Avid Bioservices Reports Financial Results for Second Quarter Fiscal 2020 and Recent Developments

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Go back to Avid Bioservices Reports Financial Results for Second Quarter Fiscal 2020 and Recent Developments

Avid Bioservices (CDMO) Tops Q1 EPS by 2c, Revenues Beat; Offers FY20 Revenue Mid-Point Guidance Above Consensus

December 9, 2019 4:12 PM EST

Avid Bioservices (NASDAQ: CDMO) reported Q1 EPS of ($0.03), $0.02 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $18.3 million versus the consensus estimate of $14.25 million.

Financial Highlights and Guidance

The company is confirming prior revenue guidance for the full fiscal year 2020 of $64 million - $67 million. Revenue was $18.3 million for the second quarter of fiscal 2020, an increase of 80% as compared to $10.2 million for the second quarter of last fiscal year. For the six months ended October 31, 2019, revenues were $33.6 million, a 47% increase as compared to revenues of $22.8 million during the prior... More