AP NEWS

Avid Bioservices: Fiscal 4Q Earnings Snapshot

June 27, 2019

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDMO at https://www.zacks.com/ap/CDMO

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