{"id":535875,"date":"2021-09-08T16:08:54","date_gmt":"2021-09-08T20:08:54","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/avid-bioservices-reports-financial-results-for-first-quarter-ended-july-31-2021-and-recent-developments\/"},"modified":"2021-09-08T16:08:54","modified_gmt":"2021-09-08T20:08:54","slug":"avid-bioservices-reports-financial-results-for-first-quarter-ended-july-31-2021-and-recent-developments","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/avid-bioservices-reports-financial-results-for-first-quarter-ended-july-31-2021-and-recent-developments\/","title":{"rendered":"Avid Bioservices Reports Financial Results for First Quarter Ended July 31, 2021 and Recent Developments"},"content":{"rendered":"
\n

\n — Recorded First Quarter Revenue of $30.8 Million —<\/em>\n <\/p>\n

\n — Achieved Fifth Consecutive Quarter of Operational Profitability —<\/em>\n <\/p>\n

\n — \u00a0Signed $23 Million in New Business Orders and Ended the Quarter with a Backlog of $110 Million<\/em> —<\/p>\n

\n — Phase 1 and Phase 2 Expansion Efforts Advancing as Planned —<\/em>\n <\/p>\n

TUSTIN, Calif., Sept. 08, 2021 (GLOBE NEWSWIRE) — Avid Bioservices, Inc.\u00a0(NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced financial results for the first quarter of fiscal 2022, ended July 31, 2021.<\/p>\n

\n Highlights Since\u00a0April 30, 2021<\/strong>\n <\/p>\n

\u201cWe are pleased to announce another strong quarter.\u00a0 During the first quarter of fiscal 2022, we recorded an increase in revenues compared to the prior year period.\u00a0 Our margins significantly improved during the first quarter, reflecting the efficiencies of our business model and our ability to strategically leverage our existing fixed costs.\u00a0 In business development, we continued to expand and diversify our pipeline.\u00a0 And, as always, our business development team remains highly engaged in pursuit of multiple new business opportunities.\u00a0 Finally, with respect to operations, both Phase 1 and Phase 2 of our buildout remain on track as work continues to enhance our high throughput capabilities for upstream, downstream and analytical services, and we expect the Phase 1 expansion to be online in January of 2022,\u201d stated Nicholas Green, president and chief executive officer of Avid Bioservices.<\/p>\n

\u201cAs we now have the first quarter behind us, and we are well into the second quarter, we believe we are on track to achieve our stated full year fiscal 2022 revenue guidance of between $115 million and $117 million.\u00a0 This represents a year-over-year growth rate of between 20% and 22%.\u00a0 Multiple factors contribute to our confidence in reaching this milestone, including an increase in existing customer demand, a growing pool of new customer projects, and our substantial backlog.\u00a0 Having said that, we remain keenly aware of the supply chain challenges that many companies continue to face due to the COVID-19 pandemic.\u00a0 While we have not experienced any material delays or shortages to date, it is important to recognize that uncertainty remains in the supply market, and we are cognizant of the impact it may have on timing and pricing of materials.\u00a0 As of today, we are aware of no supply related factors affecting our business.<\/p>\n

\u201cHaving completed two successful fundraisings in December 2020 and March 2021, the company is very well capitalized, with approximately $160 million of cash on hand.\u00a0 These proceeds support our expansion and enhancement efforts, and will allow the company to explore value-creating opportunities for organic and inorganic growth in the future.\u201d<\/p>\n

\n Financial Highlights and Guidance<\/strong>\n <\/p>\n