Maravai LifeSciences(US:MRVI)2025-03-18 20:09Revenue and Sales Performance - As of December 31, 2024, total revenue for the year was $259.2 million, with approximately 51.0% derived from international sales[463]. - Revenue for the year ended December 31, 2024, was $259,185,000, a decrease of 10.3% from $288,945,000 in 2023[480]. - Revenue from Nucleic Acid Production was $196.345 million in 2024, down from $224.769 million in 2023, representing a decline of 12.6%[516]. - Revenue from Biologics Safety Testing was $62.840 million in 2024, compared to $64.176 million in 2023, a decrease of 2.1%[516]. - The company recognized $3.7 million of revenue from contract liabilities during 2024, which was part of the $5.5 million balance as of December 31, 2023[515]. Financial Performance and Losses - The net loss attributable to Maravai LifeSciences Holdings, Inc. for 2024 was $144,846,000, compared to a net loss of $119,029,000 in 2023[480]. - The company reported a basic and diluted net loss per Class A common share of $1.05 for 2024, compared to a loss of $0.90 in 2023[480]. - The total comprehensive loss attributable to Maravai LifeSciences Holdings, Inc. was $144,846,000 in 2024, compared to a loss of $119,029,000 in 2023[482]. - Net loss for the year ended December 31, 2024, was $259,622, compared to a net loss of $138,375 in 2023[487]. Expenses and Cost Management - Total operating expenses increased significantly to $494,802,000 in 2024, up from $320,593,000 in 2023, reflecting a 54.2% rise[480]. - Research and development expenses increased to $19,221,000 in 2024, up from $17,280,000 in 2023, marking an increase of 11.2%[480]. - Stock-based compensation expense rose to $49,415 in 2024, up from $34,588 in 2023, marking an increase of 43%[487]. - Advertising costs increased to approximately $3.5 million in 2024 from $2.9 million in 2023, reflecting an increase of 20.7%[519]. - Restructuring charges for the year ended December 31, 2024, totaled $1.2 million, primarily due to stock-based compensation benefits from employee terminations[599]. Goodwill and Impairment - The company recorded a goodwill impairment loss of $11.9 million related to the Alphazyme reporting unit, with total goodwill amounting to $159.9 million, representing 16% of total assets[474]. - The company incurred a goodwill impairment of $166,151,000 in 2024, which was not present in 2023[480]. - The Company recorded a total goodwill impairment of $166.2 million during the third and fourth quarters of 2024[549]. - The Company performed quantitative goodwill impairment tests using a discounted cash flow model, with a selected discount rate of 10.5% for TriLink and 28.5% for Alphazyme[603][604]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $322.4 million from $574.9 million in the previous year[478]. - Net cash provided by operating activities decreased to $7,465 in 2024 from $126,224 in 2023, reflecting a significant decline[487]. - Total cash and cash equivalents at the end of the period were $322,399, down from $574,962 in 2023, indicating a decrease of 43.8%[488]. - Cash paid for interest increased to $50,973 in 2024 from $44,256 in 2023, representing a rise of 15.4%[488]. - Net cash used in investing activities was $24,316 in 2024, a decrease from $122,310 in 2023[488]. - Net cash used in financing activities increased significantly to $235,712 in 2024 from $61,090 in 2023, indicating a rise of 285%[488]. Debt and Borrowings - The company had $299.7 million of outstanding borrowings under its Term Loan, with no borrowings under the Revolving Credit Facility as of December 31, 2024[461]. - As of December 31, 2024, the Company's total long-term debt was $295.932 million, down from $524.147 million in 2023[644]. - The Company voluntarily prepaid $228.0 million of the Term Loan in December 2024, resulting in a loss on partial extinguishment of debt of $3.0 million[637]. - The Term Loan requires mandatory quarterly principal payments of $1.4 million, with all remaining principal due in October 2027[637]. - The company has a $600 million term loan facility with an interest rate of 7.62% per annum as of December 31, 2024[633]. Acquisitions and Business Segments - The Company acquired Alphazyme, LLC for a total purchase consideration of $75.3 million, which includes cash paid of $70.0 million and contingent consideration of $5.3 million[573][575]. - The total purchase consideration for the acquisition of MyChem was $257.9 million, which included cash paid of $240.1 million and contingent consideration of $7.8 million[585]. - The company operates in two principal businesses: Nucleic Acid Production and Biologics Safety Testing, focusing on critical products for drug development and diagnostics[491]. - The acquisition of Alphazyme is expected to enhance the Company's enzyme product portfolio and expand its mRNA manufacturing services[573]. Assets and Liabilities - Total assets decreased to $1,008.2 million from $1,487.5 million year-over-year[478]. - Current liabilities decreased to $56.9 million from $87.5 million in the previous year[478]. - Total inventory as of December 31, 2024, was $50.082 million, a decrease from $51.397 million as of December 31, 2023[613]. - Total accrued expenses and other current liabilities decreased significantly to $36.4 million in 2024 from $60.2 million in 2023, a reduction of 39%[616]. - Total other long-term liabilities decreased to $52.5 million in 2024 from $59.5 million in 2023, a decline of 12%[617].