Business
Maravai LifeSciences Reports First Quarter 2022 Financial Results
Affirms Revenue Guidance and Raises Adjusted EBITDA and Adjusted EPS Guidance SAN DIEGO, May 05, 2022 (GLOBE NEWSWIRE) -- Maravai LifeSciences Holdings, Inc.
About this update from Maravai Lifesciences Holdings, Inc.
[{"type":"text","content":"Affirms Revenue Guidance and Raises Adjusted EBITDA and Adjusted EPS Guidance\nSAN DIEGO, May 05, 2022 (GLOBE NEWSWIRE) -- Maravai LifeSciences Holdings, Inc. (Maravai) (NASDAQ: MRVI), a global provider of life science reagents and services to researchers and biotech innovators, today reported financial results for the first quarter ended March 31, 2022, together with other business updates. Highlights include: Record quarterly revenue of $244.3 million, an increase of 65% over the prior year;Nucleic Acid Production base business revenue (excluding COVID-19 related CleanCap® revenue) increased 55% over the prior year;Net income of $146.9 million for the first quarter, representing growth of 95% over the prior year;Record Adjusted EBITDA margins of 77%;Increase to full year 2022 guidance for Adjusted EBITDA and Adjusted Fully Diluted Earnings per Share (EPS); andExpansion of our Senior Leadership team with the addition of Deborah (“Deb”) Barbara as Vice President, Business Development and Strategy. \"Maravai produced another solid quarter of growth, delivering a record-setting first quarter with total revenues reaching $244.3 million, up 65% over the first quarter of 2021. This excellent performance included 55% revenue growth in our Nucleic Acid Production base business, after excluding approximately $172.9 million of COVID-19 related CleanCap revenue in the quarter,” said Carl Hull, Chairman and CEO. “Our base business continues to deliver substantial revenue growth, reflecting strong demand for our products in therapeutic and vaccine development programs for non-COVID indications. We expect momentum to continue to build across our global customer base as mRNA research advances beyond COVID-19 and cell and gene therapy development accelerates.” Revenue for the First Quarter 2022 Three Months Ended March 31, 2022 2021 Year-over-Year % ChangeNucleic Acid Production$223,650 $123,932 80.5 %Biologics Safety Testing 20,643 17,649 17.0 %Protein Detection (sold in Sept. 2021) — 6,630 (100.0)%Total Revenue$244,293 $148,211 64.8 % First Quarter 2022 Financial Results Revenue for the first quarter was $244.3 million, representing a 65% increase over the same period in the prior year and was driven by the following: Nucleic Acid Production revenue was $223.7 million for the first quarter, representing an 80% increase year-over-year and ref...