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Sep 30, 2023

Maravai Q3 2023 Earnings Report

Maravai reported a decrease in revenue due to reduced demand for COVID-19 related products and a weak industry environment, while implementing cost realignment initiatives.

Key Takeaways

Maravai LifeSciences reported a 65% decrease in revenue for Q3 2023, driven by a significant drop in Nucleic Acid Production revenue due to lower COVID-19 related CleanCap demand and customer capital conservation efforts. The company is implementing a cost realignment initiative targeting $30 million in annualized cost reductions, including a workforce reduction of approximately 15%.

Q3 revenue was $66.9 million, a 65% decrease year-over-year.

Net loss was $(15.1) million, compared to net income of $99.7 million in the same period last year.

The company is implementing a cost realignment initiative targeting at least $30 million in annualized cost reductions, including a workforce reduction of approximately 15%.

Updated financial guidance for the full year 2023 projects revenue in the range of $275.0 million to $285.0 million.

Total Revenue
$66.9M
Previous year: $191M
-65.0%
EPS
-$0.01
Previous year: $0.37
-102.7%
Gross Profit
$29.5M
Previous year: $153M
-80.7%
Cash and Equivalents
$580M
Previous year: $617M
-6.1%
Free Cash Flow
-$1.66M
Previous year: $104M
-101.6%
Total Assets
$2.27B
Previous year: $2.25B
+0.8%

Maravai

Maravai

Maravai Revenue by Segment

Forward Guidance

Maravai anticipates full year 2023 revenue to be between $275.0 million and $285.0 million.

Revenue & Expenses

Visualization of income flow from segment revenue to net income