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Maravai Lifesciences Holdings (MRVI)
NASDAQ:MRVI
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Maravai Lifesciences Holdings
(NASDAQ:MRVI)
46Neutral
Positive Factors
Market Expansion
Europe and APAC ex-China are expected to be BST growth opportunities, indicating potential market expansion.
Operational Improvements
The company has implemented new procedures to improve its visibility with ordering trends among customers.
Product Development
TriLink GMP products have been receiving positive feedback from customers as the company looks to capture future growth within the genomic medicines market.
Negative Factors
Financial Performance
Lower than expected EBITDA weighs on the quarter, reflecting financial challenges.
Operational Transition
Uncertainties remain as the company continues to undergo a significant operational transition and macro headwinds remain.
Revenue Decline
Revenue of approximately $57 million missed expectations and NAP revenue declined by 29% year over year due to lower demand.
Maravai Lifesciences Holdings (MRVI) vs. S&P 500 (SPY)
Market Cap
$549.37M
Dividend YieldN/A
Average Volume (3M)4.60M
Price to Earnings (P/E)―
Beta (1Y)1.47
Revenue Growth-10.30%
EPS Growth-14.44%
CountryUS
Employees570
SectorHealthcare
Sector Strength78
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.03
Shares Outstanding143,651,810
10 Day Avg. Volume4,193,805
30 Day Avg. Volume4,597,967
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)2.22
Price to Cash Flow (P/CF)-9.80
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$5.56Price Target Upside151.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
Maravai Lifesciences Holdings Business Overview & Revenue Model
Company DescriptionMaravai Lifesciences Holdings (MRVI) is a biotechnology company that provides critical products and services to enable the development of drug therapies, diagnostics, and novel vaccines. The company operates in sectors such as biopharmaceutical development and life sciences research. Its core products include nucleic acid production, biologics safety testing, and protein labeling, which are essential for advancing scientific research and medical breakthroughs.
How the Company Makes MoneyMaravai Lifesciences Holdings generates revenue through the production and sale of specialized reagents and services that support biopharmaceutical development and life sciences research. The company's key revenue streams include sales of nucleic acids used in mRNA vaccine production and other therapeutic applications, as well as biologics safety testing services and protein labeling products. Maravai collaborates with major pharmaceutical and biotechnology companies, leveraging significant partnerships to enhance its market presence and drive sales. The company's earnings are influenced by the growing demand for innovative medical treatments and the ongoing advancements in biotechnological research.
Maravai Lifesciences Holdings Financial Statement Overview
Summary
Maravai Lifesciences Holdings faces significant financial challenges as evidenced by declining revenues, profitability, and cash flows. Despite a strong cash position and reduced leverage, the company needs to address its revenue and profitability issues to improve its financial health.Income Statement
The income statement shows a concerning decline in revenue and profitability. Total revenue decreased from $883 million in 2022 to $259 million in 2024, indicating significant revenue contraction. Gross profit margin also declined, and the company reported negative EBIT and net income in 2024, reflecting operational and profitability challenges.45
Neutral
Balance Sheet
The balance sheet is moderately stable with some concerns. The debt-to-equity ratio improved from 1.42 in 2023 to 0.11 in 2024, indicating reduced leverage. However, ROE is negative due to net losses, and the equity ratio has decreased over the years. The company's cash position is strong, but the overall asset base is shrinking.55
