mohd izzuan
- Maravai LifeSciences (NASDAQ:MRVI) is down 11% in after-hours trading Monday following Q2 2023 results that missed on both lines and reducing its full-year financial guidance.
- Revenue for the year is now expected to be between $300M and $325M, down from $400M to $440M.
- Non-GAAP EPS is now projected between $0.04 to $0.08 per share, down from $0.27 to $0.33.
- In the quarter, Maravai (MRVI) swung to a loss of ~$11.9M from income of ~$175M in the year-ago period (-$0.05 per share diluted vs. $0.53).
- The company was hurt in Q2 by a drastic ~72% decline in revenue due to a massive decline in sales of its CleanCap capping technology, which is used by COVID-19 mRNA vaccine manufacturers.