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, 2021,
together with other business updates. Highlights include:
- Revenue increased 364.3% to $217.8
million for the second quarter;
- Net income of $134.3 million for
the second quarter;
- 2021 revenue guidance increasing to
a range of $745.0 million to $770.0 million;
- Agreement reached for divestiture
of Protein Detection business segment to Thompson Street Capital
Partners; and
- Facility expansion plans to meet
growing demand for Nucleic Acid Production and Biologic Safety
Testing businesses.
"Maravai had an incredibly strong first half of
2021, and we feel very good about the momentum we are seeing across
our business,” said Carl Hull, Chairman and CEO. “In particular, we
anticipate continued robust growth in our Nucleic Acid Production
business, and we are increasing our guidance to reflect stronger
demand expectations for the remainder of the year,” added Hull.
Revenue for the Second Quarter and Year to Date
2021
|
Three Months Ended June 30, |
|
2021 |
|
2020 |
|
Year-over-Year % Change |
Nucleic Acid Production |
$ |
192,521 |
|
|
$ |
30,424 |
|
|
532.8 |
% |
Biologics Safety Testing |
18,208 |
|
|
12,364 |
|
|
47.3 |
% |
Protein Detection |
7,046 |
|
|
4,117 |
|
|
71.1 |
% |
Total revenue |
$ |
217,775 |
|
|
$ |
46,905 |
|
|
364.3 |
% |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
Year-over-Year % Change |
Nucleic Acid Production |
$ |
316,453 |
|
|
$ |
60,913 |
|
|
419.5 |
% |
Biologics Safety Testing |
35,857 |
|
|
26,658 |
|
|
34.5 |
% |
Protein Detection |
13,676 |
|
|
10,315 |
|
|
32.6 |
% |
Total revenue |
$ |
365,986 |
|
|
$ |
97,886 |
|
|
273.9 |
% |
Second Quarter Fiscal 2021 Financial
Results
Revenue for the second quarter was $217.8
million, representing a 364.3% increase over the same period in the
prior year and was driven by the following:
- Nucleic Acid Production revenue was
$192.5 million for the second quarter, representing a 532.8%
increase year-over-year. The increase in Nucleic Acid Production
revenue was driven by: continued strong demand for our proprietary
CleanCap® analogs as COVID-19 vaccine manufacturers scale
production; and increasing demand for mRNA products as this
technology becomes incorporated into more therapeutic and vaccine
programs.
- Biologic Safety Testing revenue was
$18.2 million for the second quarter, representing a 47.3% increase
year-over-year. The increase was driven by continued high demand
and stocking of our products as a result of increased COVID-19
related therapeutic program and analytical needs; and strong sales
due to the breadth of our global product offerings supporting cell
and gene therapies, biosimilars and biologic development
programs.
- Protein Detection revenue was $7.0
million for the second quarter, representing a 71.1% increase
year-over-year. The increase was primarily due to the resumption of
research laboratory work from prior shutdowns as a result of the
COVID-19 pandemic, coupled with increased demand for our
products.
Net income and Adjusted EBITDA (non-GAAP) were
$134.3 million and $164.7 million, respectively, for the second
quarter of 2021, compared to $1.4 million and $17.5 million for the
second quarter of the prior year.
Six Months Ended June 30, 2021 Financial
Results
Revenue for the six months ended June 30,
2021 was $366.0 million, representing a 273.9% increase over the
same period in the prior year and was driven by the following:
- Nucleic Acid Production revenue of
$316.5 million for the six months ended June 30, 2021,
representing a 419.5% increase year-over-year.
- Biologic Safety Testing revenue of
$35.9 million for the six months ended June 30, 2021,
representing a 34.5% increase year-over-year.
- Protein Detection revenue of $13.7
million for the six months ended June 30, 2021, representing a
32.6% increase year-over-year.
