Avid Bioservices reports revenue backlog was $199M as of October 31 up 35%

As of October 31, company’s revenue backlog was $199M, representing an increase of 35% compared to $147M at the end of the same quarter last year. The company expects a growing portion of its backlog will extend beyond a year.Avid reported cash and cash equivalents on October 31, 2023, of $31.4 million, compared to $38.5 million on April 30, 2023. The second quarter cash and cash equivalents balance represents a 26% increase compared to $24.9 million at the end of the first quarter of fiscal 2024.