Core Viewpoint - Maravai LifeSciences Holdings, Inc is under investigation for potential securities fraud and unlawful business practices following a delay in its earnings release for Q4 and full year 2024, which led to a significant drop in its stock price [1][2]. Group 1: Company Overview - Maravai LifeSciences Holdings, Inc is publicly traded on NASDAQ under the ticker MRVI [1]. - The company announced a delay in its fourth quarter and full year 2024 earnings release on February 25, 2025, citing the need for additional time to complete its year-end financial close process [2]. Group 2: Stock Performance - Following the announcement of the earnings delay, Maravai's stock price fell by $0.87 per share, representing a decline of 21.7%, closing at $3.14 per share on February 25, 2025 [2]. Group 3: Legal Context - Pomerantz LLP is investigating claims on behalf of investors regarding potential securities fraud or other unlawful business practices by Maravai and its officers and/or directors [1]. - Pomerantz LLP is recognized for its expertise in corporate, securities, and antitrust class litigation, having a long history of fighting for the rights of victims of securities fraud [3].

Core Insights - Robbins Geller Rudman & Dowd LLP is investigating potential violations of U.S. federal securities laws involving Maravai LifeSciences Holdings, Inc. This investigation focuses on whether the company and its executives made false or misleading statements or failed to disclose material information to investors [1][2] Company Overview - Maravai LifeSciences Holdings, Inc. is a provider of biologics that support clinical research [2] Recent Developments - On February 25, 2025, Maravai announced a delay in its earnings release and call, which was originally scheduled for the same day, due to the need for additional time to complete its financial close process. Following this announcement, Maravai's stock price fell nearly 22% [3]

SAN FRANCISCO, Feb. 28, 2025 /PRNewswire/ -- On February 25, 2025, the share price of Maravai LifeSciences (NASDAQ: MRVI), a global provider of life science reagents and services to researchers and biotech innovators, plummeted 21% after the company announced it is delaying its Q4 and FY 2024 earnings release and said it requires additional time to complete its year-end financial close process.Hagens Berman is investigating possible accounting misconduct and urges investors who purchased Maravai LifeScience ...

NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Maravai Lifesciences Holdings, Inc. ("Maravai" or the "Company") (NASDAQ:MRVI). The investigation concerns whether Maravai and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices. [LEARN MORE ABOUT THE INVESTIGATION] On February 25, 2025, Maravai postponed its Q4 and FY24 earnings release and delayed filing its Form 10 ...

BOSTON, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Block & Leviton is investigating Maravai Lifesciences Holdings, Inc (NASDAQ:MRVI) for potential securities law violations. Investors who have lost money in their Maravai Lifesciences Holdings, Inc investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://blockleviton.com/cases/mrvi. What is this all about? Shares of Maravai LifeSciences Holdings fell over 14% in pre-market trading on the morning of Fe ...

Core Viewpoint - Maravai LifeSciences Holdings, Inc. is postponing its earnings release and call originally scheduled for February 25, 2025, and will file a Notification of Late Filing with the SEC due to delays in completing its year-end financial close process [1][2] Financial Reporting Delays - The company requires additional time to assess a potential non-cash impairment charge related to goodwill from its acquisition of Alphazyme LLC [2] - An error in revenue recognition was identified, where approximately $3.9 million in revenue was incorrectly recorded, but this is not expected to impact the full-year 2024 revenue, which is anticipated to be between $255 million and $265 million [2] - Maravai is also assessing the effectiveness of its disclosure controls and internal controls over financial reporting as of December 31, 2024, including remediation of a material weakness in internal controls over revenue recognition [2] Company Overview - Maravai is a leading life sciences company that provides essential products for drug therapies, diagnostics, and vaccine development, serving major biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies [3]

Core Viewpoint - Maravai LifeSciences Holdings, Inc. expects to report total revenue for 2024 near the mid-point of the previously announced guidance range of $255.0 million to $265.0 million, based on preliminary year-end results [1][4]. Financial Results Announcement - The company plans to announce its fourth quarter and full year 2024 financial and operating results after the market closes on February 25, 2025, and will host a conference call and webcast at 2:00 p.m. PT/5:00 p.m. ET on the same day [2]. Company Overview - Maravai is a leading life sciences company that provides critical products for the development of drug therapies, diagnostics, and novel vaccines, supporting research on human diseases. The company specializes in nucleic acid synthesis and biologics safety testing for biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies [5].

