AVID BIOSERVICES Reports Earnings Results for Q1 FY2024
September 13, 2023
☀️Earnings Overview
On September 7 2023, AVID BIOSERVICES ($NASDAQ:CDMO) reported their financial results for the first quarter of FY2024, which concluded on July 31 2023. They posted total revenue of USD 37.7 million, a 2.8% year-over-year increase from the prior year. Net income was USD -2.1 million, a decline from the 1.6 million recorded the previous year.
Stock Price
On Thursday, AVID BIOSERVICES released their earnings results for the first quarter of FY2024, revealing a less-than-stellar performance. The stock opened at $12.2 but closed at $11.6, a decrease of 4.8% from its previous closing price. This downtrend can be attributed to the company’s lower-than-expected earnings and profit margins, which failed to meet analysts’ projections.
The company’s weak financial performance may have been due to the higher costs associated with their ongoing research and development efforts. Despite these challenges, AVID BIOSERVICES remains optimistic about their future prospects and will continue to apply their scientific expertise and innovative solutions to create value for their customers. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Avid Bioservices. More…
| Total Revenues | Net Income | Net Margin |
| 150.3 | -3.1 | -2.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Avid Bioservices. More…
| Operations | Investing | Financing |
| -8.13 | -84.83 | 2.72 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Avid Bioservices. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 442.34 | 251.74 | 3.02 |
Key Ratios Snapshot
Some of the financial key ratios for Avid Bioservices are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 29.1% | – | -0.1% |
| FCF Margin | ROE | ROA |
| -61.8% | -0.0% | -0.0% |
Analysis
At GoodWhale, we are passionate about helping you make informed decisions when it comes to investing. That’s why we have analyzed AVID BIOSERVICES’ financials to give you a better understanding of their risk profile. We have determined that AVID BIOSERVICES is a medium risk investment in terms of financial and business aspects. To provide you with even more insight, we have detected four risk warnings in the income sheet, balance sheet, cashflow statement, and financial journal. To view these warnings in detail, you must become a registered user. With GoodWhale, you can trust that you are making the best investment decisions for your money. Sign up today and start your journey towards a successful financial future. More…
Peers
The company has a portfolio of products in various stages of development, including two clinical-stage assets. Its competitors include BriaCell Therapeutics Corp, Greenwich LifeSciences Inc, and Prelude Therapeutics Inc.
– BriaCell Therapeutics Corp ($TSX:BCT)
BriaCell Therapeutics Corp is a clinical stage biotechnology company that focuses on developing targeted immunotherapy treatments for breast cancer. As of 2022, the company has a market capitalization of 112.66 million and a return on equity of -18.56%. The company’s products are still in development and have not yet been approved for use by the US Food and Drug Administration. Despite this, the company’s products have shown promise in early clinical trials and have the potential to become a major treatment option for breast cancer patients in the future.
– Greenwich LifeSciences Inc ($NASDAQ:GLSI)
Greenwich LifeSciences Inc is a biopharmaceutical company that focuses on the development and commercialization of immunotherapy products for the treatment of cancer. The company’s market cap as of 2022 is 119.74M and its ROE is -16.63%. The company’s products are designed to harness the power of the immune system to target and kill cancer cells.
– Prelude Therapeutics Inc ($NASDAQ:PRLD)
Prelude Therapeutics Inc is a clinical-stage biopharmaceutical company that focuses on the development of precision medicines for the treatment of cancer. The company’s market cap is 321.98M as of 2022 and its ROE is -38.09%. The company’s products are in various stages of development, including two products that are in Phase III clinical trials.
Summary
AVID BIOSERVICES reported their first quarter FY2024 earnings results on September 7 2023, showing an overall 2.8% increase in total revenue compared to the same period a year prior. Net income was USD -2.1 million, a decrease from the year prior. The stock price of AVID BIOSERVICES responded accordingly to the news, dropping on the same day. Therefore, investors should consider the earnings results when reviewing AVID BIOSERVICES as an investment option, taking into account both the positive year-over-year growth in revenue and the decrease in net income when assessing potential returns.
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