Net income and Adjusted EBITDA (non-GAAP) were
$210.2 million and $266.7 million, respectively, for the six months
ended June 30, 2021, compared to $25.3 million and $47.1
million for the same period last year.
Sale of Protein Detection
Business
Maravai entered into a definitive agreement to
sell Vector Laboratories, Inc. (Vector), its Protein Detection
business segment, to Thompson Street Capital Partners, a St.
Louis-based private equity firm, for a purchase price of $124.0
million in cash, subject to customary purchase price adjustments
and closing conditions.
Following the closing of this transaction, which
is expected in the third quarter of 2021, Vector will operate as an
independent, privately-held business, headed by its current Chief
Operating Officer, Lisa Sellers, Ph.D.
“We are very proud of the progress made and
value created during the five years that Vector has been part of
Maravai,” said Hull. “During that time, we brought in Dr. Sellers
to lead the team and launched a number of innovative solutions to
better serve our academic and early development stage customers,
which have strengthened Vector’s operations. Considering the
significant market opportunities in Maravai’s other businesses that
will likely require incremental investment and management
attention, we believe that Thompson Street Capital Partners will
better enable Vector’s next phase of development while allowing us
to focus on our other businesses.”
“We are thankful for the commercial expertise
and collaborative experience that we had with Maravai and are
excited about our future with the Thompson Street Capital Partners
team,” said Dr. Sellers. “Vector has a great foundation to build
off as we enter our next growth phase and bring new innovations to
market.”
Kirkland & Ellis LLP provided legal counsel
to Maravai in the transaction and Sidley Austin LLP provided legal
counsel to Thompson Street Capital Partners.
Maravai intends to use its net proceeds from the
sale for general corporate purposes, including organic growth
investments and potential M&A opportunities.
Centers of Excellence Established with
Facilities Expansion Plans
The Company has signed a lease for an additional
facility in San Diego, CA and will move some of its current Nucleic
Acid Production operations to the new site, which it anticipates
will allow it to increase capacity for commercial CleanCap
production, as well as expand its small molecule platform, mRNA
support and development, and GMP API manufacturing. The current
facility in San Diego is expected to become the Manufacturing
Center of Excellence for mRNA Technologies, and the planned second
San Diego site is anticipated to house both our Innovation Center
of Excellence and Oligonucleotide/Chemistry Center of
Excellence.
Maravai also entered into a new lease agreement
to relocate its Biologic Safety Testing business in Southport, NC
to Leland, NC. The new state-of-the-art facility will more than
double its Biologics Safety Testing business segment’s operational
square footage, supporting current and future growth. The fully
customized design will significantly increase cold storage
capacity, provide a Mass Spectrometry Center of Excellence and
specialized cell culture facilities, among other R&D,
laboratory and automation upgrades.
Planned occupancy for both sites is anticipated
in mid-2022.
Updated Financial Guidance for
2021
Our updated financial guidance for the full year
2021 is based on expectations for our existing business and does
not include the financial impact of potential new acquisitions, if
any, or items that have not yet been identified or quantified.
Guidance does include revenue contribution from our Protein
Detection business from January 2021 through the anticipated
closing of the sale to Thompson Street Capital Partners, which is
expected to occur in the third quarter of 2021, subject to
customary closing conditions.
This guidance is subject to a number of risks
and uncertainties identified in the Forward-Looking Statements
below.
Total revenue for 2021 is projected to be in the
range of $745.0 million to $770.0 million, reflecting overall
growth of 162.2% to 171.0%.
Adjusted EBITDA (non-GAAP) is expected to be in
the range of $515.0 million to $535.0 million.
Adjusted fully diluted EPS (non-GAAP) is
expected to be in the range of $1.30 - $1.36 per share. Adjusted
fully diluted EPS (non-GAAP) is based on the assumption that all
Class B shares are converted to Class A shares. The net income
(loss) included in the Adjusted fully diluted EPS (non-GAAP) has
been adjusted to eliminate the net income (loss) attributable to
non-controlling interest as a result of the assumed full conversion
of Class B shares for Class A shares and is further adjusted for
certain items that we do not believe directly reflect our core
operations. All such adjustments have been tax effected at the
mid-point of an assumed statutory tax rate range of 23.0% to
24.0%.
