Business
Maravai LifeSciences Reports Third Quarter 2023 Financial Results
Announces Realignment to Drive Operational Efficiencies and Streamline the Business Post-Pandemic Continued Focus on Expanding Product Portfolio, Market
About this update from Maravai Lifesciences Holdings, Inc.
[{"type":"text","content":"Announces Realignment to Drive Operational Efficiencies and Streamline the Business Post-Pandemic Continued Focus on Expanding Product Portfolio, Market Leadership and Scientific Innovation SAN DIEGO, Nov. 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 third quarter ended September 30, 2023, together with other business updates. Recent highlights include: Financial: Quarterly revenue of $66.9 million, Net loss of $(15.1) million, and Adjusted EBITDA margin of 18%; andUpdated financial guidance for the full year 2023 to a revenue range of $275.0 million to $285.0 million. Organizational: A planned cost realignment initiative targets at least $30 million in annualized cost reductions including a workforce reduction of approximately 15% (or approximately 100 employees); andLaunched streamlined Operations and Business organizational structure to enable better execution and strategic decision making. Partnerships: Signed a new partnership agreement with Thermo Fisher for CleanCap® to be incorporated into their bench-scale Invitrogen™ mMessage mMachine™ in-vitro transcription kits;Renewed a multi-year supply agreement with Intellia Therapeutics ensuring the consistent provision of cap analogs essential in the synthesis of messenger RNA molecules and strengthening our partnership dedicated to advancing the development of mRNA-based solutions;Entered into a non-exclusive supply agreement for TriLink’s proprietary CleanCap® M6, CleanCap® AG 3’Ome, and CleanCap® AG cap analogs to be used in Elixirgen Scientific Japan, Inc.’s mRNA development and manufacturing services, from pre-clinical through Phase III programs;Signed a clinical license agreement with Precision BioSciences for them to utilize GMP quality inputs in their mRNA ARCUS genome editing development platform; andFounding member of Alliance for mRNA Medicines (AMM). With the founding of the Alliance for mRNA Medicines, our community is now poised to champion scientific standards and public policies that will spur future mRNA breakthroughs. Awards and Recognitions: Cygnus Technologies received a 2023 R&D 100 Award from R&D World Magazine in the Analytical/Test category for the MockV® RVLP Kit; andCleanCa...