Maravai LifeSciences Reports 27% Revenue Decline and $52.9 Million Net Loss in Q1 2025

Maravai LifeSciences Holdings, Inc. reported a significant decline in financial performance for the first quarter of 2025, with total revenue of $46.9 million, down 27% from $64.2 million in the same period last year. The decrease was primarily attributed to a lack of demand for high-volume sales of its proprietary CleanCap® products, which had previously contributed substantially to revenue, particularly in commercial vaccine programs. The Nucleic Acid Production segment saw a 37.5% drop in revenue, while the Biologics Safety Testing segment remained relatively stable with a slight decrease of 0.3%.

The company's operating expenses increased by 15.6% to $96.0 million, driven by a $12.4 million goodwill impairment charge related to the TriLink reporting unit. This impairment was a response to lower projected revenues and demand for research and discovery products. Other operating expenses included $39.6 million in selling, general, and administrative costs, which slightly decreased from the previous year, and $4.9 million in research and development expenses, which remained consistent.

In terms of strategic developments, Maravai completed two acquisitions in early 2025: the assets of Molecular Assemblies for $11.2 million and the DNA and RNA business of Officinae Bio for $15.1 million. These acquisitions are expected to enhance the company's capabilities in mRNA and nucleic acid-based therapies, aligning with its focus on expanding product offerings and vertical integration in its supply chain. As of March 31, 2025, Maravai employed over 580 full-time employees, with a significant portion holding advanced degrees.

The company’s cash and cash equivalents stood at $285.1 million as of March 31, 2025, down from $322.4 million at the end of 2024. Maravai reported a net loss of $52.9 million for the quarter, compared to a loss of $22.7 million in the prior year. The loss per Class A common share attributable to Maravai was $(0.21), a notable increase from $(0.09) in the previous year. Looking ahead, Maravai anticipates continued challenges due to the absence of high-volume CleanCap orders and broader economic conditions affecting customer spending, particularly in international markets. The company remains focused on leveraging its existing cash reserves and operational capabilities to navigate these challenges and pursue growth opportunities.