Business
Maravai LifeSciences Reports Second Quarter 2023 Financial Results
Continued Focus on Expanding Product Portfolio, Market Leadership and Scientific Innovation SAN DIEGO, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Maravai LifeSciences
About this update from Maravai Lifesciences Holdings, Inc.
[{"type":"text","content":"Continued Focus on Expanding Product Portfolio, Market Leadership and Scientific Innovation\nSAN DIEGO, Aug. 07, 2023 (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, 2023, together with other business updates. Recent highlights include: Quarterly revenue of $68.9 million, Net loss of $(11.9) million, and Adjusted EBITDA margin of 13.2%;Completed planned leadership transition with the appointment of Trey Martin as CEO effective July 27, 2023, Carl Hull will continue to serve as Executive Chair of the Board of Directors;Appointed medical technology expert Dr. John DeFord to the Board of Directors;Took occupancy of a new 32,000-square-foot facility in San Diego, California, expanding TriLink’s cGMP-grade mRNA manufacturing capabilities to serve late-phase drug developers;Expanded Alphazyme Research and Development facility in Jupiter, Florida, adding an additional 4,100 square feet for the development of critical enzymes;Hosted Congressman Scott Peters at Maravai’s San Diego Wateridge RNA manufacturing facility and discussed future pandemic preparedness; andUpdated financial guidance for the full year 2023. “The team executed well in a dynamic, challenging macro environment. In the wake of broader economic uncertainty and lower levels of venture and private equity-backed investment activity, key customers across the industry have become more focused on capital preservation and strategic prioritization of their programs. As a result, we have seen changes in customer spending priorities, including increasingly constrained research and development budgets and elongated decision-making processes,” said Trey Martin, Chief Executive Officer of Maravai. “Given these trends and near-term market uncertainties, we are taking a more conservative view of our financial guidance for the full year.” Martin added “At Maravai, our team is determined to meet our customers’ needs through product innovation and value-added service expertise to help deliver novel vaccines, therapeutics, and diagnostics across the globe. We are dedicated to bringing the miracles of science to life, growing our business and creating long-term value for our shareholders.” Rev...