Business
Maravai LifeSciences Reports Fourth Quarter and Full Year 2020 Financial Results and Initiates 2021 Financial Guidance
SAN DIEGO, March 02, 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, March 02, 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 fourth quarter and the full year ended December 31, 2020. Highlights include: Revenue of $98.4 million for the fourth quarter and $284.1 million for the full year of 2020, representing 173.5% and 98.5% increases, respectively, over the corresponding periods of 2019;Expanded our IP Portfolio with a third U.S. patent granted for CleanCap® technology for the co-transcriptional capping of messenger RNA (mRNA); Expanded nucleic acid production capacity via infrastructure investment and manufacturing process improvements, including substantial expansion of our GMP capacity and plasmid DNA capabilities; and,Established 2021 revenue guidance of $580.0 million to $630.0 million, representing growth of 104.2% to 121.8%. \"Maravai provides enabling technologies that allow scientists to bring the miracles of science to life. Never before has this been more evident than this past year, as the company devoted all of its resources to deliver our proprietary CleanCap® technology to support mRNA COVID-19 vaccine development programs,” said Carl Hull, Chairman and CEO. “I am very proud of the ways in which our extraordinary team, and our partners, rose to this occasion. We also expect to continue to benefit from the accelerating drug development pipeline for cell and gene therapies, which are driving demand for our GMP-grade nucleic acids and associated pre-clinical, non-GMP compounds. We are pleased to be able to report exceptionally strong quarterly and full year results as a newly-public company and to provide our initial financial guidance,” added Hull. Revenue for the Fourth Quarter and Full Year 2020 (In thousands)Three Months Ended December 31, Year Ended December 31, 2020 2019 Change 2020 2019 ChangeRevenue Nucleic acid production$77,751 $17,735 $60,016 $206,320 $72,602 $133,718 Biologics safety testing14,125 11,597 2,528 54,897 44,416 10,481 Protein detection6,477 6,628 (151) 22,881 26,122 (3,241)Total revenue$98,353 $35,960 $62,393 $284,098 $143,140 $140,958 Fourth Quarter 2020 Financial Results Revenue was $98.4 million for the fourth quarter ended December 31, 2020, representing a 173.5% increas...