Maravai Lifesciences Shares Drop Pre-Bell After Q3 Loss, Revenue Miss Expectations, Lowered FY24 Guidance

MT Newswires Live11-08

Maravai Lifesciences Holdings (MRVI) shares were down more than 35% premarket Friday after the company reported Q3 results that fell short of analyst expectations and lowered its full-year revenue outlook.

The company reported late Thursday a Q3 adjusted loss of $0.02 per diluted share, widening from a loss of $0.01 a year earlier.

Analysts polled by Capital IQ expected an adjusted loss of $0.01.

Total revenue for the quarter ended Sept. 30 was $65.2 million, down from $66.9 million a year earlier.

Analysts surveyed by Capital IQ expected $67.7 million.

For 2024, the company lowered its revenue guidance to between $255 million and $265 million from its previous projection of $265 million to $285 million.

Analysts surveyed by Capital IQ expect $266.3 million.

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