Maravai cannot provide guidance for the most
closely comparable GAAP measures or reconciliations for the
non-GAAP financial measures included in the updated 2021 guidance
above because we are unable to provide a meaningful or accurate
calculation or estimation of certain reconciling items without
unreasonable effort. This is due to the inherent difficulty in
forecasting and quantifying certain amounts that are necessary for
such reconciliation, including net income attributable to
noncontrolling interest, variations in effective tax rate, expenses
to be incurred for acquisition activities, and the diluted weighted
average number of shares of Class A common stock outstanding for
the applicable period from potential proforma exchanges of
outstanding Class B common shares for shares of Class A common
stock. Thus, we are unable to present a quantitative reconciliation
of the aforementioned forward-looking non-GAAP financial measures
to their most directly comparable forward-looking GAAP financial
measures because such information is not available. However, 2021
interest expense is expected to be in the range of $33.0 million to
$35.0 million, 2021 depreciation and amortization is also expected
to be in the range of $29.0 million to $32.0 million, and 2021
equity-based compensation is expected to be in the range of $10.0
million to $12.0 million.
MARAVAI LIFESCIENCES HOLDINGS, INC. |
|
|
|
|
|
CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
(in thousands, except share and unit amounts and per share and per
unit amounts) |
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenue |
$ |
217,775 |
|
|
$ |
46,905 |
|
|
$ |
365,986 |
|
|
$ |
97,886 |
|
Operating
expenses |
|
|
|
|
|
|
|
Cost of revenue |
37,513 |
|
|
21,197 |
|
|
67,881 |
|
|
36,494 |
|
Research and development |
1,932 |
|
|
1,600 |
|
|
4,096 |
|
|
5,344 |
|
Selling, general and administrative |
24,085 |
|
|
15,988 |
|
|
47,322 |
|
|
32,114 |
|
Gain on sale and leaseback transaction |
— |
|
|
— |
|
|
— |
|
|
(19,002 |
) |
Total operating expenses |
63,530 |
|
|
38,785 |
|
|
119,299 |
|
|
54,950 |
|
Income from operations |
154,245 |
|
|
8,120 |
|
|
246,687 |
|
|
42,936 |
|
Other income
(expense) |
|
|
|
|
|
|
|
Interest expense |
(8,512 |
) |
|
(7,463 |
) |
|
(17,282 |
) |
|
(14,845 |
) |
Change in payable to related parties pursuant to the Tax Receivable
Agreement |
— |
|
|
— |
|
|
5,886 |
|
|
— |
|
Other (expense) income |
(3 |
) |
|
20 |
|
|
— |
|
|
100 |
|
Income before income
taxes |
145,730 |
|
|
677 |
|
|
235,291 |
|
|
28,191 |
|
Income tax expense
(benefit) |
11,386 |
|
|
(765 |
) |
|
25,095 |
|
|
2,870 |
|
Net
income |
134,344 |
|
|
1,442 |
|
|
210,196 |
|
|
25,321 |
|
Net income attributable to
noncontrolling interests |
85,269 |
|
|
19 |
|
|
137,874 |
|
|
509 |
|
Net income
attributable to Maravai LifeSciences Holdings, Inc. |
$ |
49,075 |
|
|
$ |
1,423 |
|
|
$ |
72,322 |
|
|
$ |
24,812 |
|
|
|
|
|
|
|
|
|
Net income per
share/unit attributable to Maravai LifeSciences Holdings,
Inc.: |
|
|
|
|
|
|
|
Basic |
$ |
0.44 |
|
|
$ |
0.00 |
|
|
$ |
0.69 |
|
|
$ |
0.09 |
|
Diluted |
$ |
0.44 |
|
|
$ |
0.00 |
|
|
$ |
0.69 |
|
|
$ |
0.09 |
|
|
|
|
|
|
|
|
|
Weighted average
number of shares/units outstanding: |
|
|
|
|
|
|
|
Basic |
112,203,530 |
|
|
253,916,941 |
|
|
104,467,998 |
|
|
253,916,941 |
|
Diluted |
112,280,375 |
|
|
253,916,941 |
|
|
257,685,618 |
|
|
253,916,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
MARAVAI LIFESCIENCES HOLDINGS,
INC.
