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Avid Bioservices: Fiscal 1Q Earnings Snapshot

September 5, 2019

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.

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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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