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Avid Bioservices, Inc. - CDMO STOCK NEWS

Welcome to our dedicated page for Avid Bioservices news (Ticker: CDMO), a resource for investors and traders seeking the latest updates and insights on Avid Bioservices stock.

Avid Bioservices, Inc. (NASDAQ: CDMO) is a distinguished contract manufacturing organization (CMO) that specializes in the development and production of biopharmaceutical products. As a subsidiary of Peregrine Pharmaceuticals, Inc., Avid Bioservices offers unique expertise in the manufacturing of monoclonal antibodies, recombinant proteins, and enzymes using mammalian cell culture.

The company excels in providing Current Good Manufacturing Practices (CGMP) compliant process development and manufacturing services. These services range from early-stage development to full-scale commercial production, making Avid Bioservices a key partner for biotechnology and biopharmaceutical industries.

One of the company's recent achievements includes securing a partnership with CIRM-funded programs, granting access to Avid’s suite of world-class CGT CDMO services to support clinical development activities. This collaboration underscores the company’s commitment to advancing biopharmaceutical innovations.

Core Services:

  • Monoclonal Antibody Development
  • Recombinant Protein Production
  • Enzyme Manufacturing
  • CGMP Clinical Manufacturing
  • Commercial Manufacturing

Avid Bioservices is renowned for its comprehensive development and manufacturing capabilities, which ensure a seamless transition from concept to commercialization. The company’s robust financial condition and strategic partnerships further bolster its position as a leader in the biopharmaceutical manufacturing sector.

By focusing on high-quality production standards and maintaining strong industry relationships, Avid Bioservices continues to play a pivotal role in the biopharmaceutical landscape, driving forward significant advancements in therapeutic development.

For more updates and relevant information about the company’s performance, recent events, and developments, please visit our latest news section.

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Avid Bioservices (NASDAQ: CDMO), a dedicated biologics contract development and manufacturing organization, has announced its participation in the upcoming Craig-Hallum Bioprocessing Conference. The virtual event is scheduled for September 19, 2024.

Key highlights:

  • President and CEO Nick Green and VP of Process Development Pramthesh Patel, Ph.D., will be featured speakers
  • The fireside chat is set for 2:45 p.m. Eastern on the conference day
  • A webcast replay will be available on Avid's investor website after the event

This participation underscores Avid Bioservices' commitment to engaging with industry stakeholders and showcasing its expertise in biologics manufacturing and development services.

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Avid Bioservices (NASDAQ: CDMO) reported financial results for Q1 FY2025 ended July 31, 2024. Key highlights include:

- Revenue of $40.2 million, up 6% year-over-year
- Net new business signings of $66 million
- Backlog increased to $219 million, up 16% from last year
- Gross profit of $5.7 million (14% margin)
- Net loss of $5.5 million or $0.09 per share
- Cash and equivalents of $33.4 million

The company maintained its FY2025 revenue guidance of $160-$168 million. Avid's CEO Nick Green highlighted strong momentum, improved margins, and diverse new business signings, including early-phase programs and late-stage projects advancing toward commercialization.

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Avid Bioservices (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization, has announced it will report financial results for the first quarter of fiscal year 2025 on September 9, 2024, after market close. The company will also host a webcast at 1:30 PM Pacific Time (4:30 PM Eastern Time) on the same day. During the webcast, Avid's senior management will discuss the financial results and review recent corporate developments. Investors and interested parties can access the live or archived webcast through the company's investor relations website.

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Avid Bioservices (NASDAQ: CDMO) reported fourth quarter revenue of $43 million, the highest in the company's history, and full-year fiscal 2024 revenue of $139.9 million, a 6% decrease from the previous year. Despite a strong quarter, the full year was impacted by fewer manufacturing runs and changes in estimated variable consideration. The company signed $30 million in new business, resulting in a backlog of $193 million. For fiscal 2025, Avid projects revenue between $160 million and $168 million. Gross profit for Q4 was $5.5 million (13% margin), down from $8.4 million (21% margin) in Q4 2023. Full-year gross profit was $7.3 million (5% margin), down from $31.5 million (21% margin) last year. The net loss for Q4 was $123.1 million or $1.94 per share, primarily due to a $118.5 million income tax expense. The net loss for the full year was $140.8 million or $2.23 per share, compared to net income of $0.3 million last year. Cash and cash equivalents stood at $38.1 million as of April 30, 2024. New facilities are fully operational, increasing the annual revenue-generating capacity to over $400 million.

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Avid Bioservices (NASDAQ: CDMO) will announce its financial results for the quarter and fiscal year ended April 30, 2024, following market close on July 2, 2024. A webcast hosted by senior management will take place at 1:30 PM PT (4:30 PM ET) to discuss the financial outcomes and recent corporate developments. The webcast can be accessed live or via archive on the company’s investor relations website.

