Business
Maravai Lifesciences Reports Second Quarter 2022 Financial Results
Record First Half Revenue, EBITDA, Adjusted EBITDA and EPS SAN DIEGO, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Maravai LifeSciences Holdings, Inc. (Maravai) (NASDAQ:
About this update from Maravai Lifesciences Holdings, Inc.
[{"type":"text","content":"Record First Half Revenue, EBITDA, Adjusted EBITDA and EPS\nSAN DIEGO, Aug. 04, 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 second quarter ended June 30, 2022, together with other business updates. Highlights include: Quarterly revenue of $242.7 million, an increase of 11% over the prior year;Nucleic Acid Production base business revenue (excluding estimated COVID-19 related CleanCap® revenue) increased 27% over the prior year;Net income of $156.7 million for the second quarter, representing growth of 17% over the prior year;Record EBITDA margins of XX% and adjusted EBITDA margins of 78%;Cooperative Agreement signed with the Department of Defense to partially fund planned manufacturing expansion of Nucleic Acid Production capabilities in San Diego, California;Expansion of leadership team with the addition of Pete Leddy, Executive Vice President and Chief Administrative Officer; andStrengthening the Nucleic Acid Production team with addition of Kate Broderick, Ph.D., as Senior Vice President, Research and Development, and Jay Lochhead as Vice President, Quality and Regulatory, for TriLink BioTechnologies, part of Maravai. \"Maravai produced another solid quarter, with total revenues reaching $243 million, up 11% over the second quarter of 2021. These results include 27% revenue growth in our Nucleic Acid Production base business, after excluding the effect of an estimated $178 million of COVID-19-related CleanCap revenue in the quarter,” said Carl Hull, Chairman and CEO. “Our disciplined business model and strong cash position allow us to continue to invest in operations, facilities and people to support the many exciting growth opportunities in our Nucleic Acid Production base business, and to innovate in ways that support our mRNA and cell and gene therapy customers’ rapidly evolving needs.” Revenue for the Second Quarter 2022 Three Months Ended June 30, 2022 2021 Year-over-Year % ChangeNucleic Acid Production$225,248 $192,521 17.0%Biologics Safety Testing 17,484 18,208 (4.0)%Protein Detection (sold in Sept. 2021) — 7,046 (100.0)%Total Revenue$242,732 $217,775 11.5% Six Months Ended June 30, 2022 2021 Year-over-Year % ChangeNucleic Acid Production$448,...