Entrepreneur
Kurra Bewarse Username: Entrepreneur
Post Number: 3361 Registered: 05-2011 Posted From: 65.35.45.47
Rating: N/A Votes: 0 | Posted on Thursday, March 04, 2021 - 7:08 pm: | |
CDMO is a contract development and manufacturing organization (CDMO) focused on development and manufacturing of biopharma drug substances derived from mammalian cell culture. The company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services. During 4Q18, the company changed its focus to become a pure-play CDMO and ceased its own R&D activities. The stock has been steadily rising since early December when CDMO reported strong Q2 (Oct) record revenue and said it expanded its customer base and project pipeline. This led to a significant increase in FY21 revenue guidance to $84-88 mln. For the first six months of FY21, revenue jumped 38% yr/yr to $46.5 mln. The next few quarters look promising also with a current revenue backlog of $67 mln, up 12% sequentially. This represents the highest level of backlog Avid has achieved since becoming a pure-play CDMO. The company expects to recognize most of this backlog over the next 12 months. In Q2, CDMO signed new orders for $28 mln with new and existing customers including a new process development customer and a new manufacturing project within an existing customer. Finally, the company is small, but it seems to be showing success in its conversion to CDMO. It's also expanding its production capacity and is growing into a decent size CDMO play. |