Avid Bioservices: Fiscal Q1 Earnings Snapshot

Associated Press Finance
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TUSTIN, Calif. (AP) — TUSTIN, Calif. (AP) — Avid Bioservices Inc. (CDMO) on Thursday reported a fiscal first-quarter loss of $2.1 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Tustin, California-based company said it had a loss of 3 cents. Earnings, adjusted for one-time gains and costs, were less than 1 cent on a per-share basis.

The contract manufacturer posted revenue of $37.7 million in the period.

Avid Bioservices expects full-year revenue in the range of $145 million to $165 million.

Avid Bioservices shares have dropped 16% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $11.62, a decrease of 28% 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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