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Apr 30, 2023
Avid Bioservices Q4 2023 Earnings Report
Avid Bioservices reported record-high revenue for the fourth quarter and full year, along with a record-high backlog.
Key Takeaways
Avid Bioservices reported record-high revenue for both the fourth quarter and the full fiscal year, driven by strong business development and operational execution. The company signed $55 million in net new business orders, resulting in a record-high backlog of $191 million. Revenue guidance for fiscal year 2024 is between $145 million and $165 million.
Recorded highest single quarter revenue.
Achieved highest annual revenue.
Ended the year with the largest backlog to date.
Signed $55 million in net new business orders, resulting in a record-high backlog of $191 million.
Avid Bioservices
Avid Bioservices
Forward Guidance
The company feels compelled to broaden their revenue guidance for fiscal year 2024 to between $145 million to $165 million.
Positive Outlook
- Strong backlog
- Mature pipeline
- Industry’s focus on late-phase and commercial projects should benefit Avid’s long-term growth prospects
- Extensive experience manufacturing approved biologics
- Contribution made to backlog by late phase projects (defined as Phase III and PPQ campaigns) increasing by 34% in fiscal 2023 over the prior fiscal year
Challenges Ahead
- Challenging macro-economic conditions
- Impact on the biotech sector
- Risk of delays in engaging new customers
- Risk of unsuccessful execution of customer projects
- Risk that changing economic conditions may delay or adversely impact backlog realization