Avid Bioservices drops 23% after Q2 results, reduced FY24 revenue

Shares are down $1.20 per share or 23% to $4.10 per share in after market trading after disclosing that Q2 revenues were impacted by a number of factors, requiring a decrease in the company’s revenue view for FY24.. “Despite the challenges of the first half of fiscal 2024, our current backlog and pipeline position us well to generate cash from operations in the near term, and significant growth in the medium-term and beyond. For these reasons, we believe the second half of the year holds great promise and opportunity for Avid.”