- Maravai LifeSciences Holdings Inc MRVI First-quarter revenue fell 68% year over year to $79 millionsomething below that consensus of $79.72 million.
- Nucleic acid production revenue was $61.5 million, down 73% year over year, including an estimated $15.9 million in COVID-19-related CleanCap revenue, which was 157.0 Millions of dollars were down from the same period last year as CleanCap demand from COVID-19 vaccine makers declined.
- Revenue from base nucleic acid production was $45.5 million.
- Guidance: Maravai Life Sciences cuts its sales forecast for fiscal year 2023 from $420-460 million to $400-440 million versus the consensus of $430.17 million.
- The company is forecasting adjusted earnings per share of $0.27 to $0.33, down from $0.32 to $0.38 compared to consensus of $0.35.
- William Blair writes that the results were consistent and the guideline downgrade was not entirely unexpected given similar comments about competitor headwinds and guideline cuts.
- Analyst says even reduced guidance is more than usual weighed in half due to destocking, China and macro headwinds. As such, it would not be surprising to see stocks under pressure as investors anticipate the transition to a non-COVID story with the near-term pressures on growth and profitability. The Analyst repeated outperform rating.
- Price promotion: MRVI shares are down 11.9% to $12.24 on the latest check Tuesday.
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