SAN DIEGO, Calif., May 12, 2025 (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 first quarter ended March 31, 2025, together with other business updates.
Financial Highlights:
"Our first quarter revenue exceeded our guidance range, and our base business, which excludes revenue from high-volume CleanCap® for commercial vaccine programs, grew more than $4 million compared to the fourth quarter of 2024, reflecting solid execution and momentum across the business," said Trey Martin, CEO, Maravai LifeSciences. “Our team remains committed to our return-to-growth strategy amid a dynamic and shifting macroeconomic environment. We believe our customer focus, our differentiated technologies and GMP services supporting clients from discovery through commercialization give us the best position to continue navigating the evolving landscape and drive long-term value for Maravai.”
Revenue for the First Quarter 2025
Three Months Ended March 31, | ||||||||
(Dollars in 000’s) | 2025 | 2024 | Year-over-Year % Change | |||||
Nucleic Acid Production | $ | 28,750 | $ | 46,016 | (37.5 | )% | ||
Biologics Safety Testing | 18,100 | 18,163 | (0.3 | )% | ||||
Total Revenue | $ | 46,850 | $ | 64,179 | (27.0 | )% |
First Quarter 2025 Financial Results by Reporting Segment
Revenue for the first quarter was $46.9 million, representing a 27.0% decrease over the same period in the prior year and was driven by the following:
Net loss and Adjusted EBITDA (non-GAAP) were $(52.9) million and $(10.5) million, respectively, for the first quarter of 2025, compared to net loss and Adjusted EBITDA (non-GAAP) of $(22.7) million and $7.8 million, respectively, for the first quarter of 2024.
Revenue Guidance for Full Year 2025
Maravai’s revenue guidance for the full year 2025 is based on expectations for its existing base business and does not include revenue, if any, from high-volume CleanCap orders for commercial phase vaccine programs, or potential new acquisitions, if any, or items that have not yet been identified or quantified. This guidance is also subject to a number of risks, uncertainties and other factors, including those identified in “Forward-looking Statements” below.
Revenue expectations for the full year 2025 remain in the range of $185.0 million to $205.0 million.
Conference Call and Webcast
Maravai’s management will host a conference call today at 2:00 p.m. PT/ 5:00 p.m. ET to discuss its financial results for the first quarter of 2025 and its financial guidance for 2025. To participate in the conference call by telephone, approximately 10 minutes before the call, dial (800) 343-4849 or (203) 518-9848 and reference Maravai LifeSciences, Conference ID MARAVAI. The call will also be available via live or archived webcast on the "Investors" section of the Maravai web site at https://investors.maravai.com/.
MARAVAI LIFESCIENCES HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31, | |||||||
2025 | 2024 | ||||||
Revenue | $ | 46,850 | $ | 64,179 | |||
Operating expenses: | |||||||
Cost of revenue | 39,125 | 38,335 | |||||
Selling, general and administrative | 39,564 | 40,885 | |||||
Research and development | 4,888 | 5,032 | |||||
Goodwill impairment | 12,435 | — | |||||
Restructuring | — | (1,212 | ) | ||||
Total operating expenses | 96,012 | 83,040 | |||||
Loss from operations | (49,162 | ) | (18,861 | ) | |||
Other income (expense): | |||||||
Interest expense | (6,778 | ) | (10,864 | ) | |||
Interest income | 3,225 | 7,210 | |||||
Other income | 24 | 106 | |||||
Loss before income taxes | (52,691 | ) | (22,409 | ) | |||
Income tax expense | 162 | 271 | |||||
Net loss | (52,853 | ) | (22,680 | ) | |||
Net loss attributable to non-controlling interests | (22,908 | ) | (10,602 | ) | |||
Net loss attributable to Maravai LifeSciences Holdings, Inc. | $ | (29,945 | ) | $ | (12,078 | ) | |
Net loss per Class A common share attributable to Maravai LifeSciences Holdings, Inc., basic and diluted | $ | (0.21 | ) | $ | (0.09 | ) | |
Weighted average number of Class A common shares outstanding, basic and diluted | 143,425 | 132,333 | |||||
MARAVAI LIFESCIENCES HOLDINGS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION
(in thousands, except per share amounts)
(Unaudited)
Net Loss to Adjusted EBITDA (non-GAAP) | |||||||
Three Months Ended March 31, | |||||||
2025 | 2024 | ||||||
Net loss | $ | (52,853 | ) | $ | (22,680 | ) | |
Add: | |||||||
Amortization | 7,030 | 6,869 | |||||
Depreciation | 5,693 | 4,786 | |||||
Interest expense | 6,778 | 10,864 | |||||
Interest income | (3,225 | ) | (7,210 | ) | |||
Income tax expense | 162 | 271 | |||||
EBITDA | (36,415 | ) | (7,100 | ) | |||
Acquisition integration costs (1) | 767 | 2,498 | |||||
Stock-based compensation (2) | 10,403 | 12,057 | |||||
Merger and acquisition related expenses (3) | 1,178 | 30 | |||||
Acquisition related tax adjustment (4) | (71 | ) | (113 | ) | |||
Goodwill impairment (5) | 12,435 | — | |||||
Restructuring costs (6) | — | 19 | |||||
Other (7) | 1,154 | 404 | |||||
Adjusted EBITDA (non-GAAP) | $ | (10,549 | ) | $ | 7,795 |
Net Loss attributable to Maravai LifeSciences Holdings, Inc. to Adjusted Net Loss (non-GAAP) and Adjusted Fully Diluted Loss Per Share (non-GAAP) | |||||||
Three Months Ended March 31, | |||||||
2025 | 2024 | ||||||
Net loss attributable to Maravai LifeSciences Holdings, Inc. | $ | (29,945 | ) | $ | (12,078 | ) | |
Net loss impact from pro forma conversion of Class B shares to Class A common shares | (22,908 | ) | (10,602 | ) | |||
