Maravai LifeSciences surges almost 60% after earnings

6:12 PM 23 February 2024

Maravai LifeSciences (MRVI.US) is one of the best performing Wall Street stocks today. Share price rallies almost 60% after US life science company reported Q4 2023 earnings.

Comparing Q4 2023 results from Maravai LifeSciences with results published by a company a year ago, we can see a big deterioration in business. Revenue dropped by almost two thirds, while adjusted EBITDA plunged over 80% YoY. However, results actually turned out to be a positive surprise, as analysts expected an even bigger deterioration. On an adjusted basis, company managed to avoid reporting a net loss. A provided full-year revenue outlook turned out to be 2-10% better than expected. Analysts noted that Q4 earnings report showed Maravai's buisness may be stabilizing and that full-year outlook looks achievable.

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Q4 2023 earnings

  • Revenue: $74.1 million vs $64.4 million expected (-64% YoY)
    • Nucleic Acid Production: $58.8 million vs $50 million expected (-69% YoY)
    • Biologics Safety Testing: $15.3 million vs $11.4 million expected (-0.7% YoY)
  • Gross profit: $39 million vs $30.9 million expected (-74.2% YoY)
  • Gross margin: 52.64% vs 46.54% expected (74% a year ago)
  • Adjusted EBITDA: $20.5 million vs $11.4 million expected (-84% YoY)
  • Adjusted EBITDA margin: 27.67% vs 17.70% expected (63.4% a year ago)
  • Adjusted net income: $2.2 million vs -$2.6 million expected (-97.5% YoY)
  • Loss per share: $0.80 vs $1.10 expected ($0.35 profit a year ago)
  • Adjusted EPS: +$0.01 vs -$0.01 expected (+$0.35 a year ago)

Full-2024 forecast

  • Revenue: $265-285 million vs $259 million expected

Maravai LifeSciences (MRVI.US) is surging almost 60% today. Stock launched today's trading in the $6.80 area, with an around-35% bullish price gap. Gains were extended during the cash session with the stock breaking above a medium-term resistance zone in the $7.00 area. Maravai trades at the highest level since mid-October 2023.

Source: xStation5

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