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. (formerly traded on Nasdaq under the symbol CDMO) is a dedicated biologics contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biologics for biotechnology and biopharmaceutical customers. The news flow around Avid covers both its operational role as a biologics CDMO and significant corporate events that have reshaped its status as a public company.
News items for Avid include announcements about its all-cash acquisition by funds managed by GHO Capital Partners LLP and Ampersand Capital Partners, a transaction valued at approximately $1.1 billion. Coverage details the definitive merger agreement, the approval of the transaction by Avid stockholders, and subsequent confirmation that the company’s common stock has ceased trading and will be delisted from Nasdaq, with Avid continuing to operate under its existing name and brand as a privately held company.
In addition to merger and delisting developments, Avid’s news feed features financial results for recent quarters, highlighting revenues from biologics manufacturing and process development, backlog levels, and commentary on demand from biotechnology and pharmaceutical customers. Releases also describe new business signings, including early-phase and late-stage programs, and reference the company’s investments in infrastructure, facilities, capacity and capabilities.
Another important category of news relates to capital structure and securities, such as the company’s 7.00% Convertible Senior Notes due 2029. Avid has issued notices to noteholders describing Fundamental Change and Make-Whole Fundamental Change events triggered by the closing of the merger, along with associated repurchase and conversion rights.
Investors and researchers can use the CDMO news page on Stock Titan as an archive of these developments, from Avid’s period as a publicly traded biologics CDMO through its acquisition and transition to private ownership.
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.
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.
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.
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.
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.
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.
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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