Business
Maravai LifeSciences Reports Second Quarter 2024 Financial Results
Continued Focus on Product Portfolio Expansion, Market Leadership and Scientific Innovation SAN DIEGO, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Maravai LifeSciences
About this update from Maravai Lifesciences Holdings, Inc.
[{"type":"text","content":"Continued Focus on Product Portfolio Expansion, Market Leadership and Scientific Innovation\nSAN DIEGO, Aug. 07, 2024 (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, 2024, together with other business updates. Financial Highlights: Quarterly revenue of $73.4 million, Net loss of $(14.5) million, and Adjusted EBITDA of $16.9 million; andReaffirmed revenue guidance for the full year 2024 in the range of $265.0 million to $285.0 million. Partnerships and Innovation: TriLink BioTechnologies announced a collaboration with the John Hopkins University aimed at accelerating transformational research in RNA therapeutics and discovery. This collaboration adds to our robust relationships with leading universities in an effort to advance nucleic acid-based therapies;TriLink BioTechnologies enhanced our catalog mRNA offerings, repositioned custom chemistry services, developed offerings for our GMP rNPT platform, and launched catalog IVT enzymes into the TriLink commercial ecosystem, expanding our portfolio of high-quality products and services to better support customers;Alphazyme successfully concluded the Linea RNAP manufacturing scale-up project with Applied DNA. The joint process development project resulted in an over 70% reduction in Linea RNAP manufacturing costs and the manufacture of a quantity of Linea RNAP sufficient to support Applied DNA's anticipated near-term demand for critical starting material for mRNA production;Glen Research launched five new products in our 59th Glen Report expanding our tools for genomic research. This includes four new Serinol Nucleic Acids that expands our options for DNA and RNA backbone modifications. SNA oligonucleotides will hybridize with SNA, RNA as well as DNA. SNA oligonucleotides are nuclease resistant and have been used in guide strands, molecular beacons, and other applications; andCygnus Technologies recently launched three new products, including our second E.coli HCP kit for the BL21 variant used for recombinant protein expression, our first fungal cell line HCP kit, and our Protein L mix-n-go kit. Environmental, Social and Governance: Released the 2023 Environmental, Social and Governance (...