Business
Maravai LifeSciences Reports Third Quarter 2022 Financial Results
Updates Revenue, Adjusted EBITDA and Adjusted EPS Guidance for 2022 SAN DIEGO, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Maravai LifeSciences Holdings, Inc. (Maravai)
About this update from Maravai Lifesciences Holdings, Inc.
[{"type":"text","content":"Updates Revenue, Adjusted EBITDA and Adjusted EPS Guidance for 2022\nSAN DIEGO, Nov. 02, 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 third quarter ended September 30, 2022, together with other business updates. Recent highlights include: Quarterly revenue of $191.3 million, Net income of $99.7 million, and Adjusted EBITDA margins of 69%; andExpanded mRNA raw material offering with GMP-grade N1-Methyl-Pseudouridine-5’-Triphosphate, a critical raw material for mRNA manufacturing. “Maravai produced another solid quarter with total revenues reaching $191.3 million. These results include revenue contribution of $16.4 million from our Biologics Safety Testing business, $48.4 million from our Nucleic Acid Production base business, and an estimated $126.5 million of COVID-19-related CleanCap® revenue in the quarter,” said Carl Hull, Executive Chairman and Interim CEO of Maravai. “We expect continued expansion of our RNA pipeline as research and development of new therapeutic and vaccine programs beyond COVID-19 accelerate. As we enter the final quarter of the year, we are in an exceptional position to build on our strong commercial foundation, expand our customer relationships and amplify our offerings to support our customers’ important work.” Revenue for the Third Quarter 2022 Three Months Ended September 30, 2022 2021 Year-over-Year % ChangeNucleic Acid Production$174,881 $182,901 (4.4)%Biologics Safety Testing 16,382 16,626 (1.5)%Protein Detection (sold in Sept. 2021) — 5,283 (100.0)%Total Revenue$191,263 $204,810 (6.6)% Nine Months Ended September 30, 2022 2021 Year-over-Year % ChangeNucleic Acid Production$623,779 $499,354 24.9%Biologics Safety Testing 54,509 52,483 3.9%Protein Detection (sold in Sept. 2021) — 18,959 (100.0)%Total Revenue$678,288 $570,796 18.8% Third Quarter 2022 Financial Results Revenue for the third quarter was $191.3 million, representing a 7% decrease over the same period in the prior year and was driven by the following: Nucleic Acid Production revenue was $174.9 million for the third quarter, representing a 4% decrease year-over-year. This includes an estimated $126.5 million of COVID-19 related CleanCap revenue, which was $4.8 mil...