Maravai LifeSciences postpones its earnings release and filing of its annual report, citing additional time needed for financial assessments.
Quiver AI Summary
Maravai LifeSciences Holdings, Inc. has announced the postponement of its earnings release and call originally scheduled for February 25, 2025, and will be filing a Form 12b-25 with the U.S. Securities and Exchange Commission to notify of a late filing for its annual report for the fiscal year ending December 31, 2024. The company plans to complete itsearnings calland file its annual report by March 18, 2025. The delay is attributed to the need for additional time to assess a potential non-cash impairment charge related to goodwill from its Alphazyme LLC acquisition, an error in revenue recognition that requires correction, and a review of its internal controls over financial reporting. Despite these issues, Maravai expects its full-year 2024 revenue to remain within its previously announced guidance range.
Potential Positives
- Maravai LifeSciences expects full-year 2024 revenue to be near the mid-point of its previously announced guidance range of $255.0 million to $265.0 million, indicating stability in financial performance despite delays.
- The company is taking proactive measures to address an identified material weakness in its internal controls over revenue recognition, which demonstrates a commitment to improving financial reporting and governance.
- Maravai's intention to file the 2024 Form 10-K and hold itsearnings callas soon as practicable shows transparency and a willingness to communicate with investors about its financial status.
Potential Negatives
- Postponement of earnings release and call raises concerns about the company's financial management and transparency.
- Disclosure of a potential non-cash impairment charge related to goodwill suggests issues with the previous acquisition, which could indicate challenges in integrating acquired businesses.
- Correction of a revenue recognition error highlights weaknesses in the company's internal controls, which may impact investor confidence and trigger regulatory scrutiny.
FAQ
Why is Maravai postponing its earnings release?
Maravai is postponing its earnings release to finalize its year-end financial close process and assess a potential non-cash impairment charge.
When will Maravai file its 2024 Form 10-K?
Maravai intends to file the 2024 Form 10-K on or before March 18, 2025.
What is the reason for the revenue recognition error?
The error involved $3.9 million in revenue that was incorrectly recorded due to shipment timing during the audit procedures.
How much revenue does Maravai expect for full-year 2024?
Maravai expects its full-year 2024 revenue to be near the mid-point of the guidance range of $255 million to $265 million.
What kind of company is Maravai LifeSciences?
Maravai is a leading life sciences company providing crucial products for drug therapies, diagnostics, and vaccine development.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$MRVI Insider Trading Activity
$MRVI insiders have traded $MRVI stock on the open market 3 times in the past 6 months. Of those trades, 2 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $MRVI stock by insiders over the last 6 months:
- CARL HULL (See Remarks) purchased 175,000 shares for an estimated $987,000
- KURT ORESHACK (General Counsel) sold 25,000 shares for an estimated $125,750
- JOHN A DEFORD purchased 17,500 shares for an estimated $100,625
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$MRVI Hedge Fund Activity
We have seen 84 institutional investors add shares of $MRVI stock to their portfolio, and 152 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ALYESKA INVESTMENT GROUP, L.P. added 3,161,072 shares (+145.8%) to their portfolio in Q4 2024, for an estimated $17,227,842
- MARSHALL WACE, LLP added 2,763,072 shares (+17912.9%) to their portfolio in Q4 2024, for an estimated $15,058,742
- POINT72 EUROPE (LONDON) LLP removed 2,468,465 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $20,512,944
- 12 WEST CAPITAL MANAGEMENT LP removed 2,419,844 shares (-17.3%) from their portfolio in Q4 2024, for an estimated $13,188,149
- MILLENNIUM MANAGEMENT LLC removed 2,418,051 shares (-55.9%) from their portfolio in Q4 2024, for an estimated $13,178,377
- PORTOLAN CAPITAL MANAGEMENT, LLC removed 1,792,529 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $9,769,283
- UBS GROUP AG added 1,717,771 shares (+736.1%) to their portfolio in Q4 2024, for an estimated $9,361,851
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SAN DIEGO, Feb. 25, 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 announced that it is postponing its previously announced earnings release and call scheduled for February 25, 2025. It also announced that it intends to file a Form 12b-25, Notification of Late Filing, with the U.S. Securities and Exchange Commission and will delay the filing its annual report on Form 10-K for the fiscal year ended December 31, 2024 (the “2024 Form 10-K”). Maravai intends to hold its postponedearnings calland to file the 2024 Form 10-K as soon as practicable and on or before March 18, 2025, prior to the expiration of the automatic extension of fifteen calendar days from the original 2024 Form 10-K due date of March 3, 2025.
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 $3.9 million 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 $255.0 million and $265.0 million. 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.
About Maravai
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
.
Forward-looking Statements
This press release contains, and our 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 our expected revenue for full year 2024 and the expected timing of our full-year 2024 earnings release and the filing of the 2024 Form 10-K, constitute forward-looking statements and are identified by words like “believe,” “expect,” “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 our current beliefs, expectations and assumptions regarding the future of our 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 our control. Our 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 our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:
• potential errors made in calculating the preliminary revenue estimate for 2024;
• adjustments that may arise in connection with the year-end financial close process or our independent registered public accounting firm's audit of our consolidated financial statements for 2024;
• further delay in the financial close process or the related audit; and
• such other factors as discussed throughout the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Maravai’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, as well as other documents Maravai files with the Securities and Exchange Commission.
Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake 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.
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