Avid Bioservices Inc (CDMO)

[bfiest]

Highlights from 1st quarter

Highlights from the Quarter Ended July 31, 2023, and Other Events:

"The first quarter was a continuation of the trajectory established during fiscal 2023. During the period, we continued to successfully navigate what has been a challenging financing environment for our customers, as our revenues and backlog remained strong, and our commercial team continued to win new projects. Fortunately, Avid has continued to attract and sign later clinical stage and commercial business during the period, which has the potential to add significant upside in the medium to longer term,” stated Nick Green, president and CEO of Avid Bioservices.

Backlog increased to 189M. Not all will be realized this fiscal year.



This makes sense. Signing contracts further out. Customers mitigating any risk due to potential missed deadlines with expansions and of course the complexity that comes with any new operation because of new employees and equipment that is untested.

Patience will pay off. They should be getting strong footing with new accounts now that expansions are complete.