Leadership Transition - Carl Hull, founder of Maravai, will retire as Executive Chairman of the Board, effective December 5, 2024 [1] - R Andrew Eckert has been unanimously elected by the Board of Directors to succeed Carl Hull as Chairman of the Board [1] - Carl Hull founded Maravai in 2014 and served as CEO before assuming the role of Executive Chairman in October 2022 [2] Carl Hull's Legacy - Carl Hull expressed pride in Maravai's accomplishments over the past 10 years and confidence in the company's future prospects [3] - Constantine Mihas, Board member and Co-CEO of GTCR, praised Carl Hull's vision and leadership in building Maravai and positioning it for long-term success [3] R Andrew Eckert's Background - R Andrew Eckert is a healthcare industry veteran with extensive executive experience, including CEO roles at Zelis, Kinetic Concepts Inc, Valence Health, TriZetto, CRC Health Group, Eclipsys Corporation, and SumTotal Systems [4] - Eckert has served on several corporate boards, including Chairman of Kipu Health, Lead Director at Fortrea, and Director at Becton, Dickinson and Company [4] - Eckert holds a Bachelor of Science in Industrial Engineering and a Master of Business Administration from Stanford University [4] Maravai's Industry Position - Maravai is a leading life sciences company providing critical products for drug therapies, diagnostics, novel vaccines, and research on human diseases [5] - The company is a leader in nucleic acid synthesis and biologics safety testing, serving many of the world's leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies [5]