Neutral
Cash Flow
Cash flow analysis reveals declining free cash flow, which dropped from $607 million in 2023 to a negative $22 million in 2024, signaling potential liquidity issues. The operating cash flow to net income ratio is low, suggesting inefficiency in converting net income to cash flow. However, operating cash flows remain positive, providing some cushion.50
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 259.19M | 288.94M | 883.00M | 799.24M | 284.10M | Gross Profit |
| 108.31M | 140.20M | 714.04M | 658.68M | 204.45M | EBIT |
| -235.62M | -31.65M | 574.22M | 554.64M | 67.60M | EBITDA |
| -156.92M | 712.41M | 609.99M | 585.78M | 138.27M | Net Income Common Stockholders |
| -144.85M | -119.03M | 490.66M | 469.25M | 76.89M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 322.40M | 574.96M | 632.14M | 551.27M | 236.18M | Total Assets |
| 1.01B | 1.49B | 2.28B | 1.92B | 1.27B | Total Debt |
| 37.34M | 610.97M | 585.26M | 534.31M | 590.78M | Net Debt |
| -285.06M | 36.01M | -46.88M | -16.96M | 354.60M | Total Liabilities |
| 431.04M | 697.57M | 1.38B | 1.37B | 1.12B | Stockholders Equity |
| 325.29M | 416.75M | 545.22M | 315.50M | 88.51M |
| Cash Flow | Free Cash Flow | |||
| -22.19M | 60.67M | 518.89M | 353.72M | 126.78M | Operating Cash Flow |
| 7.46M | 126.22M | 535.98M | 368.57M | 152.19M | Investing Cash Flow |
| -24.32M | -122.31M | -267.61M | 105.66M | 6.07M | Financing Cash Flow |
| -235.71M | -61.09M | -187.50M | -159.05M | 53.21M |
Maravai Lifesciences Holdings Technical Analysis
Negative
2.21
Price Trends
3.51
Negative
4.45
Negative
6.36
Negative
Market Momentum
-0.38
Negative
28.07
Positive
30.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRVI, the sentiment is Negative. The current price of 2.21 is below the 20-day moving average (MA) of 2.43, below the 50-day MA of 3.51, and below the 200-day MA of 6.36, indicating a bearish trend. The MACD of -0.38 indicates Negative momentum. The RSI at 28.07 is Positive, neither overbought nor oversold. The STOCH value of 30.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MRVI.
Maravai Lifesciences Holdings Risk Analysis
Maravai Lifesciences Holdings disclosed 75 risk factors in its most recent earnings report. Maravai Lifesciences Holdings reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Maravai Lifesciences Holdings Peers Comparison
Overall Rating
UnderperformOutperform
Sector (48)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $21.67B | ― | -3.38% | ― | -27.64% | -172.62% | |
48 Neutral | $6.86B | 1.11 | -50.22% | 2.47% | 16.71% | 1.53% | |
46 Neutral | $549.37M | ― | -39.04% | ― | -10.30% | -14.44% | |
46 Neutral | $2.30B | ― | -50.74% | ― | -7.03% | -20233.78% | |
46 Neutral | $2.84B | ― | -19.20% | ― | -89.95% | -123.71% | |
44 Neutral | $2.32B | ― | -37.73% | ― | 25.85% | 6.06% | |
39 Underperform | $1.78B | ― | -37.40% | ― | -100.00% | -144.79% |
* Healthcare Sector Average
Performance Comparison
MRVI
Maravai Lifesciences Holdings
2.10
-5.85
-73.58%
QDEL
QuidelOrtho
32.49
-10.21
-23.91%
CRSP
Crispr Therapeutics AG
32.66
-30.24
-48.08%
DNLI
Denali Therapeutics
12.79
-6.60
-34.04%
TWST
Twist Bioscience
37.50
4.89
15.00%
BNTX
BioNTech SE
92.01
1.49
1.65%
Maravai Lifesciences Holdings Earnings Call Summary
Earnings Call Date: Mar 18, 2025 | % Change Since: -14.34% | Next Earnings Date: May 12, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted Maravai's strategic expansions and product launches, which lay a strong foundation for future growth. However, significant challenges were noted, including a goodwill impairment charge, a revenue recognition error, a decline in adjusted EBITDA, and no commitments for high-volume CleanCap for 2025. These challenges create uncertainty for the upcoming year, despite the company's strong cash position and strategic acquisitions.Highlights
Revenue Achievement
Fourth quarter revenues were $57 million, and full-year revenue reached $259 million, which was near the midpoint of the company's stated revenue range.
