By Connor Hart

Shares of Avid Bioservices jumped after the company posted higher revenue in its fiscal first quarter and forecast continued growth.

The stock was up 19% to $10.61 on Tuesday, on pace for its largest percent increase since March 14, 2023. Shares are up 63% since the beginning of the year.

The Tustin, Calif., biopharmaceutical company on Monday reported a net loss of $5.5 million, or 9 cents a share, in the quarter ended July 31, compared with a loss of $2.1 million, or 3 cents a share, in last year's quarter.

Revenue rose 6% to $40.2 million, boosted by an increase in process development revenue. Analysts polled by FactSet expected revenue of $40.8 million.

Avid signed $66 million of net new orders during the recent quarter, resulting in a backlog of $219 million, up 13% from last year. The company said it anticipates a significant amount of its backlog will be recognized as revenue over the next five fiscal quarters.

Chief Executive Nick Green said the company will generate higher margins as revenue, as well as capacity utilization, increases.

The company backed its full-year revenue outlook, and expects sales between $160 million and $168 million, the midpoint of which is just above the $163.7 million that analysts polled by FactSet expect.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

September 10, 2024 15:14 ET (19:14 GMT)

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