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Apr 30, 2020
Avid Bioservices Q4 2020 Earnings Report
Avid Bioservices' financial performance was reported for Q4 2020, revealing revenue of $12.6 million and the signing of $23 million in business orders, resulting in a record backlog of $65 million.
Key Takeaways
Avid Bioservices reported a productive fourth quarter with higher than anticipated revenues driven by project expansion orders with existing customers. The company ended the year with a strong backlog and strengthened its management team with the appointment of a new CEO and senior directors.
Recorded fourth quarter revenue of $12.6 million.
Signed $23 million in business orders during the fourth quarter.
Achieved a record backlog of $65 million during the fourth quarter.
Appointed Nicholas Green as President and Chief Executive Officer.
Avid Bioservices
Avid Bioservices
Forward Guidance
Avid Bioservices projects fiscal year 2021 revenue of $76 to $81 million.