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Avid Bioservices: Fiscal 3Q Earnings Snapshot

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.

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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