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Avid Bioservices: Fiscal Q1 Earnings Snapshot

September 6, 2022 GMT

TUSTIN, Calif. (AP) _ Avid Bioservices Inc. (CDMO) on Tuesday reported fiscal first-quarter earnings of $1.6 million.

On a per-share basis, the Tustin, California-based company said it had net income of 2 cents. Earnings, adjusted for one-time gains and costs, came to 4 cents per share.

The contract manufacturer posted revenue of $36.7 million in the period.

Avid Bioservices expects full-year revenue in the range of $140 million to $145 million.

Avid Bioservices shares have decreased 45% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $15.95, a drop of 31% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDMO at https://www.zacks.com/ap/CDMO