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Avid Bioservices Inc. (CDMO+0.08%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports revenues of $33.5 million for the quarter, an increase from $25.4 million in the same period the previous year. This growth is attributed to higher manufacturing and process development revenues.
Cost of revenues for the quarter was $35.5 million, leading to a gross loss of $2.0 million, compared to a gross loss of $4.7 million in the previous year. The improvement is due to increased revenues, despite higher compensation, facility, and depreciation expenses.
Selling, general, and administrative expenses rose to $10.6 million from $6.6 million, driven by increased compensation and legal fees.
The company reported an operating loss of $12.6 million, compared to $11.2 million in the previous year, reflecting higher SG&A expenses.
Interest expense increased to $3.3 million from $0.8 million, primarily due to the issuance of 2029 Notes.
Other income (expense), net was a loss of $1.5 million, down from an income of $0.1 million, mainly due to an unrealized loss on an equity investment.
Avid Bioservices recorded no income tax benefit for the quarter, compared to a $2.4 million benefit in the previous year, due to a valuation allowance against deferred tax assets.
The company ended the quarter with a backlog of approximately $220 million, up from $199 million in the previous year.
Avid Bioservices entered into a merger agreement with Space Finco, Inc., with the merger subject to customary closing conditions, including shareholder approval and regulatory clearance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Avid Bioservices Inc. quarterly 10-Q report dated December 10, 2024. To report an error, please email earnings@qz.com.