RECONCILIATION OF NON-GAAP FINANCIAL
INFORMATION(Unaudited)(in thousands, except share amount
and per share amounts)
Net Income
to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income |
$ |
134,344 |
|
|
$ |
1,442 |
|
|
$ |
210,196 |
|
|
$ |
25,321 |
|
Add: |
|
|
|
|
|
|
|
Amortization |
5,040 |
|
|
5,041 |
|
|
10,081 |
|
|
10,116 |
|
Depreciation |
2,297 |
|
|
1,434 |
|
|
4,151 |
|
|
3,125 |
|
Interest Expense |
8,512 |
|
|
7,463 |
|
|
17,282 |
|
|
14,845 |
|
Income tax expense
(benefit) |
11,386 |
|
|
(765 |
) |
|
25,095 |
|
|
2,870 |
|
EBITDA |
161,579 |
|
|
14,615 |
|
|
266,805 |
|
|
56,277 |
|
Acquisition integration costs
(1) |
13 |
|
|
2,913 |
|
|
(798 |
) |
|
3,602 |
|
Amortization of lease facility
financing obligation (2) |
(1,049 |
) |
|
— |
|
|
(1,049 |
) |
|
— |
|
Acquired in-process research
and development costs (3) |
— |
|
|
— |
|
|
— |
|
|
2,881 |
|
Equity-based compensation
(4) |
2,383 |
|
|
576 |
|
|
4,661 |
|
|
1,084 |
|
GTCR management fee (5) |
— |
|
|
218 |
|
|
— |
|
|
429 |
|
Gain on sale and leaseback
transaction (6) |
— |
|
|
— |
|
|
— |
|
|
(19,002 |
) |
Merger and acquisition related
expenses (7) |
997 |
|
|
(808 |
) |
|
1,916 |
|
|
94 |
|
Financing costs (8) |
798 |
|
|
— |
|
|
1,004 |
|
|
1,700 |
|
Tax receivable agreement
liability adjustment (9) |
— |
|
|
— |
|
|
(5,886 |
) |
|
— |
|
Adjusted EBITDA |
$ |
164,721 |
|
|
$ |
17,514 |
|
|
$ |
266,653 |
|
|
$ |
47,065 |
|
Adjusted Net
Income and Adjusted Net Income per Diluted Share |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income attributable to Maravai LifeSciences Holdings, Inc. |
$ |
49,075 |
|
|
* |
|
$ |
72,322 |
|
|
* |
Net income impact from pro
forma conversion of Class B shares to Class A common shares |
85,269 |
|
|
* |
|
137,874 |
|
|
* |
Adjustment to the provision
for income tax (10) |
(20,038 |
) |
|
* |
|
(33,032 |
) |
|
* |
Tax-effected net income |
114,306 |
|
|
* |
|
177,164 |
|
|
* |
Acquisition integration costs
(1) |
13 |
|
|
* |
|
(798 |
) |
|
* |
Amortization of lease facility
financing obligation (2) |
(1,049 |
) |
|
* |
|
(1,049 |
) |
|
* |
Equity-based compensation
(4) |
2,383 |
|
|
* |
|
4,661 |
|
|
* |
Merger and acquisition related
expenses (7) |
997 |
|
|
* |
|
1,916 |
|
|
* |
Financing costs (8) |
798 |
|
|
* |
|
1,004 |
|
|
* |
Tax receivable agreement
liability adjustment (9) |
— |
|
|
* |
|
(5,886 |
) |
|
* |
Deferred tax expense related
to historical exchanges (11) |
(703 |
) |
|
* |
|
4,580 |
|
|
* |
Deferred tax expense related
to assets held for sale (12) |
(2,822 |
) |
|
* |
|
(2,822 |
) |
|
* |
Tax impact of adjustments
(13) |
(632 |
) |
|
* |
|
171 |
|
|
* |
Other adjustments (14) |
1,297 |
|
|
* |
|
2,255 |
|
|
* |
Adjusted net
income |
$ |
114,588 |
|
|
* |
|
$ |
181,196 |
|
|
* |
|
|
|
|
|
|
|
|
Diluted weighted
average shares of Class A common stock outstanding |
257,723,991 |
|
|
* |
|
257,685,618 |
