Maravai LifeSciences Announces Preliminary Unaudited First Quarter Revenues and Income From Operations Range
April 05 2021 - 4:05PM
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 |
% |
Total revenue |
|
$ |
147.8 |
|
|
$ |
51.0 |
|
|
$ |
96.8 |
|
|
190 |
% |
Maravai intends to provide its full financial
results for the first quarter after the market close on Monday, May
10, 2021. Until that time, the preliminary revenue results
described in this press release are estimates only and are subject
to revision. When the Company reports its first quarter results, it
also expects to provide updated financial guidance for full year
2021.
Actual results may differ from those set forth
in this release due to the risks and uncertainties inherent in
Maravai’s business, including, without limitation adjustments to
the preliminary, unaudited consolidated financial results in
connection with completion of our financial closing procedures and
independent registered public accounting firm’s review of our first
quarter of 2021 results. Such preliminary results for the 2021
first quarter are subject to finalization, and should not be viewed
as a substitute for full quarterly financial statements prepared in
accordance with accounting principles generally accepted in the
U.S. Our independent registered public accounting firm has not
audited, nor have they completed their review and other procedures
with respect to the preliminary results, nor have they expressed
any opinion or any other form of assurance on the preliminary
results.
About Maravai
Maravai is a leading life sciences company
providing critical products to enable the development of drug
therapies, diagnostics, novel vaccines and support research on
human diseases. Maravai’s companies are leaders in providing
products and services in the fields of nucleic acid synthesis,
bioprocess impurity detection and analysis, and protein labeling
and detection 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
continued momentum, the strength of our nucleic acid production
segment, our ability to scale production, completion of financial
closing procedures and independent registered public accounting
firm’s review of our results, our revenue and income from
operations estimates for the first quarter, 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 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, 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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