TUSTIN, Calif. (AP) _ Avid Bioservices Inc. (CDMO) on Tuesday reported a loss of $2.1 million in its fiscal third quarter.
On a per-share basis, the Tustin, California-based company said it had a loss of 6 cents.
The results did not meet 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 $13.6 million in the period.
Avid Bioservices expects full-year revenue in the range of $55 million to $59 million.
Avid Bioservices shares have fallen 22% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $5.97, a climb of 45% in the last 12 months.