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Avid Bioservices: Fiscal 1Q Earnings Snapshot

TUSTIN, Calif. (AP) _ Avid Bioservices Inc. (CDMO) on Tuesday reported fiscal first-quarter net income of $4.7 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Tustin, California-based company said it had profit of 6 cents.

The contract manufacturer posted revenue of $25.4 million in the period.

Avid Bioservices expects full-year revenue in the range of $76 million to $81 million.

Avid Bioservices shares have increased nearly 10% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $8.41, a rise of 22% 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