Avid Bioservices reports mixed Q4 results; initiates FY24 outlook

Avid Bioservices press release (NASDAQ:CDMO): Q4 GAAP EPS of -$1.94 misses by $1.90.
Revenue of $42.98M (+8.0% Y/Y) beats by $0.84M.
As of April 30, 2024, the company’s backlog was $193 million, consistent with a backlog of $191 million at the end of the same quarter last year.
The company anticipates a significant amount of its backlog will be recognized as revenue over the next five fiscal quarters.
On April 30, 2024, Avid reported cash and cash equivalents of $38.1 million, compared to $38.5 million on April 30, 2023.
Outlook: The company is providing revenue guidance for fiscal 2025 of $160 million to $168 million, vs. consensus of $165.37 million.