— Avid Bioservices (NASDAQ: CDMO) reported a second-quarter 2020 loss of $0.03 per share versus a loss of $0.05 per share expected.
— Revenue soared by 80% to $18.3 million versus $14.25 million expected. This was driven by an increase in the number of in-process and completed manufacturing runs as a result of growing demand from a more diversified client base.
— As of October 31, 2019, revenue backlog was about $52 million, a decrease of 16% as compared to the first quarter of fiscal 2020. The company expects to recognize the majority of this backlog within the next twelve months.
— The gross margin increased to 18% from 3% in the prior-year quarter. This was primarily attributed to the increased number of manufacturing runs.
— Looking ahead into fiscal 2020, the company confirmed its revenue outlook in the range of $64 million to $67 million. In contrast, analysts expect revenue of $65.38 million for the full year.
— The company launched expanded process development (PD) facilities and services. Also, it expanded the scope of work with multiple existing customers to increase the number of manufacturing batches and/or scale of production.