Revenue rose 33% to $34.8M, and beat by $2.74M. While, Q2 GAAP EPS of -$0.02 missed by $0.01.
However, Revenue backlog was $147M, 23% Y/Y rise.
Selling, general and administrative cost for the second quarter of fiscal 2023 were $6.8M, an increase of 36% Y/Y.
Craig-Hallum analyst Matt Hewitt lowered the firm's price target on Avid Bioservices to $25 from $30 and keeps a Buy rating on the shares.
The analyst noted that Avid provided a nice beat on revenues, increased their full year 2023 revenue guidance and commentary on the call was fairly upbeat.
He believes the company can continue to outperform its peers as it has no COVID exposure, continues to benefit from capacity constraints in the markets it competes in.
