Maravai Lifesciences Holdings, Inc. Stock Price, News & Analysis

Maravai LifeSciences (NASDAQ: MRVI) announces participation in two key investor conferences. On November 8, 2022, CFO Kevin Herde and COO Brian Neel will engage in a fireside chat at the Credit Suisse Healthcare Conference in California. Subsequently, on December 6, 2022, Mr. Herde will present at the Nasdaq Investor Conference in London, UK. Live webcasts will be accessible via their Investor Relations website, with archived versions available post-event. Maravai is a key provider of life science reagents supporting drug therapy and diagnostics development.

Maravai LifeSciences Holdings, Inc. (MRVI) reported Q3 2022 revenue of $191.3 million, down 7% year-over-year, driven by a 4% decline in Nucleic Acid Production revenue. Net income reached $99.7 million, while Adjusted EBITDA was $132.5 million. The company has updated its 2022 financial guidance, reflecting expectations amidst ongoing market conditions. The revenue included $126.5 million from COVID-19 related CleanCap sales, which decreased from the previous year due to lower demand from vaccine manufacturers.

Maravai LifeSciences faces a legal challenge as its newly appointed CEO, Trey Martin, is accused of breaching a noncompetition agreement by three subsidiaries of Danaher Corporation. The Delaware Court of Chancery has issued a temporary restraining order against Martin, preventing him from working at Maravai until a preliminary injunction hearing. In the interim, former CEO Carl Hull has been reinstated to lead the company. Hull expressed confidence in Martin and criticized the lawsuit's impact on employee mobility in California.

Maravai LifeSciences, Inc. (NASDAQ: MRVI) will announce its third quarter 2022 financial and operational results on November 2, 2022, after market close. The company will also host a conference call at 2:00 PM PT/5:00 PM ET on the same day. Maravai specializes in critical life science products that support drug therapy development, diagnostics, and vaccine innovation. Their solutions are vital for research in human diseases and serve leading biopharmaceutical and gene therapy firms.

Maravai LifeSciences (NASDAQ: MRVI) announced the appointment of William “Trey” Martin, III as its new CEO, succeeding co-founder Carl Hull, who transitions to Executive Chairman. Martin brings over 25 years of leadership experience in life sciences, particularly in genomic medicine from Danaher Corporation. Hull will continue guiding Maravai’s long-term strategy alongside Martin. The management change aims to leverage Martin's expertise in driving growth within nucleic acid synthesis and biologics testing. The upcoming earnings call on November 2, 2022, will further discuss this transition.

Maravai (NASDAQ: MRVI) announced the addition of GMP-grade N1-Methyl-Pseudouridine-5’-Triphosphate to its product line through its subsidiary TriLink BioTechnologies. This critical raw material enhances mRNA manufacturing, supporting researchers in accelerating drug discovery timelines while sourcing materials domestically. The demand for N1-Methyl-Pseudouridine has surged, particularly due to its role in FDA-approved mRNA vaccines. TriLink aims to strengthen its industry position by leveraging over ten years of experience in manufacturing this product.

Maravai LifeSciences (NASDAQ: MRVI) will participate in two upcoming investor conferences in September 2022. CEO Carl Hull will engage in a fireside chat at the Morgan Stanley Global Healthcare Conference on September 12 at 9:20 a.m. ET, followed by a presentation at the Baird Global Healthcare Conference on September 13 at 9:05 a.m. ET. Live webcasts of these events will be available on Maravai's Investor Relations website, with archived versions accessible post-event. Maravai specializes in providing life science reagents and services for drug development, diagnostics, and research.

Maravai LifeSciences Holdings (MRVI) reported record financial results for Q2 2022, with revenue of $242.7 million, an 11% increase year-over-year. The Nucleic Acid Production segment saw a 17% revenue increase to $225.2 million. Net income reached $156.7 million, up 17% from the previous year. Noteworthy is the 42% growth in Nucleic Acid Production for the first half of 2022. The company signed a Cooperative Agreement with the Department of Defense for manufacturing expansion. Adjusted EBITDA for Q2 was $188.5 million, reflecting strong cash position for future growth.