Avid Bioservices Delivers Strong Q4 2021 Results; Expects FY2022 Revenue To Grow 20% - 22%

(RTTNews) - Avid Bioservices Inc (CDMO), a contract development and manufacturing organization, has reported strong financial results for the fourth quarter and full fiscal year 2021, ended April 30, 2021.

Revenues for the fourth quarter of fiscal 2021 were $27.6 million compared to $12.6 million in the fourth quarter of fiscal 2020.

Net loss attributable to common stockholders for the fourth quarter of fiscal 2021 narrowed to roughly $2.7 million or $0.04 per share from $6.2 million or $0.11 per share in the year-ago period.

Looking ahead, the company expects annual revenue for fiscal 2022 to be in the range of $115 to $117 million. The annual revenue in fiscal 2021 was $95.9 million.

Cash and cash equivalents as of April 30, 2021, were $169.9 million.

AVID closed Tuesday's trading at $24.07, down 1.67%.