Maravai LifeSciences Announces Preliminary Unaudited 2024 Revenue

Rhea-AI Summary

Maravai LifeSciences (NASDAQ: MRVI) has released preliminary unaudited revenue expectations for 2024, projecting figures near the mid-point of their previously announced guidance range of $255.0 million to $265.0 million. The company plans to announce its fourth quarter and full year 2024 financial results after market close on February 25, 2025, followed by a conference call at 2:00 p.m. PT/ 5:00 p.m. ET.

The company notes that these preliminary results are subject to year-end closing adjustments and audit procedures, and actual results may differ due to inherent business risks and developments during the financial closing process.

Positive

• Revenue expected to meet guidance range of $255-265 million

Negative

• None.

Insights

Financial Analyst

Maravai's preliminary 2024 revenue projection landing near the mid-point of $255-265 million guidance range warrants careful analysis. Taking the mid-point of $260 million implies a substantial decline from 2023's revenue of $326 million, representing a 20.2% year-over-year decrease. This drop reflects ongoing challenges in the post-COVID landscape where demand for nucleic acid production products has normalized.

The biotech sector's current market dynamics suggest this revenue decline was anticipated by investors, as evidenced by MRVI's share price performance throughout 2024. With a market cap of $842.5 million, the company trades at approximately 3.2x expected 2024 sales - a valuation multiple that appears reasonable for a life sciences tools company in transition.

The preliminary revenue announcement hitting guidance targets demonstrates management's ability to forecast accurately in a challenging environment, though investors should note these figures are subject to audit adjustments. The scheduled February earnings call will be important for understanding margin profiles, cash flow metrics and 2025 guidance - elements not addressed in this preliminary announcement but essential for valuing the stock.

Market Research Analyst

The life sciences tools sector is undergoing a significant recalibration phase and Maravai's revenue projection reflects broader industry trends. The company's ability to meet guidance despite market headwinds suggests effective inventory management and customer retention strategies. However, the preliminary nature of these results and the explicit disclaimers regarding potential adjustments warrant cautious interpretation.

Looking at competitive positioning, Maravai's revenue performance must be contextualized within the broader life sciences tools market, where companies are adapting to normalized demand patterns post-pandemic. The projected revenue implies a market share holding pattern rather than expansion, though maintaining revenue within guidance during a transitional period demonstrates operational resilience.

The timing of this announcement, coming early in January, suggests confidence in the preliminary figures despite the standard audit disclaimers. This transparency helps reduce market uncertainty heading into the full earnings release, though investors should focus on upcoming details about growth initiatives and margin preservation strategies during the February call.

Announces Earnings Release Date

SAN DIEGO, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Maravai LifeSciences Holdings, Inc. (Maravai) (NASDAQ: MRVI), a global provider of life science reagents and services to researchers and biotech innovators, today announced that based on preliminary year-end results and subject to year-end closing adjustments, the Company expects to report total 2024 revenue near the mid-point of the previously announced guidance range of $255.0 million and $265.0 million.

The Company also announced that it plans to announce its fourth quarter and full year 2024 financial and operating results after the market closes on Tuesday, February 25, 2025, and will host a conference call and webcast on the same day at 2:00 p.m. PT/ 5:00 p.m. ET.

To participate in the conference call by telephone, dial (877) 407-0752 or (201) 389-0912 and reference Maravai LifeSciences. The call will also be available via live or archived webcast on the "Investors" section of the Maravai web site at https://investors.maravai.com.

The Company has not yet completed its financial close process for the full year 2024. Actual results may differ from those set forth in this release due to the risks and uncertainties inherent in Maravai’s business, including, without limitation, audit adjustments and other developments that may arise between now and the completion of our year-end financial closing procedures and our independent registered public accounting firm’s audit of our full year 2024 consolidated financial results. Such preliminary revenue results for full year 2024 are subject to change, and should not be viewed as a substitute for audited financial information prepared in accordance with accounting principles generally accepted in the U.S. Our independent registered public accounting firm has not audited, nor has it performed any review and other procedures with respect to the preliminary results set forth in this release, nor has it expressed any opinion or any other form of assurance on the preliminary revenue results for 2024 set forth herein.

About Maravai

Maravai is a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics, and novel vaccines and to support research on human diseases. Maravai’s companies are leaders in providing products and services in the fields of nucleic acid synthesis and biologics safety testing to many of the world's leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies.

Forward-Looking Statements

This press release contains, and our officers and representatives may from time-to-time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding our expected revenue for full year 2024, constitute forward-looking statements and are identified by words like “believe,” “expect,” “may,” “will,” “should,” “seek,” “anticipate,” or “could” and similar expressions.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

• potential errors made in calculating the preliminary revenue estimate for 2024;
• adjustments that may arise in connection with the year-end financial close process or our independent registered public accounting firm's audit of our consolidated financial statements for 2024; and
• such other factors as discussed throughout the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Maravai’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, as well as other documents Maravai files with the Securities and Exchange Commission.
  

Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

FAQ

What is Maravai LifeSciences' (MRVI) expected revenue for 2024?

Maravai LifeSciences expects 2024 revenue near the mid-point of their guidance range of $255.0 million to $265.0 million.

When will MRVI release its Q4 and full-year 2024 earnings?

Maravai LifeSciences will release its Q4 and full-year 2024 earnings after market close on February 25, 2025.

What time is MRVI's Q4 2024 earnings conference call?

The earnings conference call is scheduled for February 25, 2025, at 2:00 p.m. PT/ 5:00 p.m. ET.

Are Maravai LifeSciences' (MRVI) 2024 revenue figures final?

No, these are preliminary unaudited figures subject to year-end closing adjustments and audit procedures.