An announcement from Avid Bioservices ( (CDMO) ) is now available.
Avid Bioservices, Inc. has reported a strong start to fiscal 2025 with first-quarter revenues of $40.2 million, a 6% increase year-over-year, and a backlog of $219 million, up 16% from the previous year. The company’s recent expansion efforts have attracted new business, including significant orders from new customers and large pharma companies, contributing to a robust project pipeline. Despite a net loss for the quarter, Avid retains a positive outlook, maintaining its revenue guidance of $160 to $168 million for the full year, and expects to continue growing its customer base and increasing revenues and margins.
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