Avid Bioservices reports Q3 EPS (9c), consensus (5c)

Reports Q3 revenue $33.82M, consensus $33.45M. CEO Nick Green stated, “During Q3 we had stronger revenues and an increase in bookings as compared to Q2 2024. We ended the quarter with a record high backlog of $206M. We have achieved record backlogs for four of the last five quarters, demonstrating the continued momentum in the business. The quarter is consistent with the revenue and backlog ramp that we projected for the second half of the year and we expect the momentum to continue as we transition into our fiscal year 2025 with new business wins starting to flow through our financials. During Q3, we also observed an incremental improvement in our pipeline mix. On the operations front, we recently hosted a grand opening of our cell and gene therapy CGT facility…Avid estimates that its combined facilities now have a total revenue generating capacity of up to approximately $400M annually. Today, Avid is a larger, more capable, world-class organization, poised to benefit from the tailwinds in multiple CDMO markets…As we continue to fill capacity and attract customers to our new capabilities, we believe we are well on our way to achieving the growth trajectory and sustainable profitability that will establish Avid as the supplier of choice for the industry.”