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Maravai LifeSciences Holdings Inc. (MRVI-4.75%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in total revenue to $259.2 million from $288.9 million in the previous year. This decline is attributed to lower demand for research and discovery products within the Nucleic Acid Production segment.
The Nucleic Acid Production segment generated $196.3 million in revenue, a decrease from $224.8 million in the prior year. The Biologics Safety Testing segment reported revenue of $62.8 million, slightly down from $64.2 million.
Cost of revenue increased slightly to $150.9 million, up from $148.7 million, primarily due to increased facility costs, stock-based compensation, and depreciation expenses.
Selling, general, and administrative expenses rose to $161.8 million from $151.4 million, driven by higher stock-based compensation and depreciation expenses.
Research and development expenses increased to $19.2 million from $17.3 million, reflecting higher stock-based compensation and professional service fees.
The company recorded a goodwill impairment of $166.2 million, primarily related to the TriLink and Alphazyme reporting units within the Nucleic Acid Production segment.
Interest expense increased to $47.7 million from $45.9 million, while interest income slightly decreased to $27.4 million from $27.7 million.
The company reported a net loss of $259.6 million, compared to a net loss of $138.4 million in the previous year. The increase in net loss was primarily driven by the goodwill impairment.
Maravai's cash and cash equivalents decreased to $322.4 million from $575.0 million, with net cash provided by operating activities totaling $7.5 million.
The company made a voluntary prepayment of $228.0 million on its term loan, reducing the outstanding principal amount.
Maravai anticipates capital expenditures for the year ending December 31, 2025, to be in the range of $15.0 million to $20.0 million, focusing on expanding enzyme manufacturing capabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Maravai LifeSciences Holdings Inc. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.