Financial Performance - Revenue for the three months ended September 30, 2024, was $65.2 million, a decrease of 2.5% compared to $66.9 million for the same period in 2023[14]. - Net loss attributable to Maravai LifeSciences Holdings, Inc. for the three months ended September 30, 2024, was $99.0 million, compared to a net loss of $6.5 million for the same period in 2023[14]. - For the three months ended September 30, 2024, Maravai LifeSciences reported a net loss of $175,955 thousand, compared to a net loss of $15,102 thousand for the same period in 2023, representing an increase in loss of approximately 1,065%[16]. - The total comprehensive loss attributable to Maravai LifeSciences Holdings, Inc. for the nine months ended September 30, 2024, was $118,701 thousand, compared to $13,070 thousand for the same period in 2023, indicating a significant increase of approximately 810%[16]. - The company experienced a significant increase in net loss for the nine months ended September 30, 2024, with a total loss of $213,127 thousand compared to $28,393 thousand for the same period in 2023, reflecting an increase of approximately 651%[19]. - The Company reported a net loss attributable to Maravai LifeSciences Holdings, Inc. of $99.0 million for the three months ended September 30, 2024, compared to a net loss of $6.5 million for the same period in 2023[90]. - The net loss for the three months ended September 30, 2024, was $175,955,000, compared to a net loss of $15,102,000 for the same period in 2023, indicating a substantial increase in losses[142]. Assets and Liabilities - Total current liabilities decreased from $87.5 million as of December 31, 2023, to $63.2 million as of September 30, 2024[10]. - Goodwill decreased significantly from $326.0 million as of December 31, 2023, to $171.8 million as of September 30, 2024[11]. - Total assets decreased from $1.487 billion as of December 31, 2023, to $1.278 billion as of September 30, 2024[12]. - The stockholders' equity as of September 30, 2024, was $613,127 thousand, a decrease from $897,638 thousand as of June 30, 2023, reflecting a decline of approximately 31.7%[20]. - The total stockholders' equity decreased from $789,884 thousand as of December 31, 2023, to $613,127 thousand as of September 30, 2024, representing a decline of approximately 22.4%[19]. - The total carrying amount of finite-lived intangible assets as of September 30, 2024, was $351.3 million, with a net carrying amount of $201.9 million after accumulated amortization[69]. - As of September 30, 2024, the total long-term debt was $521.7 million, a decrease from $524.1 million as of December 31, 2023[87]. Operating Expenses - Operating expenses for the three months ended September 30, 2024, were $234.3 million, compared to $82.3 million for the same period in 2023, reflecting a substantial increase[14]. - Total operating expenses surged by 184.8% to $234.3 million in Q3 2024 compared to $82.3 million in Q3 2023[130]. - Selling, general and administrative expenses for the three and nine months ended September 30, 2024, were $39.1 million and $120.5 million, respectively, compared to $38.9 million and $112.9 million for the same periods in 2023[111]. - Research and development expenses for the three and nine months ended September 30, 2024, were $4.3 million and $14.7 million, respectively, compared to $4.3 million and $12.7 million for the same periods in 2023, indicating an increase in R&D investment[111]. Revenue Breakdown - Total revenue for the three months ended September 30, 2024, was $65.2 million, with a breakdown of $49.9 million from Nucleic Acid Production and $15.3 million from Safety Testing[42]. - Total revenue for the nine months ended September 30, 2024, was $202.8 million, with $154.4 million from Nucleic Acid Production and $48.3 million from Safety Testing[43]. - Revenue from the Nucleic Acid Production segment was $49.9 million for the three months ended September 30, 2024, down from $51.2 million in the same period of 2023, while for the nine months, it decreased from $165.9 million to $154.4 million[110]. - Nucleic Acid Production revenue decreased by 2.5% to $49.9 million in Q3 2024 from $51.2 million in Q3 2023, primarily due to lower demand for research and discovery products[136]. - Biologics Safety Testing revenue also decreased by 2.5% to $15.3 million in Q3 2024 from $15.6 million in Q3 2023, driven by lower demand in the bioprocessing market[136]. Goodwill Impairment - Goodwill impairment recorded was $154,239 thousand, indicating a substantial impact on financial results[23]. - Goodwill impairment of $154.2 million was recorded during the three months ended September 30, 2024[53]. - A goodwill impairment charge of $154.2 million was recognized for the TriLink reporting unit, as its fair value did not exceed its carrying value[177]. Cash Flow and Investments - Cash provided by operating activities was $22,103 thousand, a significant decrease from $118,434 thousand in the prior year[23]. - The company reported a net cash used in investing activities of $19,385 thousand, down from $109,407 thousand in the previous year[23]. - Cash and cash equivalents increased slightly from $575.0 million as of December 31, 2023, to $578.2 million as of September 30, 2024[11]. - Cash and cash equivalents as of September 30, 2024 were $578.2 million, with positive cash flow from operations of $22.1 million for the nine months ended September 30, 2024[160]. Market and Economic Conditions - The company anticipates ongoing macroeconomic challenges may impact future performance and customer demand[6]. - Economic activity contraction in Asia, particularly in China, has negatively impacted revenue derived from those markets[113]. Employee and Workforce - The company employed over 580 full-time employees as of September 30, 2024, with approximately 27% holding advanced degrees[110]. - The Company implemented a cost realignment plan resulting in the termination of approximately 15% of its workforce, completed on January 5, 2024[62]. Tax and Interest Rates - The effective interest rate on the term loan was 8.28% per annum as of September 30, 2024, with a total term loan facility of $600 million maturing in October 2027[83]. - The effective tax rate for the three months ended September 30, 2024, was (0.2)%, significantly lower than the U.S. federal statutory income tax rate of 21.0%[94]. - The Company had unrecognized tax benefits of $3.4 million as of September 30, 2024, which would affect the effective tax rate if recognized[94].

Company Participation in Investor Conferences - Maravai LifeSciences, Inc. is scheduled to participate in two investor conferences in November 2024 [1][2] - On November 19, 2024, Kevin Herde, CFO, and Drew Burch, President of Nucleic Acid Production, will engage in a fireside chat at the Stifel Healthcare Conference in New York [1] - On November 21, 2024, Trey Martin, CEO, and Kevin Herde, CFO, will participate in a fireside chat at the Jefferies Healthcare Conference in London [2] Webcast Availability - A live webcast of each presentation will be accessible on the Maravai LifeSciences Investor Relations website [3] - An archived version of the webcast will be available after the events [3] Company Overview - Maravai is a leading life sciences company that provides critical products for drug therapies, diagnostics, and novel vaccines [4] - The company specializes in nucleic acid synthesis and biologics safety testing, serving many top biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies [4]