Business
Maravai LifeSciences Reports First Quarter 2024 Financial Results
Continued Focus on Product Portfolio Expansion, Market Leadership and Scientific Innovation SAN DIEGO, May 08, 2024 (GLOBE NEWSWIRE) -- Maravai LifeSciences
About this update from Maravai Lifesciences Holdings, Inc.
[{"type":"text","content":"Continued Focus on Product Portfolio Expansion, Market Leadership and Scientific Innovation\nSAN DIEGO, May 08, 2024 (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, 2024, together with other business updates. Financial Highlights: Quarterly revenue of $64.2 million, Net loss of $(22.7) million, and Adjusted EBITDA of $7.8 million; andReaffirmed financial guidance for the full year 2024 including a revenue range of $265.0 million to $285.0 million. Partnerships and Innovation: TriLink BioTechnologies and Lonza entered into a Non-exclusive License and Supply Agreement for CleanCap® M6, CleanCap® AG 3’OMe, CleanCap® AG, and CleanCap® AU cap analogs for use in Lonza’s global mRNA development and manufacturing services;TriLink BioTechnologies recently launched 21 new catalog mRNA products, incorporating CleanCap® M6, N1-methyl-pseudouridine, and our CleanScript® mRNA production process, enabling researchers to easily access the newest and most differentiated chemistries for their mRNA development programs;Announced Alphazyme collaboration with Applied DNA for scale up manufacturing, enabling the scaling of Linea™ RNA Polymerase enabling the scaling of Linea rNAP manufacturing from its current research scale to the commercial scale necessary to empower Applied DNA’s growing demand for their Linea™ IVT platform; andCygnus Technologies ELISA kits now support all FDA approved CAR-T cell and gene therapies. Facilities Update: Celebrated the grand opening of the TriLink BioTechnologies Late Phase mRNA Drug Substance Production facility in San Diego, specifically designed for mRNA manufacturing to support late-phase drug developers from Phase II to commercialization. Awards and Recognitions: Maravai was recognized in Fast Company’s most innovative companies in biotech list for the Cygnus Technologies MockV® RVLP Kit; andTriLink BioTechnologies CleanCap® M6 was named runner up for the Medicine Maker Innovation Award for 2023. “We had a solid start to the year, and I am proud of the drive and intensity from our strengthened commercial team, which delivered additional wins and expanded relationships among biotech, biopharma, CDMO, and academic c...