Business
Maravai Lifesciences Reports First Quarter Financial Results and Updates 2021 Financial Guidance
SAN DIEGO, May 10, 2021 (GLOBE NEWSWIRE) -- Maravai LifeSciences Holdings, Inc. (Maravai)(NASDAQ: MRVI), a global provider of life science reagents and
About this update from Maravai Lifesciences Holdings, Inc.
[{"type":"text","content":"SAN DIEGO, May 10, 2021 (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, 2021. Highlights include: Revenue increased 190.7% to $148.2 million for the first quarter;Updated 2021 revenue guidance of $680.0 million to $720.0 million, representing full year growth of 139.4% to 153.5%. \"As reported in our pre-announcement, 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 are pleased to be able to report exceptionally strong quarterly results and to provide updated financial guidance,” added Hull. Revenue for the First Quarter of Fiscal 2021 Three Months Ended March 31, 2021 2020 Year-over-Year % ChangeRevenue Nucleic Acid Production$123,932 $30,490 306.5%Biologics Safety Testing17,649 14,293 23.5%Protein Detection6,630 6,198 7.0%Total revenue$148,211 $50,981 190.7% First Quarter Fiscal 2021 Financial Results Revenue for the first quarter was $148.2 million, representing a 190.7% increase over the same period prior year and was driven by the following: Nucleic Acid Production revenue was $123.9 million for the first quarter, representing a 306.5% increase year-over-year. The increase in Nucleic Acid Production revenue was driven by: continued strong demand for our proprietary CleanCap® analogs as COVID-19 vaccine manufacturers scale production; increasing demand for highly-modified RNA products, particularly mRNA, due to resumption of mRNA therapeutic programs; and lifting of shelter-in-place COVID-19 restrictions.Biologic Safety Testing revenue was $17.6 million for the first quarter, representing a 23.5% increase year-over-year. The increase was driven by higher demand and consumption of our products as a result of increased COVID-19 related diagnostic needs; and increased demand for contract services.Protein Detection revenue was $6.6 million for the first quarter, representing a 7.0% increase year-over-year. The increase was primarily due to the resu...