The earnings call for Maravai LifeSciences, for the period ending December 31, 2024, was conducted by Maravai LifeSciences to discuss their financial results for the fourth quarter and the full year of 2024. The call took place on March 20, 2025, at 5:00 p.m. ET. The attendees included key personnel such as Chief Executive Officer Trey Martin, Chief Financial Officer Kevin Herde, and Head of Investor Relations Deb Hart.
During the prepared remarks, Deb Hart welcomed participants and explained that the slides accompanying the call were available on the company’s website. It was noted that forward-looking statements and references to both GAAP and non-GAAP financial measures would be made throughout the presentation. Kevin Herde provided an overview of the financial results and the challenges that led to a delayed call compared to previous years due to the 2024 audit and the completion of their 10-K filing.
Kevin Herde addressed a specific revenue recognition error identified during the financial close process, which resulted in adjustments across certain quarters of 2024. Despite these changes, there was no impact on the full year results, and the error was not due to control overrides, misconduct, or fraud. Furthermore, an assessment related to the goodwill of the Alphazyme acquisition led to a non-cash charge for goodwill impairment, highlighting some identified weaknesses in internal control over financial reporting.
Maravai LifeSciences reported fourth-quarter revenues of $57 million and full-year revenues of $259 million, aligning closely with their projected ranges. Notably, revenue contributions came from both the biologics safety testing and nucleic acid production segments, with significant contributions from high-volume CleanCap products. The company’s financial details were further elaborated concerning adjusted EBITDA and the impact of various factors on margins.
For 2025 guidance, Maravai LifeSciences indicated a focus on base business growth, with no current commitments for high-volume CleanCap from top customers being factored into initial revenue guidance. Expectations included first-quarter revenue targets slightly above fourth-quarter 2024 base business totals.
Trey Martin highlighted 2024 as a pivotal year amidst challenges, focusing on strategic initiatives and positioning for future growth. Emphasis was placed on asset consolidation within their reporting segments and growth opportunities through acquisitions. Maravai LifeSciences remains dedicated to returning to growth and supporting all business units. Investments in strategic areas while reducing spending in others were underscored for 2025, with a plan to continue IP protection and commercial expansion. The company also discussed high-volume CleanCap uncertainties while continuing to focus on base business stability.
In conclusion, Maravai LifeSciences reiterated its commitment to innovation, strategic growth, and leveraging recent acquisitions to expand capabilities in the market. The call ended with the opening of a Q&A session with analysts, where various financial aspects and future strategies of the company were further discussed.
