Avid Bioservices, Inc. (NASDAQ:CDMO) shares are trading higher on Wednesday following the company reporting better-than-expected 2024 fiscal-year fourth quarter sales.
The Details: Avid reported fourth quarter financial results on Tuesday after the market closed. The company reported a loss of $1.94 per share missing analyst estimates of a loss of 4 cents per share.
In addition, the company reported sales of $43 million beating analyst estimates of $42.14 million. This figure represents a 8.04% increase in sales year-over-year.
Avid also issued guidance for the 2025 fiscal year. The company sees revenue between $160 million and $168 million versus analyst estimates of $164 million.
"We generated the highest quarterly revenues in Avid's history, meeting our current revenue expectations for the year. During the period we signed multiple new project agreements, and we continue to see positive signs for business development in the year ahead," said Nick Green, CEO of Avid Bioservices.
Analyst Changes: Following the earnings report, one analyst issued a price target adjustment.
- RBC Capital analyst Sean Dodge reiterates Avid Bioservices with a Outperform and maintains $8 price target.
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CDMO Price Action: At the time of writing, Avid stock is trading 16.6% higher at $7.8, according to data from Benzinga Pro.
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