Avid Bioservices (NASDAQ:CDMO) reported its Q2 results, with EPS coming in at $0.02, worse than the Street estimate of $0.04. Revenue was $36.7 million, compared to the Street estimate of $33.44 million.

Q2 was another strong quarter of bookings ($41 million, up 78% year-over-year) that helped contribute to the fourth consecutive increase in the company's backlog, which now stands at $157 million.

The company still expects the majority of this to convert to revenue within 12 months; notably, this is ahead of the 2023 revenue guidance of $140-145 million (vs. Street’s $143 million).