Maravai LifeSciences Reports Second Quarter 2025 Financial Results

SAN DIEGO, Aug. 11, 2025 (GLOBE NEWSWIRE) --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, 2025, together with other business updates.

“Our base revenue, which excludes revenue from high-volume CleanCap, grew 5% in the quarter, led by strong demand for our Cygnus products and services," said Bernd Brust, CEO, Maravai LifeSciences.

Brust continued, “While we are encouraged by the base business growth, our existing cost structure is built for a larger company than we are today. Since being appointed CEO, the leadership team and I have embarked on a thorough review of the business and have begun implementing actions expected to realize north of $50 million in annualized cost savings comprising of labor, facilities, capex and productivity initiatives to better align our cost structure with operational needs. Some of these actions impact valued colleagues, and we are approaching the process with care and respect, with a focus on minimizing disruption to our customers and putting Maravai on a path to return to profitability. I'm confident in our team's ability to execute and build a stronger, more focused company for our customers, employees, and shareholders."

Revenue for the second quarter was $47.4 million, representing a 31.7% decrease over the same period in the prior year and was driven by the following:

Net loss and Adjusted EBITDA (non-GAAP) were $(69.8) million and $(10.4) million, respectively, for the second quarter of 2025, compared to net loss and Adjusted EBITDA (non-GAAP) of $(18.4) million and $13.0 million, respectively, for the second quarter of 2024.

Revenue for the six months ended June 30, 2025 was $94.2 million, representing a 29.5% decrease over the same period in the prior year and was driven by the following:

Net loss and Adjusted EBITDA (non-GAAP) were $(122.7) million and $(21.0) million, respectively, for the six months ended June 30, 2025, compared to net loss and Adjusted EBITDA (non-GAAP) of $(41.1) million and $20.8 million, respectively, for the same period in the prior year.

With the Chief Executive Officer and Chief Financial Officer transition, Maravai is withdrawing and suspending revenue guidance for 2025. The new leadership team is in the midst of a comprehensive business review and forecasting process and will look to reinstate guidance once that process is complete.

The company estimates that it will incur restructuring charges of approximately $8.0 million to $9.0 million, consisting primarily of employee severance, benefits, and related costs, the majority of which it expects to incur in the second half of 2025. The charges that Maravai expects to incur are subject to a number of assumptions, and actual expenses may differ materially from the estimates.

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 2025 and other business updates. To participate in the conference call by telephone, approximately 10 minutes before the call, dial (800) 267-6316 or (203) 518-9783 and reference Maravai LifeSciences, Conference ID MARAVAI. 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/.

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 measures include: Adjusted EBITDA and Adjusted fully diluted Earnings Per Share (EPS).

Maravai defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization, certain non-cash items and other adjustments that we do not consider representative of our ongoing operating performance including, as applicable: (i) incremental costs incurred to execute and integrate completed acquisitions, and associated retention payments; (ii) non-cash expenses related to share-based compensation; (iii) expenses incurred for acquisitions that were pursued but not consummated (including legal, accounting and professional consulting services); (iv) non-cash expense associated with adjustments to the carrying value of the indemnification asset recorded in connection with completed acquisitions; (v) executive leadership transition costs; (vi) impairment charges; (vii) restructuring costs; (viii) severance payments; and (ix) inventory step-up charges in connection with completed acquisitions. Maravai defines Adjusted Net Loss as tax-effected earnings before the adjustments described above, and the tax effects of those adjustments. Maravai defines Adjusted fully diluted EPS as Adjusted Net Loss divided by the diluted weighted average number of shares of Class A common stock outstanding for the applicable period, which assumes the proforma exchange of all outstanding units of Maravai Topco Holdings, LLC (paired with shares of Class B common stock) for shares of Class A common stock.

These non-GAAP measures are supplemental measures of operating performance that are not prepared in accordance with GAAP and do not represent, and should not be considered as, an alternative to net loss, as determined in accordance with GAAP.

Management uses these non-GAAP measures to understand and evaluate Maravai’s core operating performance and trends and to develop short-term and long-term operating plans. Management believes the measures facilitate comparison of Maravai’s operating performance on a consistent basis between periods and, when viewed in combination with its results prepared in accordance with GAAP, help provide a broader picture of factors and trends affecting Maravai’s results of operations.

These non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for analysis of Maravai’s results as reported under GAAP. Because of these limitations, they should not be considered as a replacement for net loss, as determined by GAAP, or as a measure of Maravai’s profitability. Management compensates for these limitations by relying primarily on Maravai’s 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.

Maravai is a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics and 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 biologics 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.

This press release contains, and Maravai’s 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 Maravai’s expected financial performance for the second half of 2026; the expected benefits of the executive leadership transition, organizational restructuring and cost reduction initiatives; the estimated range of restructuring and related costs expected to be incurred in connection with the workforce reduction; when, if ever, Maravai returns to positive adjusted EBITDA and free cash flow; and the extent of disruption, if any, to Maravai’s business and customers resulting from Maravai’s cost reduction initiatives and organizational changes, constitute forward-looking statements and are identified by words like “believe,” “expect,” “see,” “project,” “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 management’s current beliefs, expectations and assumptions regarding the future of Maravai’s 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 management’s control. Maravai’s 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 Maravai’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

Any forward-looking statements made in this release are based only on information currently available to management and speak only as of the date on which it is made. Maravai undertakes 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.