Adjustment to the provision for income tax (8) | 5,456 | 2,530 | |||||
Tax-effected net loss | (47,397 | ) | (20,150 | ) | |||
Acquisition integration costs (1) | 767 | 2,498 | |||||
Stock-based compensation (2) | 10,403 | 12,057 | |||||
Merger and acquisition related expenses (3) | 1,178 | 30 | |||||
Acquisition related tax adjustment (4) | (71 | ) | (113 | ) | |||
Goodwill impairment (5) | 12,435 | — | |||||
Restructuring costs (6) | — | 19 | |||||
Other (7) | 1,154 | 404 | |||||
Tax impact of adjustments (9) | 1,095 | (465 | ) | ||||
Net cash tax benefit retained from historical exchanges (10) | — | 352 | |||||
Adjusted net loss (non-GAAP) | $ | (20,436 | ) | $ | (5,368 | ) | |
Diluted weighted average shares of Class A common stock outstanding | 255,457 | 252,025 | |||||
Adjusted net loss (non-GAAP) | $ | (20,436 | ) | $ | (5,368 | ) | |
Adjusted fully diluted loss per share (non-GAAP) | $ | (0.08 | ) | $ | (0.02 | ) |
____________________
Explanatory Notes to Reconciliations
(1) | Refers to incremental costs incurred to execute and integrate completed acquisitions, including retention payments related to integration that were negotiated specifically at the time of the Company’s acquisition of MyChem, LLC (“MyChem”) and Alphazyme, LLC (“Alphazyme”), which were completed in January 2022 and January 2023, respectively. These retention payments arise from the Company’s agreements executed in connection with the acquisitions of MyChem and Alphazyme and provide incremental financial incentives, over and above recurring compensation, to ensure the employees of these companies remain present and participate in integration of the acquired businesses during the integration and knowledge transfer periods. The Company agreed to pay certain employees of Alphazyme retention payments totaling $9.3 million as of various dates but primarily through December 31, 2025, as long as these individuals continue to be employed by the Company. The Company agreed to pay the sellers of MyChem retention payments totaling $20.0 million as of the second anniversary of the closing of the acquisition date as long as two senior employees (who were also the sellers of MyChem) continue to be employed by TriLink. The Company considers the payment of these retention payments as probable and is recognizing compensation expense related to these payments in the post-acquisition period ratably over the service period. Retention payment expenses were $0.7 million (Alphazyme) and $2.4 million (MyChem $1.8 million; Alphazyme $0.6 million) for the three months ended March 31, 2025 and 2024, respectively. Retention expenses for MyChem concluded in the first quarter of 2024, and following the payments in the first quarter of 2024, there are no further retention expenses payable for MyChem. The remaining retention accrual for Alphazyme is $2.3 million, expected to be accrued ratably each quarter through December 31, 2025, with payments expected to be made in the first quarter of 2026. There are no further cash-based retention payments planned, other than those disclosed above, for acquisitions completed as of March 31, 2025. | |
(2) | Refers to non-cash expense associated with stock-based compensation. | |
(3) | Refers to diligence, legal, accounting, tax and consulting fees incurred in connection with acquisitions that were pursued but not consummated. | |
(4) | Refers to non-cash income associated with adjustments to the indemnification asset recorded in connection with the acquisition of MyChem. | |
(5) | Refers to goodwill impairment recorded for our Nucleic Acid Production segment. | |
(6) | Refers to restructuring costs (benefit) associated with the Cost Realignment Plan, which was implemented in November 2023. For the three months ended March 31, 2024, stock-based compensation benefit of $1.2 million related to forfeited stock awards in connection with the restructuring is included on the stock-based compensation line item. | |
(7) | For the three months ended March 31, 2025, refers to severance payments, inventory step-up charges in connection with the acquisition of Alphazyme, and other non-recurring costs that are deemed to be outside of the ordinary course of business. For the three months ended March 31, 2024, refers to inventory step-up charges and certain other adjustments in connection with the acquisition of Alphazyme, and other non-recurring costs that are deemed to be outside of the ordinary course of business. | |
(8) | Represents additional corporate income taxes at an assumed effective tax rate of approximately 24% applied to additional net loss attributable to Maravai LifeSciences Holdings, Inc. from the assumed proforma exchange of all outstanding shares of Class B common stock for shares of Class A common stock. | |
(9) | Represents income tax impact of non-GAAP adjustments at an assumed effective tax rate of approximately 24% and the assumed proforma exchange of all outstanding shares of Class B common stock for shares of Class A common stock. | |
(10) | Represents income tax benefits due to the amortization of intangible assets and other tax attributes resulting from the tax basis step up associated with the purchase or exchange of Maravai Topco Holdings, LLC units and Class B common stock, net of payment obligations under the Tax Receivable Agreement. |
Non-GAAP Financial Information
This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). These non-GAAP measures include: Adjusted EBITDA and Adjusted fully diluted Earnings Per Share (EPS).
