Maravai LifeSciences Holdings, Inc. - MRVI STOCK NEWS

Maravai LifeSciences (NASDAQ: MRVI) announced the appointment of William “Trey” Martin, III as its new CEO, succeeding co-founder Carl Hull, who transitions to Executive Chairman. Martin brings over 25 years of leadership experience in life sciences, particularly in genomic medicine from Danaher Corporation. Hull will continue guiding Maravai’s long-term strategy alongside Martin. The management change aims to leverage Martin's expertise in driving growth within nucleic acid synthesis and biologics testing. The upcoming earnings call on November 2, 2022, will further discuss this transition.

Maravai (NASDAQ: MRVI) announced the addition of GMP-grade N1-Methyl-Pseudouridine-5’-Triphosphate to its product line through its subsidiary TriLink BioTechnologies. This critical raw material enhances mRNA manufacturing, supporting researchers in accelerating drug discovery timelines while sourcing materials domestically. The demand for N1-Methyl-Pseudouridine has surged, particularly due to its role in FDA-approved mRNA vaccines. TriLink aims to strengthen its industry position by leveraging over ten years of experience in manufacturing this product.

Maravai LifeSciences (NASDAQ: MRVI) will participate in two upcoming investor conferences in September 2022. CEO Carl Hull will engage in a fireside chat at the Morgan Stanley Global Healthcare Conference on September 12 at 9:20 a.m. ET, followed by a presentation at the Baird Global Healthcare Conference on September 13 at 9:05 a.m. ET. Live webcasts of these events will be available on Maravai's Investor Relations website, with archived versions accessible post-event. Maravai specializes in providing life science reagents and services for drug development, diagnostics, and research.

Maravai LifeSciences Holdings (MRVI) reported record financial results for Q2 2022, with revenue of $242.7 million, an 11% increase year-over-year. The Nucleic Acid Production segment saw a 17% revenue increase to $225.2 million. Net income reached $156.7 million, up 17% from the previous year. Noteworthy is the 42% growth in Nucleic Acid Production for the first half of 2022. The company signed a Cooperative Agreement with the Department of Defense for manufacturing expansion. Adjusted EBITDA for Q2 was $188.5 million, reflecting strong cash position for future growth.

Maravai LifeSciences (MRVI) will release its second quarter 2022 financial results post-market on August 4, 2022. A conference call will follow at 2:00 p.m. PT/5:00 p.m. ET, accessible via phone or webcast. The company specializes in life science products critical for drug therapy and vaccine development, supporting biotechnology and pharmaceutical sectors globally.

TriLink BioTechnologies, a subsidiary of Maravai LifeSciences (NASDAQ: MRVI), has appointed Dr. Kate Broderick as Senior Vice President of Research and Development. In this role, she will spearhead the company's R&D strategy and contribute to its growth as a key supplier of modified nucleic acids. Dr. Broderick brings over 15 years of experience from Inovio Pharmaceuticals, along with expertise in DNA technology, gene delivery, and vaccine development. Her leadership is expected to bolster TriLink's capabilities in supporting clients through clinical trials and product development.

Maravai LifeSciences (NASDAQ: MRVI) announced the appointment of Dr. Peter Leddy as Executive Vice President and Chief Administrative Officer. Dr. Leddy will lead global shared services functions, including Human Resources, Environmental, Social and Governance initiatives, and Diversity, Equity and Inclusion efforts. With over 30 years in the healthcare sector, his experience aims to foster long-term growth and enhance company culture. He previously consulted for Maravai and has held executive roles in various organizations. This strategic hire is expected to strengthen leadership as Maravai evolves in its market.

TriLink BioTechnologies, a Maravai LifeSciences company (NASDAQ: MRVI), announced a Cooperative Agreement with the Army Contracting Command to enhance its domestic production capacity for crucial mRNA vaccine components. The Department of Defense will fund up to $39 million for the expansion in San Diego, California, aimed at increasing manufacturing of nucleoside triphosphates and CleanCap® capping reagents. This initiative will also prepare the U.S. for future pandemics, addressing heightened demand for nucleic acid products critical to COVID-19 vaccine development.