Avid Bioservices Reports Financial Results for First Quarter Ended July 31, 2024

Core Insights - Avid Bioservices reported first quarter revenue of $40.2 million, a 6% increase from $37.7 million in the same period last year, driven by higher process development revenues [6][10] - The company signed $66 million in net new business, resulting in a backlog of $219 million, which is a 16% increase compared to $189 million at the end of the same quarter last year [7][12] - Avid maintained its fiscal year 2025 revenue guidance of $160 million to $168 million [5] Financial Performance - Gross profit for the first quarter was $5.7 million, representing a 14% gross margin, up from $4.1 million (11% gross margin) in the prior year [8] - Selling, general and administrative (SG&A) expenses increased by 30% to $8.2 million from $6.3 million in the same quarter last year, primarily due to higher compensation and consulting fees [9] - The net loss for the quarter was $5.5 million, or $0.09 per share, compared to a net loss of $2.1 million, or $0.03 per share, in the same period last year [10][20] Business Developments - The company experienced strong bookings, including new customers and various early and late-stage programs, indicating a diversified project pipeline [3][4] - Investments in infrastructure and capacity expansion have positioned Avid to better serve both large pharmaceutical companies and smaller biotech firms [4] - The company anticipates significant revenue recognition from its backlog over the next five fiscal quarters [7]