and adjusted EBITDA. The company's backlog reached a record high of $140 million, driven by robust new business signings. Avid Bioservices is expanding its capacity and services, including entry into the cell and gene therapy sector, to support further growth.
Recorded third quarter revenue of $31.5 million.
Signed $52 million in net new business orders.
Ended the quarter with a backlog of $140 million, the highest backlog to date.
Myford South and Viral Vector facilities construction continues on schedule.
Avid Bioservices
Avid Bioservices
Forward Guidance
The company expects to launch its new viral vector business in two phases and anticipates the completion of the Myford South facility expansion in early calendar 2023. Combined, these expansions are expected to organically increase the company’s total annual revenue generating capacity from approximately $120 million to in excess of $350 million in a period of three years.