|
|
* |
|
|
|
|
|
|
|
|
Adjusted net income |
$ |
114,588 |
|
|
* |
|
$ |
181,196 |
|
|
* |
Adjusted fully diluted
EPS |
$ |
0.44 |
|
|
* |
|
$ |
0.70 |
|
|
* |
____________________Explanatory Notes to
Reconciliations
(*) Information not presented for Pre-IPO
period.
(1) Refers to incremental costs
incurred to execute and integrate completed acquisitions.
(2) Refers to cash rent paid
for our San Diego, CA facility which is recorded as a reduction to
the financing lease obligation.
(3) Refers to in-process
research and development charge associated with the acquisition of
MockV Solutions, Inc.
(4) Refers to non-cash expense
associated with equity-based compensation.
(5) Refers to cash fees paid to
GTCR, LLC (“GTCR”), pursuant to the advisory services agreement
that was terminated in connection with our IPO.
(6) Refers to the gain on the
sale of our Burlingame, California facility, which was leased back
to the Company in 2020.
(7) Refers to diligence, legal,
accounting, tax and consulting fees incurred associated with
acquisitions that were not consummated.
(8) Refers to transaction costs
related to our IPO and the refinancing of our long-term debt that
are not capitalizable or cannot be offset against proceeds from
such transactions.
(9) Refers to the gain related
to the adjustment of our tax receivable agreement liability
primarily due to changes in our estimated state apportionment and
the corresponding reduction of our estimated state tax rate.
(10) Represents additional
corporate income taxes at an assumed effective tax rate of 23.9%
applied to additional net income attributable to Maravai
LifeSciences Holdings, Inc. from the assumed proforma exchange of
all outstanding Class B common stock for shares of Class A common
stock.
(11) Refers to deferred tax
expense related to the adjustment of our deferred tax asset
primarily due to changes in our estimated state apportionment and
the corresponding reduction of our estimated state tax rate, as
well as increases in Maravai LifeSciences Holdings, Inc.’s
ownership in Maravai Topco Holdings, LLC.
(12) Refers to deferred tax
expense related to our assets held for sale in connection with the
anticipated sale of Vector Laboratories, Inc. and its
subsidiaries.
(13) Represents income tax
impact of non-GAAP adjustments and assumed proforma exchange of all
outstanding Class B common stock for shares of Class A common stock
at an assumed effective tax rate of 23.9%.
(14) Represents tax benefits
due to the amortization of intangible assets and other tax
attributes resulting from the tax basis step up associated with the
purchase or exchange of Maravai Topco Holdings, LLC units and Class
B common stock, net of payment obligations under the tax receivable
agreement.
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
measure include: Adjusted EBITDA, and Adjusted fully diluted
Earnings Per Share (EPS).
