Avid Bioservices, Inc. Records Net Loss of $2.1 Million in Q2 2023
Revenue Climbs to $37.7 Million in Q2 2023
Avid Bioservices, Inc.(CDMO), a leading provider of biol ogics manufacturing services, has released its financial results for the second quarter of 2023. The report reveals a net loss of $2.1 million, a noteworthy decline compared to the net income of $1.6 million in the same period the previous year. Despite this loss, the company reported increased revenues for the quarter, totaling $37.7 million compared to $36.7 million in Q2 2022.
The second quarter of 2023 brought challenging financial results for Avid Bioservices, Inc. The company reported a net loss of $2.1 million, marking a significant decline from the $1.6 million in net income recorded during the same period in 2022.
Despite the net loss, Avid Bioservices, Inc. experienced an increase in its quarterly revenues. Q2 2023 saw the company generate $37.7 million in revenue, a positive trend compared to the $36.7 million achieved in the second quarter of 2022.
