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Avid Bioservices (NASDAQ:CDMO) fell ~8% Friday afternoon after the biologics company reported mixed FQ1’24 results and maintained full-year guidance.
Q1 GAAP EPS of -$0.03 misses by $0.01 and revenue of $37.7M (+2.7% Y/Y) beats by $1.61M.
The yearly increase in revenue was primarily attributed to an increase in manufacturing revenues from late-stage programs.
Adjusted EBITDA came in at $2.8M.
The company reiterated its FY24 revenue guidance of between $145M and $165M.
Gross profit stood at $4.1M, and a gross margin of 11%, compared to a gross profit of $9.1M, and a gross margin of 25%, in the year-ago quarter.
The company’s cash and cash equivalents as of July 31 was $24.9M.
“Importantly, upon completion of the cell and gene therapy facility, we estimate that our combined facilities will have a potential to bring our total revenue generating capacity up to $400 million annually, representing a significant transformation from only 2 years ago,” CEO Nick Green said during the company’s earnings call.
