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• Content META

  Title	Maravai LifeSciences Reports Third Quarter 2024 Financial Results
  ID	3998142
  External ID	7283665872
  Author	Unknown
  Published Date	Nov. 7, 2024, 3:03 p.m.
  Summary	November 07, 2024 at 16:01 PM EST Announces Agreement to Acquire the DNA and RNA business of Officinae Bio, Advancing Support for Innovative Nucleic Acid R&D SAN DIEGO, Calif., Nov. 07, 2024 (GLOBE
  Tags	press-release
  URL	http://business.mammothtimes.com/mammothtimes/article/gnwcq-2024-11-7-maravai-lifesciences-reports-third-quarter-2024-financial-results
  Sentiment	Negative: 0.13892    Neutral: 0.04665    Positive: 0.81444
  Relevance	0.02146

• Content Details

  Content ID	2275622
  Key	dd124276-0ba4-4ce4-82a9-754e55661c86
  Content	November 07, 2024 at 16:01 PM EST Announces Agreement to Acquire the DNA and RNA business of Officinae Bio, Advancing Support for Innovative Nucleic Acid R&D SAN DIEGO, Calif., Nov. 07, 2024 (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, 2024, together with other business updates. Financial Highlights: Innovation and Awards: Pending Acquisition: "We achieved significant milestones this quarter, launching innovative new products across the portfolio. Of note, we commenced our first mRNA contract for a customer at our Flanders2 GMP manufacturing facility, further strengthened our CleanCap® IVT capping technology patent estate with the issuance of an additional U.S. patent, and introduced a new plate-based mRNA screening offering," said Trey Martin, CEO, Maravai LifeSciences. “Today we announced our planned acquisition of the DNA and RNA business of Officinae Bio, a provider of precision DNA and RNA design services through an AI-driven digital platform. We believe Officinae will add complementary capabilities to offer uniquely effective and timely design solutions for our customers. The mRNA, Gene Editing and cell and gene therapy markets continue to evolve rapidly, and we remain committed to being our customers' preferred partner by delivering innovative solutions to address critical barriers, increase process efficiency and improve potency and efficacy.” Revenue for the Third Quarter Revenue for the Nine Months Ended September 30, 2024 Third Quarter Financial Results Revenue for the third quarter was $65.2 million, representing a 2.5% decrease over the same period in the prior year and was driven by the following: Net loss and Adjusted EBITDA (non-GAAP) were $(176.0) million and $12.7 million, respectively, for the third quarter of 2024, compared to net loss and Adjusted EBITDA (non-GAAP) of $(15.1) million and $11.9 million, respectively, for the third quarter of 2023. Nine Months Ended September 30, 2024 Financial Results Revenue for the nine months ended September 30, 2024 was $202.8 million, representing a 5.6% decrease over the same period in the prior year and was driven by the following: Net loss and Adjusted EBITDA (non-GAAP) were $(213.1) million and $37.5 million, respectively, for the nine months ended September 30, 2024, compared to net loss and Adjusted EBITDA (non-GAAP) of $(28.4) million and $44.8 million, respectively, for the same period in the prior year. Financial Guidance for Maravai's financial guidance for the full year 2024 is based on expectations for its existing business and does not include the financial impact of potential new acquisitions, including the planned acquisition of the DNA and RNA business of Officinae Bio, or items that have not yet been identified or quantified. This guidance is subject to a number of risks, uncertainties and other factors, including those identified in “Forward-looking Statements” below. Revenue expectations for 2024 are now expected to be in the range of $255.0 million to $265.0 million. Adjusted EBITDA (non-GAAP) margins are now expected to be in the range of 16% to 18%. As it relates to forward-looking Adjusted EBITDA margin, Maravai cannot provide guidance for the most directly comparable GAAP measure or a reconciliation of this non-GAAP financial measure because it is unable to provide a meaningful or accurate calculation or estimation of certain significant reconciling items without unreasonable effort. ____________________ Explanatory Notes to Reconciliations 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 (loss) income before interest, taxes, depreciation and amortization and adjustments to exclude, as applicable: (i) fair value adjustments to acquisition contingent consideration; (ii) incremental costs incurred to execute and integrate completed acquisitions, and associated retention payments; (iii) non-cash expenses related to share-based compensation; (iv) expenses incurred for acquisitions that were pursued but not consummated (including legal, accounting and professional consulting services); (v) transaction costs incurred for debt refinancings; (vi) non-cash expense associated with adjustments to the carrying value of the indemnification asset recorded in connection with completed acquisitions; (vii) loss (income) recognized during the applicable period due to changes in the tax receivable agreement liability; (viii) impairment charges; (ix) restructuring costs; (x) loss on abandoned projects; (xi) severance payments; (xii) legal settlement amounts; and (xii) inventory step-up charges in connection with completed acquisitions. Maravai defines Adjusted Net (Loss) Income as tax-effected earnings before the adjustments described above, and the tax effects of those adjustments. Maravai defines Adjusted Diluted EPS as Adjusted Net (Loss) Income 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 that do not represent, and should not be considered as, an alternative to net (loss) income, 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) income, 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. 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 third quarter of fiscal year 2024. Approximately 10 minutes before the call, dial (888) 596-4144 or (646) 968-2525 and reference Maravai LifeSciences, Conference ID 9502421. 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/. 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 2024; Maravai's effect on the acceleration of transformational research in RNA therapeutics and discovery; growth opportunities, including both organic and inorganic growth; Maravai's plans to acquire the DNA and RNA business of Officinae Bio 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.
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  Publisher Name	Mammoth Times (#624)
  Publisher URL	http://business.mammothtimes.com
  Description	None
  Trust Flow Score	0
  Citation Flow Score	18

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  Data Source Name	Quantexa News (#5)
  Data Source Type	news
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  Weight	10