Maravai LifeSciences Holdings, Inc. - MRVI STOCK NEWS

Maravai LifeSciences (NASDAQ: MRVI) announced its participation in two investor conferences in March 2023. The Chief Financial Officer, Kevin Herde, and Vice President, Deborah Barbara, will engage in a fireside chat at the Barclays Global Healthcare Conference on March 15, 2023, at 2:00 p.m. PST. Additionally, Carl Hull, Chairman of the Board and Interim CEO, will participate in a fireside chat at the KeyBanc Capital Markets Life Sciences and MedTech Investor Forum on March 21, 2023, at 9:45 a.m. PST. Interested parties can access a live webcast and archived presentations through the Maravai Investor Relations website.

Maravai LifeSciences Holdings, Inc. (NASDAQ: MRVI) reported a 10.4% decrease in fourth-quarter revenue of $204.7 million compared to the previous year, driven by a 11% decline in Nucleic Acid Production revenue. Annual revenue increased 10.5% to $883.0 million, with significant contributions from COVID-19 related CleanCap revenues. The company announced the acquisition of Alphazyme, LLC to enhance its enzyme manufacturing capabilities. For 2023, Maravai provided revenue guidance between $420 million to $460 million, projecting over 20% growth in base business revenues. Net income for the fourth quarter was $87.4 million, down from $127.1 million last year.

Maravai LifeSciences, Inc. (NASDAQ: MRVI) is set to release its fourth quarter and full year 2022 financial results on February 22, 2023. The announcement will occur after the market closes, followed by a conference call at 2:00 p.m. PT/5:00 p.m. ET. Investors can join the call via telephone or through a live and archived webcast available on the company’s investor website. As a leading provider of life science reagents, Maravai supports research and development in drug therapies, diagnostics, and vaccines, catering to top biopharmaceutical and gene therapy firms.

Maravai LifeSciences has announced the appointment of William “Trey” Martin, III as President of its Biologics Safety Testing Segment starting December 5, 2022. He is expected to become the company’s CEO on July 27, 2023. Previously, Martin was placed on paid leave due to a lawsuit concerning a noncompetition agreement but has reached a confidential settlement. Christine Dolan will continue as COO reporting to Martin, while Carl Hull remains Executive Chairman and Interim CEO. The company emphasizes confidence in Martin’s leadership amidst these transitions.

Maravai LifeSciences (NASDAQ: MRVI) announced the launch of the MockV® RVLP Kit through its subsidiary, Cygnus Technologies. This innovative kit allows biopharmaceutical scientists to quantify the removal of Retrovirus-Like Particles (RVLPs) from CHO cell lines, crucial for ensuring viral safety in biopharmaceutical production. The kit includes a concentrated stock solution of RVLPs and addresses industry needs for viral clearance studies, enabling companies to optimize manufacturing processes independently. This launch marks the second product in the MockV® portfolio since acquiring MockV Solutions in 2020.

Maravai LifeSciences (NASDAQ: MRVI) announces participation in two key investor conferences. On November 8, 2022, CFO Kevin Herde and COO Brian Neel will engage in a fireside chat at the Credit Suisse Healthcare Conference in California. Subsequently, on December 6, 2022, Mr. Herde will present at the Nasdaq Investor Conference in London, UK. Live webcasts will be accessible via their Investor Relations website, with archived versions available post-event. Maravai is a key provider of life science reagents supporting drug therapy and diagnostics development.

Maravai LifeSciences Holdings, Inc. (MRVI) reported Q3 2022 revenue of $191.3 million, down 7% year-over-year, driven by a 4% decline in Nucleic Acid Production revenue. Net income reached $99.7 million, while Adjusted EBITDA was $132.5 million. The company has updated its 2022 financial guidance, reflecting expectations amidst ongoing market conditions. The revenue included $126.5 million from COVID-19 related CleanCap sales, which decreased from the previous year due to lower demand from vaccine manufacturers.

Maravai LifeSciences faces a legal challenge as its newly appointed CEO, Trey Martin, is accused of breaching a noncompetition agreement by three subsidiaries of Danaher Corporation. The Delaware Court of Chancery has issued a temporary restraining order against Martin, preventing him from working at Maravai until a preliminary injunction hearing. In the interim, former CEO Carl Hull has been reinstated to lead the company. Hull expressed confidence in Martin and criticized the lawsuit's impact on employee mobility in California.