Maravai Lifesciences postpones Q4, FY24 earnings release, conference call

Maravai LifeSciences (MRVI) Holdings announced that it is postponing its previously announced earnings release and call scheduled for February 25. It also announced that it intends to file a Form 12b-25, Notification of Late Filing, with the U.S. SEC and will delay the filing its annual report on Form 10-K for the fiscal year ended December 31, 2024. Maravai intends to hold its postponed earnings call and to file the 2024 Form 10-K as soon as practicable and on or before March 18, prior to the expiration of the automatic extension of fifteen calendar days from the original 2024 Form 10-K due date of March 3. Maravai requires additional time to complete its year-end financial close process for reasons related primarily to the following items. First, Maravai requires additional time to complete its assessment of a potential non-cash impairment charge related to goodwill associated with its previous acquisition of Alphazyme LLC. Second, Maravai requires additional time to assess an error identified during the close process with respect to revenue recognition associated with a single shipment identified in year-end audit procedures that resulted in approximately $3.9M in revenue being recorded in the final week of the second quarter of 2024 upon shipment when it should have been recorded in the first week of the third quarter of 2024 upon receipt by the customer. This revenue recognition error is not expected to impact full-year 2024 revenue, which Maravai still expects to be near the mid-point of the previously announced guidance range of $255M-$265M. Third, Maravai requires additional time to complete its assessment of the effectiveness of its disclosure controls and procedures and internal controls over financial reporting as of December 31, 2024, and any remediation, including with respect to remediation of a material weakness in its internal controls over revenue recognition identified by management.