Business
Maravai LifeSciences Reports Fourth Quarter and Full Year 2021 Financial Results and Updates 2022 Financial Guidance
SAN DIEGO, Feb. 23, 2022 (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, Feb. 23, 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 fourth quarter and the full year ended December 31, 2021, together with other business updates. Recent highlights include: Fourth quarter 2021 revenue of $228.4 million increased 132% over the prior year;Net income of $127.1 million for the fourth quarter, representing growth of 778% over the prior year;Full year 2021 revenue of $799.2 million, up 181% over the $284.1 million reported for full year 2020;Increased 2022 revenue guidance range to $920.0 million to $960.0 million, an increase of $140.8 million over fiscal 2021 at the midpoint;Completed debt repricing, reducing cash interest expense by $6.8 million annually;Acquired MyChem, a leader in proprietary ultra-pure nucleotides; andConducted inaugural Investor R&D Day. \"Maravai remains on an exciting trajectory, with 2022 revenues expected to grow 15% to 20% over our record 2021 revenues,” said Carl Hull, Chairman and CEO. “I’m extremely proud of our performance and commend the entire team for their efforts. Looking forward, our superior growth and profitability, along with the resulting cash flows, will enable us to make larger focused investments in R&D across the Company, to invest in our capacity and people, and to capitalize on smart business development opportunities.” Revenue for the Fourth Quarter and Full Year 2021 Three Months Ended December 31, 2021 2020 Year-over-Year % ChangeNucleic Acid Production$212,510 $77,751 173.3%Biologics Safety Testing 15,934 14,125 12.8%Protein Detection — 6,477 (100.0)%Total Revenue$228,444 $98,353 132.3% Year Ended December 31, 2021 2020 Year-over-Year % ChangeNucleic Acid Production$711,864 $206,320 245.0%Biologics Safety Testing 68,417 54,897 24.6%Protein Detection 18,959 22,881 (17.1)%Total Revenue$799,240 $284,098 181.3% Fourth Quarter Fiscal 2021 Financial Results Revenue for the fourth quarter was $228.4 million, representing a 132% increase over the same period in the prior year, and was driven by the following: Nucleic Acid Production revenue was $212.5 million for the fourth quarter, representing a 173% increase year-over-year. The increase in Nucleic Acid Production revenue was the re...