We define Adjusted EBITDA as net income before
interest, taxes, depreciation and amortization and adjustments to
exclude, as applicable: (i) incremental costs incurred to execute
and integrate completed acquisitions; (ii) amortization of lease
facility financing obligations; (iii) charges for in-process
research and development associated with completed acquisitions;
(iv) non-cash expenses related to share-based compensation; (v)
gain on sale and leaseback transaction; (vi) expenses incurred for
acquisitions that were not consummated (including legal,
accounting, and professional consulting services); (vii)
transaction costs incurred for the initial public offering and debt
refinancing; (viii) GTCR management fees; and (ix) loss (income)
recognized during the applicable period due to changes in the tax
receivable agreement liability. We define Adjusted Net Income as
tax-effected earnings before the adjustments described above, and
the tax effects of those adjustments. We define Adjusted Diluted
EPS as Adjusted Net Income divided by the diluted weighted average
number of Class A common stock outstanding for the applicable
period, which assumes the proforma exchange of all outstanding
Class B common stock for shares of Class A common stock.
These non-GAAP measures are supplemental
measures of operating performance that is not prepared in
accordance with GAAP and that does not represent, and should not be
considered as, an alternative to net income, as determined in
accordance with GAAP.
We use these non-GAAP measures to understand and
evaluate our core operating performance and trends and to develop
short-term and long-term operating plans. We believe the measures
facilitate comparison of our operating performance on a consistent
basis between periods and, when viewed in combination with our
results prepared in accordance with GAAP, helps provide a broader
picture of factors and trends affecting our results of
operations.
These non-GAAP financial measures have
limitations as an analytical tool, and you should not consider it
in isolation, or as a substitute for analysis of our results as
reported under GAAP. Because of these limitations, they should not
be considered as a replacement for net income, as determined by
GAAP, or as a measure of our profitability. We compensate for these
limitations by relying primarily on our 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 second quarter of fiscal year 2021. Approximately 10
minutes before the call, dial (833) 693-0536 or (661) 407-1576 and
enter the conference ID number 2296674. For 72 hours following the
call, an audio replay can be accessed by dialing (855) 859-2056 or
(404) 537-3406 and using the conference number above. 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, 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
biologic 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 our 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 our
financial guidance for 2021, the strength of our business momentum
and expectations for continued robust growth in our Nucleic Acid
Production business, the anticipated timing of the closing of the
sale of our Protein Detection business, the increases in capacity
and operational expansion expected to result from new and
additional facilities, constitute forward-looking statements and
are identified by words like “believe,” “expect,” “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 our current beliefs, expectations and
assumptions regarding the future of our 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 our control. Our 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 our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following:
- Certain of our products are used by
customers in the production of vaccines and therapies, some of
which represent relatively new and still-developing modes of
treatment. Unforeseen adverse events, negative clinical outcomes,
or increased regulatory scrutiny of these vaccines and therapies
and their financial cost may damage public perception of the
safety, utility, or efficacy of these vaccines and therapies or
other modes of treatment and may harm our customers’ ability to
conduct their business. Such events may negatively impact our
revenue and have an adverse effect on our performance.
- We compete with life science,
pharmaceutical and biotechnology companies who are substantially
larger than we are and potentially capable of developing new
approaches that could make our products, services and technology
obsolete.
- We depend on a limited number of
customers for a high percentage of our revenue. If we cannot
maintain our current relationships with customers, fail to sustain
recurring sources of revenue with our existing customers, or if we
fail to enter into new relationships, our future operating results
will be adversely affected.
- We rely on a limited number of
suppliers or, in some cases, sole suppliers, for some of our raw
materials and may not be able to find replacements or immediately
transition to alternative suppliers.
- Such other factors as discussed
throughout the “Risk Factors” section of our Annual Report on Form
10-K for the year ended December 31, 2020, as well as other
documents on file with the Securities and Exchange Commission.
Any forward-looking statement made by us in this
release is based only on information currently available to us and
speaks only as of the date on which it is made. We undertake 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.
Contact Information:
Media Contact: Sara Michelmore
MacDougall
+1 781-235-3060
maravai@macbiocom.com
Investor Contact: Deb Hart
Maravai LifeSciences
+ 1 858-988-5917
ir@maravai.com
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