Avid Bioservices Inc (NASDAQ: CDMO) reported Q2 FY24 sales of $25.4 million, down 27% Y/Y, primarily attributed to fewer year-to-date manufacturing runs, a reduction in process development services from early-stage customers, and a reduction of revenue for changes in estimated variable consideration under a contract where uncertainties have been resolved.
Analyst consensus stood at $33.21 million. As of October 31, 2023, the company's revenue backlog was $199 million, up 35%.
The gross margin was negative 18% compared to 12% for the same period in the ...