Avid Bioservices, INC 10-Q quarterly reports
Quarterly reports, with unaudited financial statements and management’s discussion of the quarter just ended.
Avid Bioservices saw a 32% increase in revenue for the second fiscal quarter, reaching $33.5 million, while also announcing a pending merger agreement.
10-Q: Avid Bioservices Reports 6% Revenue Increase in First Fiscal Quarter, Backlog Reaches $219 Million
Avid Bioservices saw a 6% increase in revenue to $40.2 million in the first fiscal quarter, driven by growth in process development, and ended the quarter with a backlog of $219 million.
Avid Bioservices reported a net loss for the third quarter of fiscal year 2024, driven by decreased revenue and increased costs, while also addressing a debt default through a new convertible note offering.
Avid Bioservices has amended its Q2 financials to correct the classification of its 2026 convertible notes as a current liability and to adjust for understated interest expenses.
Avid Bioservices has restated its first quarter 2024 financials due to an error in classifying its 2026 convertible notes as long-term debt instead of a current liability.