bearish
Avid Bioservices (CDMO US): Q2 Result Falls Below Expectation; FY24 Guidance Lowered Amid Slowdown
510 Views08 Dec 2023 21:30
SUMMARY
- In Q2FY24, Avid Bioservices (CDMO US) reported 27% YoY and 33% QoQ revenue decline to $25.4M, due to annual maintenance shutdown and reduction in process development services from early-stage customers.
- During Q2FY24, Avid Bioservices signed $35M in net new business orders from both new and existing customers, resulting in a record high backlog of $199M, up 35% YoY.
- Avid Bioservices has lowered FY24 revenue guidance to $137–147 million from $145–165 million. For reference, the company reported revenue of $149 million in FY23.
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