Avid Bioservices (NASDAQ:CDMO) stock is falling on Friday following the release of its earnings report for its fiscal second quarter of 2024.
Avid Bioservices reported adjusted earnings per share of -12 cents alongside revenue of $25.4 million. In both cases, these are worse than Wall Street’s estimates of -1 cents per share and revenue of $33.22 million.
Also not helping CDMO stock today is an update to its revenue guidance for fiscal 2024. This has it now expecting revenue to range from $137 million to $147 million. Its prior estimates were for revenue between $145 million and $165 million. For the record, Wall Street’s annual revenue estimate is $150.15 million.
What Happened to CDMO in Q2?
Avid Bioservices president and CEO Nick Green said the following about headwinds in the second quarter of the year:
“Second quarter revenues were impacted by a number of factors, requiring us to decrease our revenue guidance for the 2024 full fiscal year. With these factors now behind us, we are looking ahead to the second half of the year with some optimism.”
CDMO stock is down 18% as of Friday morning, with some 48,000 shares traded. The company’s daily average trading volume is about 858,000 shares.
CDMO stock is down about 68% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
