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Avid Bioservices: Fiscal Q4 Earnings Snapshot

June 29, 2022 GMT

TUSTIN, Calif. (AP) _ Avid Bioservices Inc. (CDMO) on Wednesday reported fiscal fourth-quarter net income of $115.6 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Tustin, California-based company said it had profit of $1.65. Earnings, adjusted for one-time gains and costs, were 7 cents per share.

The contract manufacturer posted revenue of $31.2 million in the period.

For the year, the company reported profit of $127.7 million, or $1.84 per share. Revenue was reported as $119.6 million.

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

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Avid Bioservices shares have fallen 48% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15.17, a decrease of 37% 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