Stock Track | Maravai LifeSciences Plunges on Q3 Miss and Slashed Guidance

Stock Track11-08

Shares of Maravai LifeSciences Holdings, Inc. (MRVI) plummeted over 40% in pre-market trading on November 8, 2024, following the company's disappointing third-quarter results and slashed full-year guidance.

For the third quarter ended September 30, 2024, Maravai reported revenue of $65.2 million, a 2.5% year-over-year decline and below analysts' estimates of $67.6 million. The company's Nucleic Acid Production (NAP) segment saw revenue drop due to lower demand for research and discovery products, while the Biologics Safety Testing (BST) segment faced headwinds from persistent softness in the global biologics market.

Maravai's net loss for the quarter ballooned to $176.0 million, compared to a net loss of $15.1 million in the same period last year. The staggering loss was primarily driven by a significant $154.2 million goodwill impairment charge.

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(MRVI) plummeted over 40% in pre-market trading on November 8, 2024, following the company's disappointing third-quarter results and slashed full-year ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MRVI","symbol_name":"Maravai LifeSciences Holdings, Inc.","start_time":0,"source_url":"","article_id":"1173931340","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1173931340","pubTimestamp":1731080092,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Maravai LifeSciences Holdings, Inc.  plummeted over 40% in pre-market trading on November 8, 2024, following the company's disappointing third-quarter results and slashed full-year guidance.For the third quarter ended September 30, 2024, Maravai reported revenue of $65.2 million, a 2.5% year-over-year decline and below analysts' estimates of $67.6 million. 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