Maravai LifeSciences Announces Preliminary Unaudited First Quarter Revenues and Income From Operations Range
04/05/2021 - 04:05 PM
SAN DIEGO, April 05, 2021 (GLOBE NEWSWIRE) -- Maravai LifeSciences Holdings, Inc. (Maravai or the Company) (NASDAQ: MRVI) , a global provider of life science reagents and services to researchers and biotech innovators, today provided preliminary unaudited revenue and Income from Operations estimates for the quarter ended March 31, 2021.
Subject to quarter-end closing adjustments, the Company expects to report total revenues of approximately $148 million for Q1 2021, an increase of 190% compared to Q1 2020 and a sequential increase of 50% compared to Q4 2020. These preliminary results exceed the Company’s most recent guidance provided on March 2, 2021, which projected Q1 2021 sequential revenue growth over Q4 2020 in the range of 30% to 35% . The Company has not yet completed its financial close process for the first quarter of 2021; however, the Company expects Income from Operations ranging between $80 million to $100 million for the quarter.
The financial information included in this press release is preliminary and subject to adjustment. It does not present all information necessary for an understanding of the Company’s first quarter of 2021. The Company expects to report its completed financial results for the first quarter of 2021 in May 2021.
"Maravai’s strong momentum continued in the first quarter of 2021, primarily driven by the continued strength of our Nucleic Acid Production business,” said Carl Hull, Chairman and CEO. “I am very proud of the ways in which our extraordinary team, and our partners, continue to scale meaningfully to address the global COVID-19 pandemic. We look forward to sharing our full financial results on our first quarter earnings release call scheduled for May 10,” added Hull.
Revenues by segment are expected to be:
Three Months Ended March 31, in millions 2021 2020 $ Change % Change Nucleic Acid Production $ 123.6 $ 30.5 $ 93.1 305 % Biologics Safety Testing 17.6 14.3 3.3 23 % Protein Detection 6.6 6.2 0.4 6
Maravai LifeSciences Holdings Inc
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Industry
Pharmaceutical Preparation Manufacturing
Sector
Manufacturing
Tags
Commercial Services, Miscellaneous Commercial Services
Country
US
City
San Diego
About MRVI
maravai lifesciences catalyzes the growth of successful, entrepreneurial life science companies by providing expertise, capital, processes and systems so that they can continue to serve scientists who are striving to improve human health. current maravai lifesciences portfolio companies provide enabling tools and services in the life sciences research and bioproduction industries that accelerate breakthrough discoveries in areas such as genomics, proteomics, and biotherapeutic development. maravai lifesciences was formed in march 2014 through a partnership with gtcr, a leading private equity firm. our mission is to build a transformative life sciences reagents company by acquiring outstanding businesses and accelerating their growth. since our founding, we have acquired four companies, each a leader in its market segment. vector laboratories has led the market for labeling and detection products used by researchers in immunohistochemistry, immunofluorescence and related techniques. tri
