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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Avid Bioservices
Avid Bioservices (CDMO) investor relations material
Avid Bioservices has been acquired
Avid Bioservices Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary10 Dec, 2024
Executive summary
Revenues for Q2 FY2025 were $33.5 million, up 32% year-over-year, and $73.7 million for the six months, driven by higher manufacturing and process development revenues.
Backlog rose to $220 million at quarter-end, up 11% year-over-year, with significant revenue recognition expected over the next five quarters.
Net loss for Q2 FY2025 was $17.4 million ($0.27/share), and $22.9 million ($0.36/share) for the six months, reflecting increased SG&A and interest expenses.
On November 6, 2024, a definitive merger agreement was signed for acquisition by affiliates of GHO Capital Partners LLP and Ampersand Capital Partners, with shareholders to receive $12.50 per share in cash, a 13.8% premium to pre-announcement price.
The all-cash transaction is valued at $1.1 billion and is expected to close in Q1 2025.
Financial highlights
Q2 FY2025 revenues increased to $33.5 million from $25.4 million year-over-year; manufacturing revenues rose by $7.1 million and process development revenues by $0.9 million.
Gross loss for Q2 FY2025 was $2.0 million (negative 6% margin), improved from a $4.7 million loss (negative 18% margin) in the prior year.
SG&A expenses rose to $10.6 million, up 61% year-over-year, mainly due to higher compensation, benefits, and legal fees.
Cash and cash equivalents at October 31, 2024, were $33.4 million, down from $38.1 million at April 30, 2024.
Company’s revolving line of credit expired during the quarter.
Outlook and guidance
Management expects existing cash and anticipated operating cash flows to fund operations for at least the next 12 months.
Financial guidance is suspended due to the pending acquisition.
Significant portion of backlog expected to convert to revenue over the next five fiscal quarters.
Short-term capital expenditures for fiscal 2025 are projected at $5–$7 million.
During the merger pendency, the company is restricted from raising capital or making significant operational changes outside the ordinary course.
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Avid Bioservices
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Frequently asked questions
Avid Bioservices, Inc. is a contract development and manufacturing organization (CDMO) that provides specialized services for the biotechnology and biopharmaceutical industries. The company focuses on biologics, offering process development, clinical and commercial Current Good Manufacturing Practice (CGMP) manufacturing, and related services. These include bulk packaging, release and stability testing, regulatory support, upstream and downstream process optimization, analytical methods development, and cell line development. Avid supports projects from early preclinical stages to commercial-scale production. Its shares are listed on the NASDAQ.