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Avid Bioservices: Fiscal 2Q Earnings Snapshot

TUSTIN, Calif. (AP) _ Avid Bioservices Inc. (CDMO) on Monday reported a loss of $1.5 million in its fiscal second quarter.

The Tustin, California-based company said it had a loss of 5 cents per share. Losses, adjusted to account for discontinued operations, were 6 cents per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 9 cents per share.

The contract manufacturer posted revenue of $10.2 million in the period.

Avid Bioservices expects full-year revenue in the range of $51 million to $55 million.

Avid Bioservices shares have climbed 34 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $5.20, a decline of 1 percent 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