Maravai defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization, certain non-cash items and other adjustments that we do not consider representative of our ongoing operating performance including, as applicable: (i) incremental costs incurred to execute and integrate completed acquisitions, and associated retention payments; (ii) non-cash expenses related to share-based compensation; (iii) expenses incurred for acquisitions that were pursued but not consummated (including legal, accounting and professional consulting services); (iv) non-cash income associated with adjustments to the carrying value of the indemnification asset recorded in connection with completed acquisitions; (v) impairment charges; (vi) restructuring costs; (vii) severance payments; and (viii) inventory step-up charges in connection with completed acquisitions. Maravai defines Adjusted Net Loss as tax-effected earnings before the adjustments described above, and the tax effects of those adjustments. Maravai defines Adjusted fully diluted EPS as Adjusted Net Loss divided by the diluted weighted average number of shares of Class A common stock outstanding for the applicable period, which assumes the proforma exchange of all outstanding units of Maravai Topco Holdings, LLC (paired with shares of Class B common stock) for shares of Class A common stock.
These non-GAAP measures are supplemental measures of operating performance that are not prepared in accordance with GAAP and do not represent, and should not be considered as, an alternative to net loss, as determined in accordance with GAAP.
Management uses these non-GAAP measures to understand and evaluate Maravai’s core operating performance and trends and to develop short-term and long-term operating plans. Management believes the measures facilitate comparison of Maravai’s operating performance on a consistent basis between periods and, when viewed in combination with its results prepared in accordance with GAAP, help provide a broader picture of factors and trends affecting Maravai’s results of operations.
These non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for analysis of Maravai’s results as reported under GAAP. Because of these limitations, they should not be considered as a replacement for net loss, as determined by GAAP, or as a measure of Maravai’s profitability. Management compensates for these limitations by relying primarily on Maravai’s GAAP results and using non-GAAP measures only for supplemental purposes. The non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.
About Maravai
Maravai is a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics and novel vaccines and to support research on human diseases. Maravai’s companies are leaders in providing products and services in the fields of nucleic acid synthesis and biologics safety testing to many of the world's leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies.
For more information about Maravai LifeSciences, visit www.maravai.com.
Forward-looking Statements
This press release contains, and Maravai’s officers and representatives may from time-to-time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding Maravai’s financial guidance for 2025; Maravai’s customer focus and differentiated technologies and services helping Maravai navigate an evolving market and drive long-term value creation; growth opportunities, including both organic and inorganic growth; Maravai’s acquisition of the DNA and RNA business of Officinae Bio and the assets of Molecular Assemblies, Inc. and the expected benefits thereof; and future innovations, constitute forward-looking statements and are identified by words like “believe,” “expect,” “see,” “project,” “may,” “will,” “should,” “seek,” “anticipate,” or “could” and similar expressions.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations and assumptions regarding the future of Maravai’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of management’s control. Maravai’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause Maravai’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:
Any forward-looking statements made in this release are based only on information currently available to management and speak only as of the date on which it is made. Maravai undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Last Trade: | US$2.12 |
Daily Change: | 0.14 7.07 |
Daily Volume: | 3,005,478 |
Market Cap: | US$300.700M |
February 04, 2025 January 28, 2025 January 08, 2025 December 05, 2024 |
Astria Therapeutics is a biopharmaceutical company, and our mission is to bring life-changing therapies to patients and families affected by rare and niche allergic and immunological diseases. Our lead program, STAR-0215, is a monoclonal antibody inhibitor of plasma kallikrein in clinical development...
CLICK TO LEARN MOREAmneal Pharmaceuticals is a fully-integrated essential medicines company. We make healthy possible through the development, manufacturing, and distribution of generic and specialty pharmaceuticals. The Company has a diverse portfolio of over 250 products in its Generics segment and is expanding across...
CLICK TO LEARN MOREEnd of content
No more pages to load