Categories Earnings, Health Care

Avid Bioservices (CDMO) Q3 2020 Earnings Snapshot

— Avid Bioservices (NASDAQ: CDMO) reported a loss of $0.## per share for its third quarter of 2020 vs. expected loss of $0.04 per share.

— Revenue was $13.6 million vs. $15.42 million expected.

Earnings Update by AlphaStreet

— As of January 31, 2020, revenue backlog was approximately $58 million.

— For fiscal 2020, the company reduced its revenue outlook to a range of $55 million to $59 million from the previously issued guidance of $64 million to $67 million.

— Avid Bioservices stated that the temporary production interruption resulted in lower revenue and profits for the third quarter. This interruption is also expected to impact revenues and profits for the fourth quarter of fiscal 2020.

— CDMO shares plummeted more than 15% during the after-hours. 

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