Strong Cash Position
Maravai ended the year with $322 million in cash and a $22 million net cash position after voluntarily paying down $228 million of the term loan.
Facility Expansion and Product Launches
Completed multiyear facility expansions and launched approximately 50 new products, reinforcing the foundation for future growth.
Strategic Acquisitions
Acquired complementary assets from Officinae Bio and Molecular Assemblies, expected to enhance capabilities in the life science tool space.
Innovative New Products
The launch of CleanScribe and other new products gained traction, showing promise for increased market adoption.
Lowlights
Goodwill Impairment Charge
An $11.9 million non-cash charge related to goodwill impairment was recognized, highlighting challenges in internal control.
Adjusted EBITDA Decline
Adjusted EBITDA was negative $1 million for Q4 2024, compared to $21 million positive in Q4 2023, due to lower product gross margins and additional expenses.
Revenue Recognition Timing Error
A revenue recognition timing error involving a $3.9 million shipment resulted in revisions to the second and third quarter results.
No High-Volume CleanCap Commitments for 2025
Currently, there are no binding commitments from top customers for high-volume CleanCap demand for 2025, impacting revenue visibility.
Internal Control Weaknesses
Identified material weaknesses in internal control over financial reporting, impacting revenue process and goodwill impairment assessments.
Company Guidance
During Maravai LifeSciences' earnings call for the fourth quarter of fiscal year 2024, several key financial metrics and guidance for 2025 were discussed. The company reported fourth-quarter revenues of $57 million, falling near the midpoint of their expectations. For the full year, revenues reached $259 million, aligning closely with the projected range of $255 million to $265 million. The biologic safety testing segment contributed $15 million in Q4 and $63 million for the year, while the nucleic acid production segment reported $42 million in Q4 and $196 million for 2024. Adjusted EBITDA was a negative $1 million in Q4, with the full year's adjusted EBITDA at $36 million, resulting in a 14% margin. Maravai ended the year with $322 million in cash and $300 million in long-term debt, leading to a net cash position of $22 million. The company plans to focus on its base business for 2025, anticipating revenues between $185 million and $205 million, excluding high-volume CleanCap sales due to the absence of binding commitments from major customers. They expect capital expenditures to decrease significantly to $15 million to $20 million, with further reductions anticipated in 2026.Maravai Lifesciences Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Maravai Lifesciences Projects 2025 Revenue and Expenses
Neutral
Mar 20, 2025
On March 20, 2025, Maravai LifeSciences Holdings announced its financial guidance for the full year 2025 during a conference call. The company expects its revenue for 2025 to range between $185.0 million and $205.0 million, with first-quarter revenue projected between $43.0 million and $45.0 million. The guidance includes anticipated expenses such as interest, depreciation, and stock-based compensation, and estimates capital expenditures between $15.0 million and $20.0 million. This announcement provides insights into Maravai’s expected financial performance and strategic planning for the upcoming year.
Financial Disclosures
Maravai Lifesciences Delays 2024 Earnings Release
Neutral
Feb 25, 2025
On February 25, 2025, Maravai LifeSciences announced the postponement of its fourth quarter and full year 2024 earnings release and conference call. The delay is due to the need for additional time to complete year-end financial processes, including assessing a potential non-cash impairment charge related to a previous acquisition and correcting a revenue recognition error. Despite these issues, Maravai expects its full-year 2024 revenue to remain within the previously announced guidance range.
Executive/Board ChangesBusiness Operations and StrategyFinancial Disclosures
Maravai LifeSciences Restructures Leadership Amid Revenue Update
Neutral
Jan 8, 2025
Maravai LifeSciences announced the elimination of the position of Andrew Burch, President of Nucleic Acid Production, to streamline its leadership structure, with CEO Trey Martin taking over direct responsibilities for the segment. The company also reported preliminary 2024 revenue nearing the mid-point of its guidance range and plans to announce its full year financial results on February 25, 2025, with the expectation that actual results may differ due to the completion of its financial close process.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.