Maravai LifeSciences Reports Second Quarter 2025 Financial Results
Announced organizational restructuring and operating cost reduction initiatives targeting more than $50 million in annualized cost savings
Quarterly base business revenue, which excludes revenue from high-volume CleanCap® for commercialized vaccine programs, grew 5% year-over-year
Net Loss Reduction, Positive Adjusted EBITDA and Positive Free Cash Flow expected by second half 2026
SAN DIEGO, Aug. 11, 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 second quarter ended June 30, 2025, together with other business updates.
Quarterly Results and Recent Highlights:
Quarterly revenue of $47.4 million, Net loss of $(69.8) million (including a goodwill impairment of $30.4 million), and Adjusted EBITDA of $(10.4) million;
Appointed Bernd Brust as new Chief Executive Officer (CEO) and member of its board of directors, and Raj Asarpota as Chief Financial Officer (CFO), to accelerate Company's innovation, execution, and financial performance;
Expanded CDMO enablement strategy with a new license and supply agreement for CleanCap with Thermo Fisher Scientific; and
Launched mRNA synthesis kit leveraging several of TriLink BioTechnologies high-performing products and simplifying the in vitro transcription (IVT) workflow for researchers worldwide.
"Our base revenue, which excludes revenue from high-volume CleanCap, grew 5% in the quarter, led by strong demand for our Cygnus products and services," said Bernd Brust, CEO, Maravai LifeSciences.
Brust continued, "While we are encouraged by the base business growth, our existing cost structure is built for a larger company than we are today. Since being appointed CEO, the leadership team and I have embarked on a thorough review of the business and have begun implementing actions expected to realize north of $50 million in annualized cost savings comprising of labor, facilities, capex and productivity initiatives to better align our cost structure with operational needs. Some of these actions impact valued colleagues, and we are approaching the process with care and respect, with a focus on minimizing disruption to our customers and putting Maravai on a path to return to profitability. I'm confident in our team's ability to execute and build a stronger, more focused company for our customers, employees, and shareholders."
Revenue for the Second Quarter 2025
Three Months Ended June 30,
(Dollars in 000's)
2025
2024
Year-over-Year% Change
Nucleic Acid Production
$
31,085
$
54,586
(43.1
)%
Biologics Safety Testing
16,312
14,837
9.9
%
Total Revenue
$
47,397
$
69,423
(31.7
)%
Revenue for the Six Months Ended June 30, 2025
Six Months Ended June 30,
(Dollars in 000's)
2025
2024
Year-over-Year% Change
Nucleic Acid Production
$
59,835
$
100,602
(40.5
)%
Biologics Safety Testing
34,412
33,000
4.3
%
Total Revenue
$
94,247
$
133,602
(29.5
)%
Second Quarter 2025 Financial Results by Reporting Segment
Revenue for the second quarter was $47.4 million, representing a 31.7% decrease over the same period in the prior year and was driven by the following:
Nucleic Acid Production revenue was $31.1 million for the second quarter, representing a 43.1% decrease year-over-year. The revenue decrease was primarily driven by a lack of high-volume CleanCap orders for commercial phase vaccine programs. Excluding revenue from high-volume CleanCap, revenue was up 3.0% year-over-year driven by growth in GMP products.
Biologics Safety Testing revenue was $16.3 million for the second quarter, up 9.9% year-over-year. The revenue increase was primarily driven by strength in Host Cell Protein (HCP) kits and associated HCP qualification services and increased demand for MockV viral clearance kits.
Net loss and Adjusted EBITDA (non-GAAP) were $(69.8) million and $(10.4) million, respectively, for the second quarter of 2025, compared to net loss and Adjusted EBITDA (non-GAAP) of $(18.4) million and $13.0 million, respectively, for the second quarter of 2024.
Six Months Ended June 30, 2025 Financial Results by Reporting Segment
Revenue for the six months ended June 30, 2025 was $94.2 million, representing a 29.5% decrease over the same period in the prior year and was driven by the following:
Nucleic Acid Production revenue was $59.8 million for the six months ended June 30, 2025, representing a 40.5% decrease year-over-year. The revenue decrease was primarily driven by a lack of high-volume CleanCap orders for commercial phase vaccine programs and lower demand for research and discovery products. Excluding revenue from high-volume CleanCap, revenue was down 11.0% year-over-year.
Biologics Safety Testing revenue was $34.4 million for the six months ended June 30, 2025, up 4.3% year-over-year. The revenue growth was driven by strength in HCP qualification services and increased demand for MockV viral clearance kits.
Net loss and Adjusted EBITDA (non-GAAP) were $(122.7) million and $(21.0) million, respectively, for the six months ended June 30, 2025, compared to net loss and Adjusted EBITDA (non-GAAP) of $(41.1) million and $20.8 million, respectively, for the same period in the prior year.
Revenue Guidance for Full Year 2025
With the Chief Executive Officer and Chief Financial Officer transition, Maravai is withdrawing and suspending revenue guidance for 2025. The new leadership team is in the midst of a comprehensive business review and forecasting process and will look to reinstate guidance once that process is complete.
Corporate Realignment and Cost Reductions
The company estimates that it will incur restructuring charges of approximately $8.0 million to $9.0 million, consisting primarily of employee severance, benefits, and related costs, the majority of which it expects to incur in the second half of 2025. The charges that Maravai expects to incur are subject to a number of assumptions, and actual expenses may differ materially from the estimates.
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 second quarter of 2025 and other business updates. To participate in the conference call by telephone, approximately 10 minutes before the call, dial (800) 267-6316 or (203) 518-9783 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 EndedJune 30,
Six Months EndedJune 30,
2025
2024
2025
2024
Revenue
$
47,397
$
69,423
$
94,247
$
133,602
Operating expenses:
Cost of revenue
39,629
38,582
78,754
76,917
Selling, general and administrative
38,575
40,556
78,139
81,441
Research and development
4,882
4,924
9,770
9,956
Change in estimated fair value of contingent consideration
140
(1,195
)
140
(1,195
)
Goodwill impairment
30,449
—
42,884
—
Restructuring
—
(4
)
—
(1,216
)
Total operating expenses
113,675
82,863
209,687
165,903
Loss from operations
(66,278
)
(13,440
)
(115,440
)
(32,301
)
Other income (expense):
Interest expense
(6,815
)
(11,939
)
(13,593
)
(22,803
)
Interest income
3,030
7,086
6,255
14,296
Other expense
(4,062
)
(2,562
)
(4,038
)
(2,456
)
Loss before income taxes
(74,125
)
(20,855
)
(126,816
)
(43,264
)
Income tax benefit
(4,288
)
(2,435
)
