$CDMO Reports Strong Q3 Performance and Expects Steady Growth through 2023
Mar 13th 2023, 8:19 pm
Analyst Summary: Avid Bioservices, Inc. (NASDAQ: CDMO) reported Q3 revenue of $38.0 million, up 21% YoY, and signed $67 million in net new business orders resulting in a backlog of $176 million, up 26% YoY. The company’s mammalian cell manufacturing is now online and expected to add approximately $120 million of revenue capacity by the end of calendar Q1 2023. Avid’s cell and gene therapy facility expansion is expected to be online by the end of calendar Q3 2023. The company reaffirmed its FY2023 revenue guidance of between $145 million and $150 million. These developments have led management to believe that Avid is now a top CDMO of mammalian cell derived manufacture of drug substance in North America. CEO, Nick Green, stated, “Our revenue remains strong, and we are on target to hit our revenue guidance for the full fiscal year 2023… during the period, we signed $67 million in new business, representing the strongest quarter in the company’s history…" In addition, the company believes that the non-GAAP financial measures provide useful information about operating results and enhance the overall understanding of their operating performance and future prospects.