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Avid Bioservices (NASDAQ: CDMO) announced on May 23, 2024, that it has earned a Committed Badge from EcoVadis, a leading provider of business sustainability ratings.

The company scored 56, placing it in the 62nd percentile globally. This recognition covers four core themes: Environment, Labor & Human Rights, Ethics, and Sustainable Procurement.

CEO Nick Green emphasized the company's commitment to ongoing sustainability improvements, recognizing that achieving high sustainability ratings is a continuous process.

EcoVadis evaluates over 125,000 companies worldwide based on international sustainability standards like the UN Global Compact and ISO 26000.

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Avid Bioservices, Inc. (NASDAQ: CDMO) will participate in two investor conferences with Nick Green, the president and CEO, as a key speaker. The company aims to enhance patient lives through biologics development and manufacturing services for biotech and pharma firms.

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Avid Bioservices, Inc. reported a revenue of $33.8 million for the third quarter, with a record high backlog of $206 million. They completed a convertible debt offering, extended debt maturity, and celebrated the grand opening of a new manufacturing facility. The company maintained revenue guidance for 2024, with a gross profit decrease attributed to fewer manufacturing runs. Operating loss was $4.0 million for the quarter, with a net loss of $6.0 million. Avid reported cash and cash equivalents of $30.7 million, closing a $160 million offering of Convertible Senior Notes due in 2029.
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Avid Bioservices, Inc. (Nasdaq: CDMO) received a notice from Nasdaq for non-compliance with listing requirements due to a delayed Form 10-Q filing. The company has 60 days to submit a plan to regain compliance, with a possible extension of up to 180 days.
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Avid Bioservices, Inc. (NASDAQ:CDMO) announces the pricing of $160 million aggregate principal amount of 7.00% Convertible Senior Notes due 2029. The company will use the net proceeds to repurchase its 1.250% Exchangeable Senior Notes due 2026 and repay any remaining outstanding 2026 Notes. The 2029 Notes will represent senior unsecured obligations of the company and will accrue interest payable semiannually. The conversion rate for the notes will initially be 101.1250 shares of the company’s common stock per $1,000 principal amount of notes, with an initial conversion price of approximately $9.89 per share, representing a premium of about 12.5% over the last reported sale price. The offering is subject to customary closing conditions and is expected to close on March 12, 2024.
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FAQ

What is the current stock price of Avid Bioservices (CDMO)?

The current stock price of Avid Bioservices (CDMO) is $10.17 as of October 10, 2024.

What is the market cap of Avid Bioservices (CDMO)?

The market cap of Avid Bioservices (CDMO) is approximately 641.8M.

What does Avid Bioservices, Inc. specialize in?

Avid Bioservices specializes in the development and production of biopharmaceutical products, including monoclonal antibodies, recombinant proteins, and enzymes.

What are some of the core services provided by Avid Bioservices?

The core services include monoclonal antibody development, recombinant protein production, enzyme manufacturing, CGMP clinical manufacturing, and commercial manufacturing.

What is the significance of Avid Bioservices’ partnership with CIRM-funded programs?

The partnership allows CIRM-funded programs to access Avid’s suite of world-class CGT CDMO services, supporting clinical development activities and advancing biopharmaceutical innovations.

Is Avid Bioservices a publicly-traded company?

Yes, Avid Bioservices, Inc. is publicly traded on the NASDAQ under the ticker symbol CDMO.

What sets Avid Bioservices apart from other contract manufacturing organizations?

Avid Bioservices is known for its extensive experience, comprehensive development and manufacturing capabilities, and high-quality CGMP standards.

Who is the parent company of Avid Bioservices, Inc.?

Avid Bioservices is a subsidiary of Peregrine Pharmaceuticals, Inc.

What types of clients does Avid Bioservices serve?

Avid Bioservices serves the biotechnology and biopharmaceutical industries, providing them with process development and manufacturing services.

What stages of development can Avid Bioservices support?

Avid Bioservices can support all stages of development, from early-stage concepts to full-scale commercial production.

How does Avid Bioservices maintain its high production standards?

The company adheres to Current Good Manufacturing Practices (CGMP) and employs rigorous quality control measures throughout the production process.

Where can I find the latest news and updates about Avid Bioservices?

You can find the latest news and updates about Avid Bioservices on their official website and in the news section dedicated to the company.

Avid Bioservices, Inc.

Nasdaq:CDMO

CDMO Rankings

CDMO Stock Data

641.78M
63.80M
1.1%
104.16%
21.9%
Biotechnology
Pharmaceutical Preparations
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United States of America
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