- Avid Bioservices Inc (NASDAQ:CDMO) reported Q4 FY22 sales of $31.2 million, up 13% Y/Y, beating the consensus of $28.96 million.
- The growth is attributed to an increase in the scope of in-process and completed manufacturing runs and process development revenues.
- The company signed multiple new project orders during Q4 totaling approximately $44 million.
- For FY22, the company signed net new project orders for $155 million, leading to a backlog of $153 million (+30%), Avid's largest backlog to date.
- Q4 gross margin was 22%, down from 29% a year ago, primarily from increases in costs partially offset by higher revenues.
- Avid Bioservices posted a Q4 EPS of $1.65, a shift from an EPS loss of $(0.04) a year ago.
- The company reported $126.2 million in cash and cash equivalents.
- Guidance: Avid Bioservices expects FY23 sales of $140 million - $145 million, a 17% - 21% increase over FY22, compared to the consensus of $146.5 million.
- Price Action: CDMO shares closed 5.47% higher at $16.00 during after-hours trading on Wednesday.
