Maravai Lifesciences Reports Fourth Quarter and Full Year 2024 Financial Results
SAN DIEGO, March 18, 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 fourth quarter and full year ended December 31, 2024, together with other business updates. The company also expects to file its Annual Report on Form 10-K for the year ended December 31, 2024, with the Securities and Exchange Commission today. Upon filing, a copy of the annual report will be available on Maravai's website, www.maravai.com, by selecting "Investors" and then "SEC Filings."
Key Financial Results:
Quarterly revenue of $56.6 million, Net loss of $(46.1) million, and Adjusted EBITDA (non-GAAP) of $(1.1) million; and
Annual revenue of $259.2 million, Net loss of $(259.6) million, and Adjusted EBITDA (non-GAAP) of $35.9 million.
Corporate Updates:
Appointed healthcare industry veteran R. Andrew Eckert as independent Chairman of the Board; and
Voluntarily prepaid $228 million of the Company's Term Loan using cash on hand. Cash and cash equivalents at December 31, 2024 was $322 million after this payment.
Acquisitions and Partnerships:
Completed the acquisition of the DNA and RNA business of Officinae Bio, combining its proprietary AI-enabled mRNA design platforms with TriLink BioTechnologies leading DNA and RNA manufacturing capabilities, which is expected to provide customers comprehensive expertise and novel technologies for quick, calculated progression through the sequence-optimization phase and into clinical testing and commercial manufacturing;
Acquired assets and intellectual property from Molecular Assemblies, with plans to expand TriLink BioTechnologies' ability to enable customers to develop next-generation mRNA and CRISPR nucleic acid-based therapies;
TriLink BioTechnologies and Aldevron entered into a Non-exclusive License and Supply Agreement for CleanCap® M6, CleanCap® AG 3'OMe, CleanCap® AG, and CleanCap® AU cap analogs for use in Aldevron's mRNA development and manufacturing services; and
TriLink BioTechnologies partnered with VWR, the distributor channel of Avantor, to expand availability of our innovative nucleic acid products to customers across Europe, Middle East, and Africa (EMEA). This distribution partnership is expected to improve the ordering process and offer shorter lead times for European customers -- increasing access to TriLink's novel nucleic acid technologies.
"Our fourth-quarter revenue landed near the midpoint of our guidance range, with the BST segment outperforming and NAP coming in slightly lower," said Trey Martin, CEO, Maravai LifeSciences. "Reflecting on 2024, it was both a challenging and pivotal year for our organization. Revenue did not meet our original expectations set in early 2024 as the macro-economic landscape and shifting customer spending priorities added complexity. The completion of our multi-year facilities expansion, combined with the launch of innovative new products and strategic tuck-in acquisitions, has strengthened our foundation for future growth of our base business. As we move forward, our organization is laser-focused on executing our return-to-growth strategy through our differentiated technologies and our ability to support customers from discovery through commercialization."
Revenue for the Fourth Quarter 2024
Three Months Ended December 31,
(Dollars in 000's)
2024
2023
Year-over-Year % Change
Nucleic Acid Production
$
41,899
$
58,825
(28.8
)%
Biologics Safety Testing
14,659
15,316
(4.3
)%
Total Revenue
$
56,558
$
74,141
(23.7
)%
Revenue for the Full Year 2024
Year Ended December 31,
(Dollars in 000's)
2024
2023
Year-over-Year % Change
Nucleic Acid Production
$
196,345
$
224,769
(12.6
)%
Biologics Safety Testing
62,840
64,176
(2.1
)%
Total Revenue
$
259,185
$
288,945
(10.3
)%
Fourth Quarter 2024 Financial Results
Revenue for the fourth quarter was $56.6 million, representing a 23.7% decrease over the same period in the prior year and was driven by the following:
Nucleic Acid Production revenue was $41.9 million for the fourth quarter, representing a 28.8% decrease year-over-year. The revenue decrease was primarily from large GMP orders in 2023 not recurring in 2024, and lower demand for research and discovery products.
Biologics Safety Testing revenue was $14.7 million for the fourth quarter, representing a 4.3% decrease year-over-year, primarily due to lower demand in the bioprocessing market.
Net loss and Adjusted EBITDA (non-GAAP) were $(46.1) million and $(1.1) million, respectively, for the fourth quarter of 2024, compared to net loss and Adjusted EBITDA (non-GAAP) of $(110.0) million and $20.5 million, respectively, for the fourth quarter of 2023.
Full Year 2024 Financial Results
Revenue for the year ended December 31, 2024 was $259.2 million, representing a 10.3% decrease over the prior year and was driven by the following:
Nucleic Acid Production revenue was $196.3 million for the year ended December 31, 2024, representing a 12.6% decrease year-over-year. The revenue decrease was primarily driven by lower demand for research and discovery products.
Biologics Safety Testing revenue was $62.8 million for the year ended December 31, 2024, representing a 2.1% decrease year-over-year, primarily due to lower demand in the bioprocessing market, particularly in China.
Net loss and Adjusted EBITDA (non-GAAP) were $(259.6) million and $35.9 million, respectively, for the year ended December 31, 2024, compared to net loss and Adjusted EBITDA (non-GAAP) of $(138.4) million and $65.3 million, respectively, for the prior year.
Financial Guidance for 2025
Maravai intends to provide certain financial guidance for 2025 during its financial results conference call on March 20, 2025 at 2:00 p.m. Pacific Time.
Conference Call and Webcast
Maravai's management will host a conference call on Thursday, March 20, 2025 at 2:00 p.m. PT/ 5:00 p.m. ET to discuss its financial results for the fourth quarter and full year and to provide certain financial guidance for 2025. To participate in the conference call by telephone, approximately 10 minutes before the call, dial (877) 407-0752 or (201) 389-0912 and reference Maravai LifeSciences. 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 EndedDecember 31,
Year EndedDecember 31,
2024
2023
2024
2023
Revenue
$
56,558
$
74,141
$
259,185
$
288,945
Operating expenses:
Cost of revenue
37,168
35,108
150,876
148,743
Selling, general and administrative
41,243
38,478
161,771
151,390
Research and development
4,561
4,594
19,221
17,280
Change in estimated fair value of contingent consideration
(630
)
(3,355
)
(2,003
)
(3,286
)
Goodwill impairment
11,912
—
166,151
—
Restructuring
6
6,466
(1,214
)
6,466
Total operating expenses
94,260
81,291
494,802
320,593
Loss from operations
(37,702
)
(7,150
)
(235,617
)
(31,648
)
Other income (expense):
Interest expense
(11,263
)
(15,400
)
(47,700
)
(45,892
)
Interest income
6,036
7,459
27,403
27,727
Loss on extinguishment of debt
(3,187
)
—
(3,187
)
—
Change in payable to related parties pursuant to the Tax Receivable Agreement
(1
)
671,228
(40
)
668,886
Other income (expense)
43
49
(2,341
)
(1,337
)
(Loss) income before income taxes
(46,074
)
656,186
(261,482
)
617,736
