Business
Maravai LifeSciences Announces Preliminary Unaudited First Quarter Revenues and Income From Operations Range
SAN DIEGO, April 05, 2021 (GLOBE NEWSWIRE) -- Maravai LifeSciences Holdings, Inc. (Maravai or the Company) (NASDAQ: MRVI), a global provider of life science
About this update from Maravai Lifesciences Holdings, Inc.
[{"type":"text","content":"SAN DIEGO, April 05, 2021 (GLOBE NEWSWIRE) -- Maravai LifeSciences Holdings, Inc. (Maravai or the Company) (NASDAQ: MRVI), a global provider of life science reagents and services to researchers and biotech innovators, today provided preliminary unaudited revenue and Income from Operations estimates for the quarter ended March 31, 2021. Subject to quarter-end closing adjustments, the Company expects to report total revenues of approximately $148 million for Q1 2021, an increase of 190% compared to Q1 2020 and a sequential increase of 50% compared to Q4 2020. These preliminary results exceed the Company’s most recent guidance provided on March 2, 2021, which projected Q1 2021 sequential revenue growth over Q4 2020 in the range of 30% to 35%. The Company has not yet completed its financial close process for the first quarter of 2021; however, the Company expects Income from Operations ranging between $80 million to $100 million for the quarter. The financial information included in this press release is preliminary and subject to adjustment. It does not present all information necessary for an understanding of the Company’s first quarter of 2021. The Company expects to report its completed financial results for the first quarter of 2021 in May 2021. \"Maravai’s strong momentum continued in the first quarter of 2021, primarily driven by the continued strength of our Nucleic Acid Production business,” said Carl Hull, Chairman and CEO. “I am very proud of the ways in which our extraordinary team, and our partners, continue to scale meaningfully to address the global COVID-19 pandemic. We look forward to sharing our full financial results on our first quarter earnings release call scheduled for May 10,” added Hull. Revenues by segment are expected to be: Three Months Ended March 31, in millions 2021 2020 $ Change % ChangeNucleic Acid Production $123.6 $30.5 $93.1 305%Biologics Safety Testing 17.6 14.3 3.3 23%Protein Detection 6.6 6.2 0.4 6%Total revenue $147.8 $51.0 $96.8 190% Maravai intends to provide its full financial results for the first quarter after the market close on Monday, May 10, 2021. Until that time, the preliminary revenue results described in this press release are estimates only and are subject to revision. When the Company reports its first quarter results, it also expects to provide updated financial guidance for fu...