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- Shares of Avid Bioservices (NASDAQ:CDMO) rallied 18% in midday trading Tuesday, the day after the company reported a significant backlog in its fiscal Q1 earnings report.
- Avid reported fiscal Q1 revenue rose 6% year-over-year to $40.2M, which it attributed largely to higher in process development revenue. The company’s net loss grew to $0.09 per share from a net loss of $0.03 for the same quarter in 2024.
- The contract development and manufacturing organization also reported that its backlog increased 16% year-over-year to $219M as of the end of July.
- “The company anticipates a significant amount of its backlog will be recognized as revenue over the next five fiscal quarters,” Avid said in a statement.
- Avid also maintained its fiscal 2025 revenue guidance of $160M to $168M.
- As of July 31, the company had $33.4M in cash and equivalents, it added.