Maravai Q3, pending acquisition

 Financial Highlights:

• Quarterly revenue of $65.2 million, Net loss of $(176.0) million (including a goodwill impairment of $154.2 million), and Adjusted EBITDA of $12.7 million; and
• Updated revenue guidance for the full year 2024 to be in the range of $255.0 million to $265.0 million.

Innovation and Awards:

• TriLink BioTechnologies (TriLink) enhanced our product offering with the introduction of custom sets of mRNA constructs, supporting our customers’ screening phase and allowing them to more quickly evaluate and prioritize their target;
• TriLink and Alphazyme collaborated to launch CleanScribe™ RNA Polymerase, providing researchers with a simple way to significantly reduce dsRNA in their IVT without compromising other important mRNA quality attributes;
• Commenced our first mRNA contract for a customer’s Phase II clinical trial in our Flanders 2 GMP manufacturing facility, demonstrating our ability to bring TriLink’s best-in-class mRNA manufacturing processes to our Phase II and Phase III mRNA service customers;
• Strengthened TriLink’s patent estate with the issuance of an additional U.S. patent for our CleanCap® IVT capping technology;
• Cygnus Technologies (Cygnus) and TriLink collaborated to launch AccuRes™ Host Cell DNA Quantification Kits. The all-in-one kit combines Cygnus’ proprietary extraction procedure with a probe-based master mix containing TriLink’s patented CleanAmp® dNTPs and a Hot Start Taq DNA Polymerase; and
• Chanfeng Zhao, Vice President, R&D Chemistry for TriLink was honored on the 2024 PharmaVoice 100 list in the category of Clinical Trial Pros.

Pending Acquisition:

• Entered into definitive agreement to acquire the DNA and RNA business of Officinae Bio, a privately held technology company with a proprietary digital platform designed with artificial intelligence and machine learning capabilities to support the biological design of therapeutics. The acquisition is subject to customary closing conditions, and is expected to close in early 2025. Once completed, the acquisition is expected to expand our ability to assist customers in developing innovative nucleic acid-based therapies.

Financial Guidance for 2024

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%.

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/.

https://www.globenewswire.com/news-release/2024/11/07/2977089/0/en/Maravai-LifeSciences-Reports-Third-Quarter-2024-Financial-Results.html