Avid Bioservices: Fiscal 4Q Earnings Snapshot
TUSTIN, Calif. (AP) _ Avid Bioservices Inc. (CDMO) on Thursday reported fiscal fourth-quarter net income of $336,000.
The Tustin, California-based company said it had profit of 2 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 3 cents per share.
The contract manufacturer posted revenue of $17.1 million in the period.
For the year, the company reported that its loss narrowed to $4.2 million, or 16 cents per share. Revenue was nearly unchanged at $53.6 million.
In the final minutes of trading on Thursday, the company’s shares hit $4. A year ago, they were trading at $3.93.