Avid Bioservices, Inc. [CDMO], a leading provider of contract development and manufacturing services for the biotechnology industry, has reported a net loss of $2.1 million for the quarter ended July 31, 2023. The company generated quarterly revenue of $37.7 million, reflecting solid growth compared to the previous year.
Despite the net loss, Avid Bioservices experienced significant revenue growth in the quarter, with a year-over-year increase of $1.0 million. This growth was driven by strong demand for the company's services, as well as successful client partnerships. However, the net loss can be attributed to higher operating expenses, including selling, general, and administrative costs.