TUSTIN, Calif. (AP) — TUSTIN, Calif. (AP) — Avid Bioservices Inc. (CDMO) on Monday reported a loss of $5.5 million in its fiscal first quarter.
The Tustin, California-based company said it had a loss of 9 cents per share. Losses, adjusted for stock option expense and non-recurring costs, came to 3 cents per share.
The contract manufacturer posted revenue of $40.2 million in the period.
Avid Bioservices expects full-year revenue in the range of $160 million to $168 million.
Avid Bioservices shares have risen 36% since the beginning of the year. In the final minutes of trading on Monday, shares hit $8.87, a decline of 24% in the last 12 months.
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