Business
Maravai Lifesciences Reports Second Quarter Financial Results and Updates 2021 Financial Guidance
SAN DIEGO, Aug. 10, 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, Aug. 10, 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 second quarter ended June 30, 2021, together with other business updates. Highlights include: Revenue increased 364.3% to $217.8 million for the second quarter;Net income of $134.3 million for the second quarter;2021 revenue guidance increasing to a range of $745.0 million to $770.0 million;Agreement reached for divestiture of Protein Detection business segment to Thompson Street Capital Partners; andFacility expansion plans to meet growing demand for Nucleic Acid Production and Biologic Safety Testing businesses. \"Maravai had an incredibly strong first half of 2021, and we feel very good about the momentum we are seeing across our business,” said Carl Hull, Chairman and CEO. “In particular, we anticipate continued robust growth in our Nucleic Acid Production business, and we are increasing our guidance to reflect stronger demand expectations for the remainder of the year,” added Hull. Revenue for the Second Quarter and Year to Date 2021 Three Months Ended June 30, 2021 2020 Year-over-Year % ChangeNucleic Acid Production$192,521 $30,424 532.8%Biologics Safety Testing18,208 12,364 47.3%Protein Detection7,046 4,117 71.1%Total revenue$217,775 $46,905 364.3% Six Months Ended June 30, 2021 2020 Year-over-Year % ChangeNucleic Acid Production$316,453 $60,913 419.5%Biologics Safety Testing35,857 26,658 34.5%Protein Detection13,676 10,315 32.6%Total revenue$365,986 $97,886 273.9% Second Quarter Fiscal 2021 Financial Results Revenue for the second quarter was $217.8 million, representing a 364.3% increase over the same period in the prior year and was driven by the following: Nucleic Acid Production revenue was $192.5 million for the second quarter, representing a 532.8% increase year-over-year. The increase in Nucleic Acid Production revenue was driven by: continued strong demand for our proprietary CleanCap® analogs as COVID-19 vaccine manufacturers scale production; and increasing demand for mRNA products as this technology becomes incorporated into more therapeutic and vaccine programs.Biologic Safety Testing revenue was $18.2 million for the second quarter, representing a 47.3% increase year-ov...