Business
Maravai LifeSciences Reports First Quarter 2023 Financial Results
Continued Focus on Expanding Product Portfolio, Market Leadership and Scientific Innovation SAN DIEGO, May 08, 2023 (GLOBE NEWSWIRE) -- Maravai LifeSciences
About this update from Maravai Lifesciences Holdings, Inc.
[{"type":"text","content":"Continued Focus on Expanding Product Portfolio, Market Leadership and Scientific Innovation\nSAN DIEGO, May 08, 2023 (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, 2023, together with other business updates. Recent highlights include: Quarterly revenue of $79.0 million, Net loss of $(1.3) million, and Adjusted EBITDA margins of 30.1%;Introduced latest mRNA Capping Technology from TriLink: CleanCap® M6 analog which improves mRNA potency with greater protein expression, boosts time and cost savings, and streamlines manufacturing to drive critical therapeutic development;Published the latest Glen Report which includes four new products available from Glen Research;Released a new PG13 host cell protein (HCP) enzyme-linked immunosorbent assay (ELISA) kit which represents the 24th expression platform for which the Biologics Safety Testing team provides analytics and solidifies commitment to supporting cell and gene therapy;Expanded the Nucleic Acid Production team with addition of Drew Burch as Executive Vice President and General Manager, Nucleic Acid Products;Released 2022 Environmental, Social and Governance (ESG) Report highlighting progress across five priority areas focused on building a foundation for sustainable growth;Completed capacity expansion projects, including the new TriLink Flanders 1 facility in San Diego, California and the relocation of the Cygnus facility to Leland, North Carolina, strengthening our overall business continuity capabilities for our expanding customer base; andUpdated financial guidance for the full year 2023. “Maravai remains focused on expanding our product portfolio, advancing our market leadership in the mRNA space, and accelerating the introduction of scientific innovations that support our customers’ rapidly evolving needs,” said Carl Hull, Executive Chairman and Interim CEO of Maravai. “Our culture of innovation, combined with our strong commercial foundation and expanded manufacturing capabilities, position us to deliver long-term value to our stakeholders. We see continued pipeline progression among our customers’ development programs and are excited for our base business opportunities in 2023...