Avid Bioservices: Fiscal 1Q Earnings Snapshot
TUSTIN, Calif. (AP) _ Avid Bioservices Inc. (CDMO) on Thursday reported a loss of $3.2 million in its fiscal first quarter.
The Tustin, California-based company said it had a loss of 8 cents per share.
The results missed 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 $15.3 million in the period.
Avid Bioservices expects full-year revenue in the range of $64 million to $67 million.
Avid Bioservices shares have increased 71% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $7.03, declining slightly in the last 12 months.