05:15 PM EST, 03/06/2024 (MT Newswires) -- Avid Bioservices ( CDMO ) reported fiscal Q3 preliminary revenue of $33.8 million, down 11% from $38 million a year earlier.

Analysts polled by Capital IQ expect $34.3 million.

The company said Wednesday it's maintaining revenue guidance for fiscal year 2024 at $137 million to $147 million.

Analysts polled by Capital IQ expect $138.9 million.

Avid said in a separate statement it plans to start a private placement of $160 million convertible senior notes due 2029 and expects to price the offering before Thursday.

Proceeds will be used to repurchase a portion of 1.25% exchangeable senior notes due 2026 and repay in full the remaining outstanding notes, the company said.

Shares of the company slumped 31% in after-hours trading.

Price: 6.04, Change: -2.75, Percent Change: -31.29