Business
Maravai LifeSciences Reports Third Quarter Financial Results, Updates 2021 Financial Guidance and Provides Preliminary Revenue Guidance For 2022
SAN DIEGO, Nov. 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, Nov. 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 third quarter ended September 30, 2021, together with other business updates. Highlights include: Revenue increased 133% to $204.8 million for the third quarter;Net income of $132.8 million for the third quarter, representing growth of 240% over the prior year;2021 revenue guidance increased to a range of $770.0 million to $780.0 million;Established initial 2022 revenue guidance range of $840.0 million to $880.0 million;Closed the previously announced divestiture of Protein Detection business segment to Thompson Street Capital Partners; andPublished inaugural Environmental, Social and Governance Report. \"We continue to see very strong momentum across our end markets. We are, once again, increasing our 2021 guidance and establishing initial revenue guidance for 2022,” said Carl Hull, Chairman and CEO. “Our preliminary 2022 total revenue guidance represents growth of 11% and 14% at the midpoints, before and after adjusting for the divestiture of our Protein Detection Business. This overall increase in 2022 includes strong continued growth in our core Nucleic Acid Production and Biologics Safety Testing businesses, as well as a further increase of 5% to 10% over 2021 levels in COVID-19 related CleanCap® demand for vaccine programs.” Hull added, “We are also pleased to have issued our first Environmental, Social and Governance Report and look forward to advancing how we integrate ESG priorities into our operating decisions.” Revenue for the Third Quarter and Year to Date 2021 Three Months Ended September 30, 2021 2020 Year-over-Year % ChangeNucleic Acid Production$182,901 $67,656 170.3 %Biologics Safety Testing16,626 14,114 17.8 %Protein Detection5,283 6,089 (13.2)%Total Revenue$204,810 $87,859 133.1 % Nine Months Ended September 30, 2021 2020 Year-over-Year % ChangeNucleic Acid Production$499,354 $128,569 288.4%Biologics Safety Testing52,483 40,772 28.7%Protein Detection18,959 16,404 15.6%Total Revenue$570,796 $185,745 207.3% Third Quarter Fiscal 2021 Financial Results Revenue for the third quarter was $204.8 million, representing a 133% increase over the same period in the prior year and was...